WASHINGTON (dpa-AFX) - Alpha Natural Resources Inc. (ANR) reported a fourth quarter net loss of $128 million or $0.58 per share compared to a net loss of $793 million or $3.62 per share last year. The company said year-over-year decrease in net loss is primarily attributable to goodwill impairment charges of $802 million in the fourth quarter of 2011. During the fourth quarter of 2012, impairment and restructuring charges totaled $228 million.
Total revenues were $1.56 billion compared to $2.07 billion last year. Coal revenues were $1.36 billion, down from $1.79 billion in the year-ago period. The company said the decreases in total revenues and coal revenues were primarily attributable to lower coal shipment volumes and lower average realizations for metallurgical and Eastern steam coal.
Excluding impairment and restructuring charges, and other adjustments adjusted net loss was $41 million or $0.19 per share compared to adjusted net loss of $19 million or $0.09 per share prior year.
The company recorded $228 million of impairment and restructuring charges in the fourth quarter of 2012, which are largely non-cash. The charges include $188 million arising from Alpha's annual goodwill impairment testing, which reflects projected coal market conditions and lower expected future production and shipments particularly for thermal coal, as well as a $40 million impact of charges and asset impairments arising from recent restructuring initiatives.
On average, 26 analysts polled by Thomson Reuters expect the company to report a loss of $0.55 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $1.55 billion for the quarter.
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