Walter Net Misses Estimates After Coking-Coal Prices Fall
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Walter Energy Inc., the U.S. mining company that paid C$5.3 billion ($5.3 billion) for Western Coal Corp. in April, posted fourth-quarter earnings that missed analysts’ estimates after metallurgical-coal prices fell.
Net income dropped 8.8 percent to $83.8 million, or $1.34 a share, from $91.9 million, or $1.72, a year earlier, Birmingham, Alabama-based Walter said today in a statement. The average estimate of 17 analysts surveyed by Bloomberg was for profit of $1.50 a share.