ST. LOUIS (AP) - Coal producer Arch Coal Inc. said Tuesday it posted a lower-than-expected loss of $128.4 million in the third quarter as lowered expenses helped temper weaker coal prices.
The St. Louis-based company lost 61 cents per share in the July-through-September period. That compares with net income of $45.8 million, or 22 cents per share, a year earlier.
Excluding one-time items, Arch said it lost $1.8 million, or a penny per share. That's down from an adjusted profit of $41.8 million, or 20 cents per share, last year.
Revenue fell 19 percent to $791.3 million from $975.2 million a year ago.
Analysts surveyed by Fact Set expected a loss of 31 cents on sales of $878.3 million.
Arch Coal shares fell 20 cents, or 4.8 percent, to $3.96 in morning trading.
ST. LOUIS (AP) - Arch Coal Inc. says it logged a second-quarter loss that reflecting overall weakness for coal used in making steel.
Saying it will continue "aggressive" belt-tightening through the rest of the year, the St. Louis-based company on Tuesday posted net losses of $72.2 million, or 34 cents per share, during the April-June quarter. That compares with losses of $435.5 million, or $2.05 per share, a year earlier.
Excluding one-time costs, Arch reported an adjusted loss of $60.5 million, or 29 cents per share. That's better than the loss of 34 cents expected on Wall Street, according to FactSet.
Revenue fell to $766.3 million from $965.7 million. Analysts expected revenue of $912.7 million.
LOUISVILLE, Ky. (AP) — Arch Coal Incorporated says it will scale back operations at two coal mining complexes in Kentucky and Virginia, trimming the work force by more than 100.
The St. Louis-based company said Friday the cutbacks will affect the Cumberland River and Hazard mining complexes.
Company spokeswoman Kim Link says the decision was due on "ongoing coal market challenges."
She says the curtailed operations will cost about 110 jobs — about 65 of them company positions and the rest contractor jobs not controlled by Arch.
The Cumberland River mining complex is in Letcher County in Kentucky and Wise County in Virginia. The Hazard Mining complex is in Perry County, Kentucky.
Link says those eligible workers who are laid off will be offered severance packages.
She says the two complexes still employ nearly 500 workers.