The Whitehaven Coal Ltd (ASX: WHC) share price is marching higher today.
Shares in the S&P/ASX 200 Index (ASX: XJO) coal stock closed yesterday trading for $8.43. In morning trade on Friday, shares are swapping hands for $8.54 apiece, up 1.3%.
That's some impressive outperformance today considering the ASX 200 is down 1.2% at this same time.
This comes following the release of Whitehaven's quarterly update for the three months ending 30 June (Q4 FY 2024).
Here are the highlights.
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Whitehaven share price lifts on sales growth
ASX 200 investors are bidding up the Whitehaven share price today after the miner reported run of mine (ROM) production of 9.7 million tonnes (Mt) for the June quarter and 24.5 Mt for FY 2024. That sees coal production up 34% from FY 2023.
In Q4, total equity sales of produced coal reached 6.5 Mt. Coal sales for FY 2024 came in at 16.4 Mt, up 26% from FY 2023.
Whitehaven said its Q4 revenue reflected around 59% metallurgical and 41% thermal coal sales. The miner expects the proportion of its metallurgical coal sales to increase, citing transition-related short-term logistics constraints in QLD.
The quarter just past also saw Whitehaven complete the acquisition of BMA's Daunia and Blackwater metallurgical coal mines in Queensland.
What did management say?
Commenting on the results helping lift the Whitehaven share price today, CEO Paul Flynn said, "I am pleased to report a strong first quarter of production from the newly acquired Queensland operations."
Flynn continued:
Transition and integration activities progressed smoothly during the first quarter of ownership, and we are already seeing the benefits of diversification and exposure to the supply-constrained metallurgical coal market.
In New South Wales, we finished the year with a strong result from our open cut mines and improved performance from the Narrabri underground mine. Overall, production and sales outcomes were well within guidance for the year.
I congratulate Whitehaven's expanded workforce on the outcomes delivered in the June quarter and look forward to continuing to deliver on our strategic priorities in FY 2025.
Whitehaven's unaudited net debt position at 30 June was $1.3 billion.
The ASX 200 miner expects to release its full-year FY 2024 results on 22 August.
Whitehaven share price snapshot
With today's intraday gains factored in, the Whitehaven share price is up 22% over 12 months.
Atop those share price gains, the ASX 200 coal stock trades on a fully franked dividend yield of 5.8%.
