Alpha Natural (ANR) Misses Q1 EPS by 4c, Offers FY15 Outlook

Alpha Natural (NYSE: ANR) reported Q1 EPS of ($0.79), $0.04 worse than the analyst estimate of ($0.75). Revenue for the quarter came in at $800 million versus the consensus estimate of $860.6 million.

Excluding the items described in "Reconciliation of Net Income (Loss) to Adjusted EBITDA," the first quarter 2015 Adjusted EBITDA loss was $34 million compared with Adjusted EBITDA of $289 million in the first quarter of 2014.

2015 Outlook

Alpha maintains its 2015 shipment guidance range of 69 to 80 million tons, including 14 to 17 million tons of Eastern metallurgical coal, 19 to 23 million tons of Eastern steam coal, and 36 to 40 million tons of Western steam coal. As of April 16, 2015, 75% of the midpoint of anticipated 2015 metallurgical coal shipments was committed and priced at an average expected per ton realization of $78.67. Based on the midpoint of guidance, 87% of anticipated 2015 Eastern steam coal shipments were committed and priced at an average expected per ton realization of $54.81, and 100% of the midpoint of anticipated 2015 PRB shipments was committed and priced at an average expected per ton realization of $11.40. Alpha's 2015 guidance for its Eastern adjusted cost of coal sales per ton remains $58.00 to $64.00, while Western adjusted cost of coal sales per ton is unchanged at a range of $10.00 and $11.00. Capital expenditures for 2015 are now expected to be between $200 million to $250 million, while SG&A guidance, which excludes merger related expenses, is now $95 million to $115 million. Depreciation, depletion and amortization for 2015 is expected to be between $650 and $750 million. We expect 2015 interest expense and cash paid for interest to be between $290 million and $310 million and $230 million and $240 million, respectively.

For earnings history and earnings-related data on Alpha Natural (ANR) click here.

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