Natural Resource Partners L.P. (NRP) reported third-quarter 2018 net income of $29 million, compared to $26 million in the third quarter of 2017. For year-to-date, the company is reporting net income of $92 million, compared to $58 million in 2017.
“NRP delivered another solid quarter of operating results as we continued to see strong demand for metallurgical and thermal coal,” remarked NRP’s president and chief operating officer, Craig Nunez. “I would also like to highlight the favorable litigation settlement with Foresight Energy in October,which resulted in NRP receiving an initial payment of $25 million and a commitment from Foresight to pay us $11 million annually for 15 years beginning in 2019. We are pleased with this mutually beneficial outcome and look forward to continuing our long-term partnership with Foresight. These additional cash flows will assist in our commitment to strengthening our balance sheet.”
Construction Aggregates net income and Adjusted EBITDA results decreased slightly, primarily due to higher operating expenses, the company said. Free cash flow increased primarily due to the timing of certain operating payments, partially offset by increased capital expenditures.