BackgroundARLP is the second-largest coal producer in the eastern United States. It makes and sells “steam coal” – coal burned to produce steam for the production of electricity – for utilities and industrial companies. Looking at historic financials (Exhibit 1), we can see the business has seen a near doubling in quarterly sales from $319mContinue reading “ARLP: A poor capital allocator benefitting from record coal prices”
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The Equity Analyst 