Arch Lowers Forecast After Profit Falls With Prices
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Arch Coal Inc., the second-biggest U.S. coal producer, cut output and slashed its full-year forecast after first-quarter earnings fell as the recession reduces demand for the power plant fuel.
Arch plans to sell between 116 million and 120 million tons of coal in 2009, down from a January forecast of up to 127 million tons. Profit will be 20 cents to 60 cents a share this year, far short of $1.78 average estimate of 10 analysts compiled by Bloomberg.