Alpha Natural Resources Inc. (ANR) reported third-quarter net loss of $185.0 million or $0.84 per share, narrower than $458.2 million or $2.07 per share in the same quarter last year.
Adjusted net loss for the latest third quarter narrowed to $118.3 million or $0.53 per share from $134.4 million or $0.61 per share in the prior year period. Analysts polled by Thomson Reuters expected the company to report a loss of $0.70 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenue for the latest third quarter declined to $1.05 billion from $1.19 billion in the year ago quarter. Wall Street analysts had a consensus revenue estimate of $998.65 million for the quarter.
The company maintained its 2014 shipments guidance for Eastern metallurgical and Eastern steam coals while lowering its PRB guidance to a range of 34 to 37 million tons primarily due to poor rail performance in the West.
The company increased its 2014 shipment guidance for Eastern metallurgical and Eastern steam coals and maintained its PRB guidance.
The company now expects to ship between 79 and 86 million tons, including 17 to 19 million tons of Eastern metallurgical coal, 28 to 30 million tons of Eastern steam coal, and 34 to 37 million tons of Western steam coal. The increase in expected shipment volumes of Eastern metallurgical coal is principally due to a shift of crossover coals into the metallurgical markets, increased use of purchased coal in the sales mix and extension of the WARN notices at several mines.
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