Alpha Natural Resources posts $56M loss in 2Q
ABINGDON, Va. (AP) — Coal producer Alpha Natural Resources Inc. says it lost $56.4 million in the second quarter, reversing a profit from last year, as the company booked a $254 million charge related to its acquisition of rival Massey Energy Co.
The Abingdon, Va., company on Thursday reported losses amounting to 36 cents per share, compared with earnings of $38.8 million, or 32 cents per share, in the year-ago period.
Excluding merger-related expenses and other special charges, Alpha said its adjusted income from continuing operations was $150.6 million, or 96 cents per share, for the quarter.
That missed Wall Street earnings expectations of $1.14 per share.
Revenue increased 59.3 percent to $1.59 billion in the quarter. Wall Street expected $1.38 billion.