Arch Coal Inc. (ACI) Tuesday reported a loss for the first quarter versus a profit last year, largely reflecting a fall in sales volume and prices for the period. Adjusted loss was in line with analysts' view.
For the quarter the firm reported net loss attributable to company of $70.04 million or $0.33 per share compared with net earnings of $1.2 million or $0.01 per share a year back.
On an adjusted basis loss per share for the period was $0.34. Twenty five analysts on average polled by Thomson Reuters estimated loss per share of $0.34 for the quarter. Analysts estimates typically exclude one-time items.
Revenue for the three months fell to $825.5 million from $1.039 billion a year back. Analysts were looking for higher revenue of $913.24 million.
Looking ahead, the company trimmed its forecasted capital expenditures by approximately $30 million for 2013, and now expects to spend between $300 million and $330 million for the full year. It further said sees a stronger second half driven by improving domestic coal market fundamentals, a recovering metallurgical market and the startup of Arch's Leer longwall mine.
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