Shares of Natural Resources Partners LP (NRP) surged over 5% in trading on November 5, 2024, following the company's third-quarter earnings report that showed solid financial performance despite a year-over-year decline in revenue and net income.

According to the earnings release, NRP reported net income of $2.00 per diluted common unit for the quarter ended September 30, 2024, down from $2.91 in the same period last year. Total revenue and other income stood at $60.3 million, a decrease of 30.15% compared to $86.4 million a year earlier. However, the company maintained a strong cash distribution of $0.75 per common unit, payable on November 26, 2024.

Despite the year-over-year declines, NRP's financial results appear to have exceeded analysts' expectations, driving the stock's rally. The company's robust cash flow generation and healthy balance sheet position likely contributed to investor confidence in its ability to sustain distributions and navigate industry challenges.