Arch Coal reports disappointing Q4 profit as weak sales persist
TORONTO (miningweekly.com) – US coal major Arch Coal on Tuesday reported disappointing profit for the fourth quarter, as a soft pricing environment for metallurgical and thermal coal persisted, and rail service issues in the Powder River basin and geological challenges encountered in Appalachia impacted on the firm’s performance.
For the three-month period ended December 31, Arch reported a net loss of $371.2-million, or $1.75 a share, 26% more than the $295.4-million, or $1.39 a share, net loss the company posted in the same period a year earlier.
The adjusted net loss for the period grew to $95.1-million, or $0.45 a share, compared with a loss of $88.7-million a year earlier.
Revenues for the quarter declined 17% to $719.4-million, compared with $867-million, or $0.42 a share, a year earlier.
Wall Street analysts had on average expected Arch to post a quarterly loss of $0.34 a share, on revenue of $764.44-million.
For the full year, Arch reported a net loss of $641.8-million, or $3.03 a share, $43-million less than the 2012 net loss of $684-million, or $3.24 a share.
Full-year revenues declined 20% to $3.01-billion, compared with $3.77-billion.
Arch said it expected to sell between 131.5-million and 142.5-million tons of coal in 2014.
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