Alpha Natural Resources 1Q Net Soars Absent Prior-Year Charges

Date : 05/03/2011 @ 7:55AM
Source : Dow Jones News
Stock : Massey Energy Co. (MEE)
Quote : 65.14  0.0 (0.00%) @ 2:05AM

Alpha Natural Resources 1Q Net Soars Absent Prior-Year Charges

Alpha Natural Resources Inc.'s (ANR) first-quarter profit more than tripled over a prior-year quarter skewed by acquisition charges, though adjusted earnings fell below expectations amid higher costs.

Alpha is poised to become the world's third-biggest producer of steelmaking coal once it closes a planned merger with Massey Energy Co. (MEE), right as demand for the material picks up and supplies stretch thin. Massey shareholders are due to vote June 1 on the $7.1 billion takeover. In the latest quarter, Alpha's steelmaking coal shipments jumped 37% to 3.6 million tons.

Alpha posted a first-quarter profit of $49.8 million, or 41 cents a share, up from $14 million, or 12 cents a share, a year earlier. Excluding merger-related costs, health-care charges and other items, earnings from continuing operations were 65 cents, down from 69 cents. Revenue rose 23% to $1.13 billion.

Analysts polled by Thomson Reuters most recently forecast earnings of 92 cents on $1.06 billion in revenue.

Shares closed Monday at $57.57 and were mostly inactive premarket. The stock is down 4.5% over the past month.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;


Latest MEE Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....

No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts

Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.