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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
e-Commerce giant Amazon is set to hire 150,000 seasonal employees across the U.S. to manage the upcoming holiday season better. It is looking to provide seasonal jobs to people of all backgrounds and skill levels. Amazon noted that all jobs in the U.S., including seasonal roles, have an average starting pay of $18 per hour, sign-on bonuses up to $3,000 and an additional $3 per hour based on shifts Facebook is planning to create 10,000 new high-skilled jobs within the European Union over the next five years to help build the metaverse, a new concept of a digital world. Metaverse is described as a new phase of interconnected virtual experiences using technologies like virtual and augmented reality. In a blog post, the company stated that the metaverse has the potential to help unlock access.. Walmart is bringing back its month-long savings event "Black Friday Deals for Days" in November, with special early access for Walmart+ members. The retail behemoth, which reinvented the Black Friday shopping events last year, will spread out its Black Friday savings to three events throughout November. Each savings event will begin online at Walmart.com and continue with the same deals in stores.
Follow RTT