Another example of mindless ramping. NHC’s report was a clanger.
We know they did $648.1M EBITDA in the first quarter. Yesterday they reported HY EBITDA of $1.04 billion. Simple maths tells you that means for the second quarter they did only $391.9M EBITDA. Big miss on production numbers was the reason:
Jan 22Q: NSW ROM 2,460Mt Jan 23Q: NSW ROM 2,067Mt
Which means during the quarter of highest prices, they missed heaps of price upside. NEWC has now cratered. So it was a clanger.
WHC on the other hand managed to surprise to the upside on their December quarter production. From memory it hit $9.60 that day…!
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