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Home News Industries Energy/Green Alpha Natural Resources loss widens in second quarter

Alpha Natural Resources loss widens in second quarter

Published August 6, 2014 by Jessica Sabbath

Alpha Natural Resources reported lower revenues and bigger losses in the second quarter amid a weak coal market. The coal producer, however, beat analyst expectations.

The Bristol-based company announced Wednesday that revenues fell 21 percent during the quarter to $1.05 billion from $1.3 billion druing the same period the previous year.  Analysts had predicted revenue of $1.03 billion.

The company said that its quarterly loss had widened to $513 million, or $2.32 per diluted share, compared with $185.7 million, or 84 cents per diluted share, a year ago. That second-quarter 2014 loss includes a $309 million impairment charge.

Excluding the charge, the company would have reported a loss of $123 million, or 56 cents per share. Analysts had predicted a loss of 59 cents per share.

Alpha Natural Resources blamed the tough coal market for its lower revenues. The coal industry faces increased regulatory requirements and competition from low natural-gas prices and increased worldwide coal production.

“Coal markets remained extremely challenging in the second quarter,” Kevin Crutchfield, chairman and CEO of Alpha, said in a statement.

The company has announced plans to lay off 1,100 mine workers in West Virginia to save costs.

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