Arch Coal, Inc. (ACI) Post Slightly Smaller-than-Expected Q2 Loss
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Arch Coal, Inc. (NYSE: ACI) reported Q2 EPS of ($0.46), $0.03 better than the analyst estimate of ($0.49). Revenue for the quarter came in at $714 million versus the consensus estimate of $720.04 million.
"During the second quarter of 2014, increased shipments, higher pricing and strong cost control drove margin expansion in each of our operating regions compared with the first quarter," said John W. Eaves, Arch's president and chief executive officer. "Our successful cost control efforts to date – underscored by strong operating performances at Leer in Appalachia and West Elk in Colorado – have allowed us to reduce our cost-per-ton expectations for those segments in 2014."
For the first half of 2014, Arch generated adjusted EBITDA from continuing operations of $93 million compared with $149 million recorded in the first half of 2013. Total revenues declined slightly to $1.4 billion during the first six months of 2014, largely due to lower metallurgical coal revenues versus the prior-year period.
"Recently, we've announced the idling of our Cumberland River complex in response to weak global metallurgical coal prices," said Eaves. "Although idling higher-cost coking coal capacity lowers our metallurgical coal volume expectations for 2014, it also shifts our mine portfolio toward higher-margin metallurgical coal operations and enhances our competitive cost position in that region."
For earnings history and earnings-related data on Arch Coal, Inc. (ACI) click here.
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