New Hope Earnings: Materially Lower Due to Falling Thermal Coal Prices, but Still a Good Result

New Hope’s fiscal 2024 result was solid, despite realized thermal coal prices of about AUD 195 per metric ton, declining 43% from the previous year. In turn, its margin per metric ton fell 62% to AUD 89, but nonetheless remains impressive. And while adjusted EBITDA of about AUD 860 million decreased by roughly half, it was in line with our expectations and the company’s third-highest result in its history. Increased unit cash costs and lower prices more than offset 14% higher attributable coal sales volumes of about 8.7 million metric tons. Most of the increase in volumes is due to the first sales from its New Acland stage 3 mine in Queensland.