Alpha Natural Resources Posts Big Q2 Loss
BRISTOL, Va. (AP) — Alpha Natural Resources says its losses widened in the second quarter, citing weak domestic and international coal markets.
The Bristol, Virginia-based company on Wednesday posted a loss of $512.6 million, or $2.32 per share, compared with a loss of $185.7 million, or 84 cents per share, in the same quarter a year earlier.
Adjusted results of a loss of 56 cents per share beat analyst estimates of a loss of 74 cents per share, according to Zacks Investment Research.
The coal producer said revenue decreased 21 percent to $1.05 billion during the second quarter. Analysts expected $1.01 billion.
Last week Alpha announced that it expects to lay off 1,100 workers at 11 West Virginia surface coal mines by mid-October amid dismal markets and federal regulation.