UPDATE 1-Foundation Coal swings to Q1 loss
* Q1 loss $0.10/shr
* Q1 coal sales revenue down 3 pct
* Sees selling more coal in '09, says deferrals probable
* Sees '09 capex $190 mln to $210 mln
May 5 (Reuters) - Foundation Coal Holdings Inc FCL.N swung to a first-quarter loss hurt by lower shipments in Northern Appalachia, but the coal miner said it expects to ship more coal in 2009 than it did in 2008.
The company currently expects to ship up to 2 million more tons of coal in 2009, and said negotiated customer deferrals had not yet occurred.
"However, as reflected in our new shipment guidance, the deferral of some 2009 shipments now appears probable," Foundation Coal said in a statement.
For the first quarter, the company posted a loss of $4.5 million, or 10 cents a share, compared with earnings of $6.2 million, or 13 cents a share, last year. Coal-sales revenue fell 3 percent to $395.3 million, while total revenue fell 2 percent to $405.7 million.
Analysts on average were looking for a loss of 3 cents a share, before items, on revenue of $409.5 million, according to Reuters Estimates.
Shipments from Northern Appalachia dropped as much as 34 percent to 2.7 million tons, hurt by scheduled longwall moves at both the Cumberland and Emerald mines, as well as a gas-related interruption at the Emerald mine.
Shares of the company closed at $20.67 Monday on the New York Stock Exchange. The stock is off about 77 percent from its June 2008 peak of $89.69. (Reporting by Adveith Nair in Bangalore; Editing by Vinu Pilakkott)
