logo
Share SHARE
FONT-SIZE Plus   Neg

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

Metallurgical coal producer Walter Energy Inc. (WLT, 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Teens and young adults now find Instagram and Snapchat more attractive than Facebook, a new study by eMarketer revealed. The report also suggested that for the first time, Snapchat might overtake Facebook in the U.S. by gaining a marketshare of 40.8 percent in social network. A new survey has shown that a majority of parents as well as teens agree that texting or use of cell phones are the biggest distraction to teen drivers. The survey also found that risky driving behavior seems to run in the family. The 2017 Family Safe Driving Report was released by EverQuote Inc., a venture-backed online insurance marketplace. Less than two months after its debut on the New York Stock Exchange, embattled meal-kit delivery company Blue Apron Holdings Inc. has been hit with multiple shareholder lawsuits for its "misleading" and "untrue" statements in its IPO prospectus. The various lawsuits mirror each other in their allegations against Blue Apron, its CEO, CFO, directors and the underwriters of its IPO.
comments powered by Disqus
Follow RTT