EYEWITNESS LOCAL NEWSAlpha Shares Up On Smaller-Than-Expected Loss
from Eyewitness News Online
Reported by: Associated Press
Web Producer: Heath Harrison
Reported: Oct. 31, 2013 3:03 PM EDT
Alpha Natural Resources' third-quarter loss significantly widened due to weaker coal revenue and special charges.
But the loss was smaller than Wall Street had anticipated and the company lowered its mining cost forecasts.
The Bristol, Va., company posted a loss of $458.2 million, or $2.07 per share, for the quarter that ended Sept. 30. That is compared with a loss of $46.1 million, or 21 cents per share, last year.
On an adjusted basis, it lost 61 cents per share. Revenue fell 27 percent to $1.19 billion.
Analysts were anticipating a loss of 76 cents per share on revenue of $1.18 billion.
Alpha also said that it has made significant progress toward settling a class action case brought by Massey stockholders alleging deficiencies in Massey's disclosure of safety information.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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