Westmoreland Coal Company Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Affirms Earnings Guidance for the Full-Year 2016
For the full-year 2016, the company announced that after taking into account the current market conditions, the company still expects to achieve the guidance the company issued in February. The company has visibility into its cash flow stream because the company entered in 2016 with nearly 90% of its tons under cost-protected contracts. The company's cash generation, considering normal seasonality, will strengthen following the second quarter which typically experiences the year's lowest energy demand. The company will look to reduce debt later in the year with its increased cash flow. The company expects coal tons sold of 53 million tons - 60 million tons. Adjusted EBITDA expected in the range of $235 million - $275 million. Free cash flow expected in the range of $60 million - $80 million. Capital expenditures expected in the range of $59 million - $71 million. Cash interest expected approximately $90 million.