Walter Energy, Inc. (WLT) Misses Q1 EPS by 28c, Sales Miss

Walter Energy, Inc. (NYSE: WLT) reported Q1 EPS of ($1.50), $0.28 worse than the analyst estimate of ($1.22). Revenue for the quarter came in at $413.9 million versus the consensus estimate of $447.21 million.

"We continued to execute well in the first quarter, operating safely and reducing costs further," said Walt Scheller, Chief Executive Officer. "We also made strides in improving our capital structure and liquidity," Scheller added. "However, met coal pricing was under pressure in the quarter, and the lower pricing had a significant adverse impact on our revenues and earnings. We have taken steps to reduce unprofitable production and to further cut costs. We are taking actions to make our company stronger while remaining in a position to capitalize on the value of our high quality met coal reserves when the market improves."

Outlook

On April 15, 2014, the Company announced plans to idle production at its mines in Canada. Taking into account the impact of idling these mines, full-year 2014 met coal production is expected to total between 9.0 and 10.0 MMTs, and met coal sales are expected to total between 10.5 and 11.5 MMTs.

For earnings history and earnings-related data on Walter Energy, Inc. (WLT) click here.

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