Alpha Metallurgical Resources, Inc. (AMR) · Oct 23, 2026 · Earnings

Alpha Metallurgical earnings beat on EPS, but costs stay high

Beat — GAAP EPS loss of $0.73 vs ~$1.50 expected; coal revenue $560.6M vs ~$566.6M

Alpha Metallurgical’s preliminary Q3 earnings show a narrower-than-expected loss and stronger volumes, but thin margins and cost pressure remain.

Alpha is trying to stabilize a weak, volatile metallurgical-coal market: it previously cut 2026 met-coal shipment guidance to 13.2–14.0 million tons and lifted its expected cost range to $103–$107 per ton, while roughly 70% of 2026 met coal had been priced at an average $128.17 per ton by late July.

The preliminary quarter is better than feared on the bottom line. Alpha posted a $0.73 diluted loss per share versus a published Q3 estimate near a $1.50 loss, although coal revenue of $560.6 million was slightly below the roughly $566.6 million consensus. The operating improvement came mainly from volume: coal sold rose to 3.9 million tons, while adjusted EBITDA reached $29.4 million (Financial Highlights).

Metric	Q3 2026 preliminary	Comparison / expectation
Diluted EPS	$(0.73)	Consensus: approximately $(1.50)
Coal revenue	$560.6M	Consensus: approximately $566.6M
Adjusted EBITDA	$29.4M	No reliable published consensus identified
Tons sold	3.9M	Up from 3.5M in Q2 2026
Non-GAAP coal realization per ton	$121.09	—
Non-GAAP cost per ton	$106.93	Within prior $103–$107 guidance
Non-GAAP coal margin per ton	$14.16	GAAP margin only $2.45 per ton
Total liquidity	$443.4M	No borrowings under ABL

The quality of the beat is mixed beneath the headline. Stronger shipments helped, but realization was only $121.09 per ton against $106.93 of non-GAAP cost, leaving a modest $14.16 non-GAAP margin per ton and just $2.45 per ton on a GAAP basis (Coal sales and margin tables). The company itself flags the same constraint: “our realizations for the quarter were influenced by the market volatility of the last few months.”

The balance sheet gives Alpha room to navigate the trough. Liquidity was $443.4 million, including $334.1 million of cash, with no ABL borrowings and only $10.6 million of total long-term debt (Liquidity). But capital return was nearly paused: third-quarter buybacks totaled only about $3.0 million, despite $1.5 billion of authorized capacity and $1.2 billion spent since the program began (Share Repurchase Program).

The important outlook information is still withheld. This is only a preliminary release, and Alpha plans to provide definitive results and its 2027 outlook on November 6. That means the EPS beat is a genuine improvement versus the low bar, but it does not yet establish that pricing or profitability has turned.

Bottom line: Alpha delivered a narrower loss than expected as volumes recovered, making the preliminary earnings read modestly better than feared. The business is improving from its first-half volume trough, but weak realizations and high costs remain the central issue until the November 6 outlook update.

What to watch next

Definitive Q3 results and 2027 outlook, November 6

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Alpha Metallurgical earnings beat on EPS, but costs stay high

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