Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Walter Energy Posts Q4 Loss, Revenue Drops 32%; Stock Falls - Update

RELATED NEWS
Trade WLT now with 

Metallurgical coal producer Walter Energy Inc. (WLT: Quote, WLT.TO) Wednesday reported a net loss for the fourth quarter, compared to a profit last year, amid a sharp decline in revenues as a result of reduced demand and pricing for met coal. The stock fell nearly 6 percent in after-market trading.

The quarterly loss was $71.0 million or $1.13 per share, compared to net income of $80.3 million or $1.28 per share for the year-ago quarter.

The latest results included impairment and restructuring charges of $6.8 million, mainly due to a reduction in spending at the Aberpergwm mine in the U.K. Results for the quarter also included a $71 million tax benefit.

Excluding items, net loss for the fourth quarter was $66.4 million. On average, 21 analysts polled by Thomson Reuters expected a loss of $0.89 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues declined to $478.78 million from $703.01 million a year ago. Analysts expected revenues of $511.31 million.

Revenue from U.S. Operations fell to $325.84 million from $481.01 million, while Canadian and U.K. Operations generated $152.41 million, lower than the $221.50 revenue brought in last year.

The realized price of met coal declined 39 percent to about $149 per MT compared with the fourth quarter of 2011.

Production of met coal rose to 2.5 million metric tons or MMTs from 2.3 MMTs produced in the fourth quarter of 2011. Walter Energy sold 10.4 MMTs of met coal, up 19 percent from 2011.

WLT, which closed down 8 percent at $36.76 on Wednesday, fell 5.9 percent to $34.60 in the extended trade.

Register
To receive FREE breaking news email alerts for Walter Energy, Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
U.K. inflation slowed marginally as expected in August on falls in prices of motor fuels and food, data from the Office for National Statistics revealed Tuesday. Factory-gate prices declined for the second straight month indicating benign inflationary pressures in the pipeline. Consumer prices rose 1.5 percent year-on-year in August, slower than the 1.6 percent rise in July. The United Nations Security Council has long been a bastion for men selected to represent their countries on what is considered to be the Organization's most powerful body. But now, women ambassadors are occupying more than one third of the Council's 15 seats, making history with record representation of the gender. "It's a little strange that it's taken us this long," according to Ambassador Syl Yukiya Amano, Director General of the International Atomic Energy Agency (IAEA), said Monday that nuclear programs of the Democratic People's Republic of Korea (DPRK) and Iran remain matters of serious concern. The head of the United Nations nuclear watchdog made the remarks at the opening of the...
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.