WASHINGTON (dpa-AFX) - Alpha Natural Resources Inc. (ANR) reported a first quarter 2013 net loss of $111 million or $0.50 per share compared to a net loss of $29 million or $0.13 per diluted share in the first quarter of 2012.
The year-over-year wider in net loss was primarily attributable to lower per ton realizations on metallurgical and Eastern thermal coal and lower shipment volumes of Eastern and Western thermal coal, partly offset by lower cost of coal sales per ton, and lower SG&A and DD&A expenses.
Excluding the items, the first quarter 2013 adjusted net loss was $104 million or $0.47 per share compared to an adjusted net loss of $58 million or $0.27 per diluted share in the first quarter of 2012.
Total revenues in the first quarter of 2013 were $1.3 billion compared with $1.9 billion in the first quarter of 2012, and coal revenues were $1.1 billion, down from $1.6 billion in the year-ago period. The decreases in total revenues and coal revenues were primarily attributable to lower average realizations for metallurgical and Eastern steam coal and lower steam coal shipment volumes.
The prior year results have been restated to reflect the impact of certain reclassifications and the impact of retrospective adjustments made as a result of applying acquisition accounting for Massey.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.58 per share on revenues of $1.32 billion. Analysts' estimates typically exclude special items.
The company now expects to ship between 83 and 93 million tons during 2013, including 19 to 22 million tons of Eastern metallurgical coal, 27 to 31 million tons of Eastern steam coal, and 37 to 40 million tons of Western steam coal out of the PRB.
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