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Alpha Natural Resources’ profit soars

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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.

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