Arch Resources Turns To Profit In Q2

Coal mining company Arch Resources, Inc. (ARCH) on Tuesday swung to profit in the second quarter, aided by higher revenues. The second quarter results topped the Street estimates.

The company posted second quarter net income of $27.9 million or $1.66 per share, compared to net loss of $49.3 million or $3.26 per share in the same period last year.

On average, 4 analysts polled by Thomson Reuters expected the company to post earnings of $0.81 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

Arch Resources recorded adjusted EBITDA of $66.5 million, inclusive of a $8.8 million non-cash mark-to-market loss associated with its coal-hedging activities. In the year-ago quarter, the company posted negative $10.7 million adjusted EBITDA, which included a $0.1 million non-cash mark-to-market gain associated with the coal-hedging activities.

Quarterly revenues rose to $450.4 million from $319.5 million in the prior-year period, while analysts were looking for revenues of $359.4 million.

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