Alliance Holdings GP L.P. has announced its third-quarter earnings rose 18 percent as both coal production and coal sales were higher in the period.
Quarterly earnings increased to $19.4 million, or 32 cents per limited partner unit, from $16.4 million, or 35 cents per unit, during the same period last year. The decrease in per-unit earnings reflects a 26 percent increase in the number of limited partner units outstanding.
Revenue grew 18 percent to $244.6 million from $207 million during the same period a year ago. Analysts forecast revenue of $239.1 million.
The company said coal production in the quarter rose 14 percent to 6.1 million tons from 5.4 million tons a year ago. Coal sales increased 10 percent to 6.2 million tons from 5.6 million tons a year ago.
Alliance Holdings also said it declared a quarterly distribution of 21.5 cents per unit. The distribution is based on distributions it plans to receive from it ownership in Alliance Resource Partners, which itself declared a quarterly distribution of 50 cents per unit.