NEW YORK, Oct 28 (Reuters) - Shares in Massey Energy Co fell sharply on Wednesday, a day after the coal miner reported a big drop in third-quarter profit and lowered its expected coal shipments for this year and 2010.
In morning trading on the New York Stock Exchange, Massey stock was down 8 percent at $28.81 and analysts said the results were dragging down other coal companies.
Patriot Coal Corp fell 4.4 percent to $12.22, Peabody Energy Corp was down 3.2 percent at $40.84, Consol Energy Inc slipped 2.7 percent to $44.81 and Arch Coal Inc was 3 percent lower at $22.47.
On Tuesday afternoon, Massey reported net income dropped to $16.5 million, or 19 cents per share, from $51.6 million, or 61 cents per share a year earlier. Revenue slumped 16 percent to $641.6 million.
The Richmond, Virginia-based company said it now expects 2009 produced coal shipments of 37.5 million to 38.5 million tons, down from a forecast in July of 38.5 million to 40.5 million tons.
For 2010, it expects shipments of 37 million to 41 million tons, bringing down the top end of the range by a million.
(Reporting by Steve James, editing by Gerald E. McCormick) Keywords: MASSEY/SHARES (steve.james@thomsonreuters.com; +1 646-223-6013; Reuters Messaging: steve.james.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
In morning trading on the New York Stock Exchange, Massey stock was down 8 percent at $28.81 and analysts said the results were dragging down other coal companies.
Patriot Coal Corp fell 4.4 percent to $12.22, Peabody Energy Corp was down 3.2 percent at $40.84, Consol Energy Inc slipped 2.7 percent to $44.81 and Arch Coal Inc was 3 percent lower at $22.47.
On Tuesday afternoon, Massey reported net income dropped to $16.5 million, or 19 cents per share, from $51.6 million, or 61 cents per share a year earlier. Revenue slumped 16 percent to $641.6 million.
The Richmond, Virginia-based company said it now expects 2009 produced coal shipments of 37.5 million to 38.5 million tons, down from a forecast in July of 38.5 million to 40.5 million tons.
For 2010, it expects shipments of 37 million to 41 million tons, bringing down the top end of the range by a million.
(Reporting by Steve James, editing by Gerald E. McCormick) Keywords: MASSEY/SHARES (steve.james@thomsonreuters.com; +1 646-223-6013; Reuters Messaging: steve.james.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
