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

More Breaking News

0 Articles
Editors Pick
Poultry giant Sanderson Farms has blamed the national anthem protests in National Football League for its lower sales for the fourth-quarter and full year. Sanderson Farms, which is one of the biggest chicken providers in the US, said that NFL protests involving players taking a knee during the national... Amazon would reportedly sell Google's Chromecast streaming adapter for this Christmas. The online retailer giant has banned the product from its site for the last two years and has presumably settle the issues. Though the product is not available for sale, it has listed 4K-capable Chromecast Ultra adapter. Europe's no-frills airline Ryanair recognized pilot union for a smooth holiday season ahead. The airline had a discussion with its pilots union in Britain, Germany, Italy, Spain, Ireland, Portugal to iron out the issues. The pilots working for Ryanair have been enjoying different status and many of them were reportedly not in the rolls as full timers.
comments powered by Disqus
Follow RTT