Alpha Natural Posts Narrower-Than-Expected Third-Quarter Loss
Alpha Natural Resources Inc. (ANR), the second-largest U.S. coal producer by revenue, reported a narrower-than-expected third-quarter loss after sales increased from the Powder River Basin mining region.
Alpha had a net loss of $46.1 million, or 21 cents a share, compared with net income of $62.6 million, or 28 cents, a year earlier, the Bristol, Virginia-based company said today in a statement. The loss excluding goodwill impairment and other items cents a share, beating the 45-cent average of 27 analysts’ estimates compiled by Bloomberg. Sales fell to $1.63 billion from $2.31 billion. The average of 17 estimates was for $1.68 billion.
Alpha sold 13.2 million tons of coal in the quarter from the Powder River Basin, which covers parts of Montana and Wyoming, compared with 12.6 million a year earlier. Revenue from coal sold in the region climbed to $170.1 million from $150.5 million and Alpha’s average realized price for the region rose to $12.87 a ton from $11.98.
The earnings were released before the start of regular trading in New York. The shares closed at $8.86 yesterday and have fallen 57 percent this year.
(Alpha scheduled a conference call to discuss results at 10 a.m. in New York. To listen, go to the company’s website at http://alnr.client.shareholder.com/.)
-- Editors: Simon Casey, Jasmina Kelemen
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