Alpha Natural Resources’ quarterly income increases 685 percent
- October 29, 2008
Metallurgical coal supplier Alpha Natural Resources’ quarterly net income was eight times higher than the same period a year ago because of high coal prices.
The company reported a profit of $69.9 million, or 97 cents per share, compared with $8.9 million during the same quarter last year. Quarterly revenues increased to $623 million, compared with $441 million.
“International demand for metallurgical coal was impressive in the third quarter — as it has been all year — resulting in a new high-water mark of $130 per ton realized, on average, for our met coal,” Michael Quillen, Alpha’s chairman and CEO, said in a statement. “With met sales accounting for 43 percent of our total sales volumes during the quarter, we produced healthy cash flows that put Alpha in one of the most favorable liquidity positions in the industry, with more than $600 million of cash as of the end of last week. This is noteworthy as the industry navigates through one of the most volatile periods in the global markets that we’ve ever witnessed.”