Alpha Natural Resources’ profit soars
- May 3, 2011
Alpha Natural Resources Inc. recorded a first-quarter profit of $49.8 million, more than triple the $14 million recorded in the same three-month period last year.
Diluted earnings per share rose from 12 to 41 cents.
Total revenues in the first quarter were $1.1 billion, compared with $922.0 million in the first quarter of 2010. Coal revenues were $987 million, up 19 percent from $831.3 million in the same period last year.
Alpha, currently based in Abingdon, is completing an acquisition of Massey Energy Co. and building a new headquarters in Bristol.
The company said in a press release that it is on track for both companies to conduct shareholder votes on the acquisition on June 1.
“The combination of our two companies will make Alpha a true global leader, with over 5 billion tons of reserves, a leading global position in metallurgical coal shipments, a healthy balance sheet, and, importantly, a work force of approximately 14,000 individuals exemplifying our Running Right culture [Alpha’s safety program],” CEO Kevin Crutchfield said in a statement.