Walter Energy Inc. (WLT, WLT.TO) reported a net loss for the first quarter of $49.44 million or $0.79 per share, compared to net income of $40.62 million or $0.65 per share in the prior year quarter.
The first quarter of 2013 loss includes charges of $4.9 million, net of tax, or $0.08 per share related to curtailing production at the Willow Creek mine and $4.4 million, net of tax, or $0.07 per share primarily related to proxy contest expenses.
Excluding items, adjusted net loss for the latest first quarter was $40.1 million or $0.64 per share.
Total revenues for the latest first quarter fell to $491.34 million from $631.56 million a year ago, due to industry-wide lower metallurgical coal prices.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.88 per share on revenue of $507.45 million for the first quarter. Analysts' estimates typically exclude special items.
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