Natural Resource Partners L.P. (NRP) reported fourth quarter and full-year 2017 results. The company posted net income of $30.7 million in the fourth quarter of 2017, and net income of $88.7 million for the year.
Craig Nunez, president and chief operating officer, commented: “A successful fourth quarter capped a year of significant achievement for NRP. We continue to generate substantial amounts of cash from operations and our fourth quarter results have considerably improved compared to prior year levels. Compared to the prior quarter, our results reflect improved performances from our Coal Royalty, Soda Ash and Construction Aggregates business segments. In addition, we continue to strengthen our balance sheet and have reduced debt $311.1 million during 2017. We enter 2018 with a stronger balance sheet, lower interest expense and improved operating performance.”
Fourth quarter operating income for its Construction Aggregates business was $2.0 million and Adjusted EBITDA was $5.1 million. Performance increased compared to the prior quarter and fourth-quarter 2016 as a result of increased production and sales volumes, higher margins on road construction and asphalt paving projects, and increased marine terminal activity.
For the quarter, net cash provided by (used in) operating, investing and financing activities were $4.0 million, $(0.7) million and $(0.2) million, respectively, and DCF was $3.4 million. DCF increased compared to the fourth quarter of 2016 and the prior quarter as a result of the improved operating performance.
Construction Aggregates operating income for the year was $6.4 million and Adjusted EBITDA was $19.8 million. These amounts improved compared to the prior year primarily due to a higher production and sales of crushed stone, gravel and sand, higher delivery and haul income, and increased road construction and asphalt paving projects.