• Most Popular
  • Most Shared

CORRECTED - UPDATE 1-Coal miner Alpha's profit tops Wall St view

Tue Nov 3, 2009 2:13pm EST

Stocks

   

(Corrects net result from profit to loss in 2nd paragraph, explains adjusted earnings in third paragraph)

Stocks  |  Global Markets  |  Energy

* Q3 EPS 47 cents vs Street view 38 cents

* Revenue falls 41 pct to $729 mln

NEW YORK, Nov 3 (Reuters) - Coal miner Alpha Natural Resources Inc (ANR.N) posted a better-than-expected third-quarter profit on Tuesday and raised its forecast for metallurgical coal sales next year.

The company reported a net loss of $19.5 million, or 19 cents per share, compared with a profit of $67.4 million, or 93 cents per share, a year earlier.

But, excluding merger-related expenses and other one-time items, adjusted earnings per share from continuing operations were 47 cents, topping analysts' average forecast of 38 cents, according to Thomson Reuters I/B/E/S.

The company raised its forecast for 2010 metallurgical coal shipments to a range of 10 to 12 million tons, up 1 million tons from its previous forecast.

Revenue slipped 41 percent to $729 million, said Alpha, which produces steam, or thermal coal for power generation, and metallurgical, or coking coal for steelmaking. (Reporting by Matt Daily, editing by Dave Zimmerman)

Stocks
Global Markets
Energy


More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets