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You are at:»»Walter Energy, Inc. (NYSE:WLT) Reports Wider Q2 Loss, Beats On Revenues; Coal Sales Volume Guidance Lowered

Walter Energy, Inc. (NYSE:WLT) Reports Wider Q2 Loss, Beats On Revenues; Coal Sales Volume Guidance Lowered

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By on Energy & Solar

Walter Energy, Inc. (NYSE:WLT) has reported a wider-than-expected loss per share for Q2 but topped analyst expectations on total revenue.

The producer of metallurgical coal for the steel industry reported a Q2 adjusted net loss of $1.97 per diluted share, wider than the $0.55 reported in Q2 2013 and the loss of $1.69 expected by analysts. Total revenues of $378.35 million were down from $441.5 million in Q2 2013 but surpassed analyst expectations of $376.53 million.

Q2 results reflected a decrease in average met coal selling prices of $36.20 per metric ton, partially offset by an increase of 0.3 million MTs in met coal sales volume. Results also reflected lower met coal cash cost of sales of $22.34 per ton.

The company expects full-year 2014 met coal production to be between 9.0 and 10.0 MMTs and full-year 2014 met coal sales volume to total between 9.5 and 10.5 MMTs, a reduction from the previous outlook of 10.5 to 11.5 MMTs, primarily because the company’s principal coal transportation provider at the Brule mine in Canada stopped operating in June. Shares of WLT are down $0.14, or 2.38%, at $5.74 in pre-market trading within a 52-week range of $4.25 – $19.50.

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