Arch Coal Posts Significant Q2 Losses
ST LOUIS, Mo. (AP) — Arch Coal Inc. (ACI) on Tuesday reported a bigger loss in its second quarter, and beat analysts' expectations.
The St. Louis-based company posted a loss of $96.9 million, or 46 cents per share, compared with a loss of $72.2 million, or 34 cents per share, in the same quarter a year earlier.
Losses, adjusted for one-time gains and costs, were 46 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for a loss of 48 cents per share.
The coal producer said revenue dropped 6.9 percent to $713.8 million from $766.3 million in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $718.5 million, according to Zacks.
Arch Coal shares have decreased $1.59, or 36 percent, to $2.86 since the beginning of the year. The stock has fallen $1.26, or 31 percent, in the last 12 months.