April 11 (Bloomberg) -- Walter Energy Inc., a producer of metallurgical coal in the U.S. and Canada, advanced in post-market trading after reporting steelmaking coal sales increased 17 percent during the first quarter from the year earlier.
Walter shares jumped 5.7 percent to $25.50 at 5:26 p.m. in New York.
Metallurgical coal sales rose to 2.8 million metric tons in the first quarter, the Birmingham, Alabama-based company said in a statement after the close of regular trading today. Average first-quarter prices “are expected to improve slightly,” compared with the previous quarter, the company said. Walter received $149 a metric ton on average in the fourth quarter, the company said in February.
Investment adviser Audley Capital Advisors LLP has nominated five new members to Walter’s board, saying the current board has taken on too much debt and failed to create shareholder value. Shareholders will vote for directors at the company’s annual meeting on April 25.
The company is scheduled to report first-quarter results on May 2.
To contact the reporter on this story: Sonja Elmquist in New York at email@example.com
To contact the editor responsible for this story: Simon Casey at firstname.lastname@example.org