NRP
Natural Resource Partners L.P.102.15
-0.72-0.7%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Details JV debt, delays payouts
Q&A offered modest color on the $39 million Sisecam Wyoming investment, confirming the JV retains over $50 million in debt post-contribution and that further capital injections aren't planned but remain possible if the soda ash bear market deepens further than anticipated. Management clarified the elective nature of the move and pinned the distribution ramp-up to November, not May, citing free cash flow math and ongoing commodity weakness. They skipped a recent mineral rights auction, prioritizing deleveraging over M&A at non-attractive prices. JV still owes big. Bears persist; investors eye if delays mount.
Key Stats
Market Cap
1.34BP/E (TTM)
9.36Basic EPS (TTM)
10.91Dividend Yield
0.03%Recent Filings
8-K
NRP posts $169M FCF, cuts debt
Natural Resource Partners reported 2025 net income of $136M and free cash flow of $169M, down from prior year amid weak met coal and soda ash prices. Yet it retired $109M debt, leaving $33M outstanding at 0.2x leverage. Declared $0.12 special distribution payable March 17. Soda ash stays oversupplied.
10-K
FY2025 results
Natural Resource Partners delivered FY2025 revenues of $207M, down 23% y/y amid softer met coal prices and volumes that dropped 14% in Appalachia Central while thermal output rose 27% in Illinois Basin; Q4 reflected persistent weakness with met coal royalties off 22% y/y in Appalachia but steady minimums and transport fees provided ballast. Mineral Rights drove 99% of topline at $204M yet Adjusted EBITDA fell to $164M from prior peaks, as soda ash distributions halted amid oversupply. Free cash flow landed at $169M, funding $0.75/unit quarterly payouts and deleveraging to 0.2x. Q4 momentum stayed muted. Coal price volatility threatens royalties.
10-Q
Q3 FY2025 results
Natural Resource Partners delivered solid Q3 results despite softer commodity winds, with total revenues dipping 17% year-over-year to $49.9M amid lower metallurgical coal prices and a swing to a $2.4M loss from its Sisecam Wyoming stake, yet operating income held at $32.7M, down 24% y/y (derived), buoyed by reduced interest costs. Mineral rights royalties fell 2% y/y to $49.6M, reflecting 14% lower average pricing per ton at $4.51 while volumes edged up 5% to 7.5M tons; soda ash equity earnings flipped negative from $8.1M y/y. Diluted EPS came in at $2.28 on 13,295K shares, aligning neatly with net income attribution. Cash swelled to $31.0M with $159.1M revolver availability under the extended Opco facility, total debt slashed to $69.4M at 0.4x leverage, and free cash flow of $41.8M (derived) supporting steady $0.75/unit payouts. No major M&A or impairments hit the books. Weak global steel demand lingers as a key risk, pressuring coal realizations further.
8-K
Q3 earnings amid weak markets
Natural Resource Partners L.P. reported Q3 2025 net income of $30.9 million, down from $38.6 million last year, amid weak coal and soda ash markets. Free cash flow hit $41.8 million, supporting a $0.75 per unit distribution payable November 25. NRP repaid $32 million in debt, boosting liquidity to $190.1 million and slashing leverage to 0.4x. Weak commodity prices persist.
10-Q
Q2 FY2025 results
Natural Resource Partners delivered steady Q2 FY2025 results, with total revenues of $50.1 million down 24% year-over-year yet holding firm amid softer coal markets, while operating income fell 27% to $36.6 million and diluted EPS dipped to $2.52 from $2.29 (derived from weighted average shares of 13,291 thousand). Mineral Rights drove the bulk, as coal royalties slid 21% y/y on lower metallurgical prices and volumes, offset by steady minimum lease revenues; Soda Ash equity earnings dropped 31% y/y to $2.5 million due to pricing pressures. Free cash flow reached $46.3 million for the quarter (derived from $45.6 million operating cash flow minus negligible capex), bolstering liquidity at $157.5 million with debt down to $101.5 million and a pristine 0.5x leverage ratio. Distributions stayed robust at $0.75 per common unit. Volatility in commodity prices remains a key watchpoint.
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