Alpha Natural Resources (ANR) Cuts FY08 Production, Net Income Outlook
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Alpha Natural Resources, Inc. (NYSE: ANR) today lowered its FY08 outlook, citing recent market developments, in addition to a pretax charge related to the closing of the Whitetail Kittanning mine complex and another charge related to mark-t-market writedowns.
Lowers its FY08 production from 24.5-25 million tons to 23.5-23.8 million tons. Coal sales move from $2.2-$2.4 billion to $2.2-$2.26 billion, with net income down from $230-$270 million to $175-$185 million.
The company also noted that as of the end of November, Alpha had available liquidity of close to $1 billion including cash and cash equivalents of approximately $700 million. Total debt outstanding at the end of November was approximately $521 million, with maturity dates ranging from October 2012 to April 2015.
Alpha Natural Resources, Inc. produces, processes, and sells steam and metallurgical coal in the United States.
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