Arch Coal (NYSE:ACI) is the latest of the commodity companies to report great results for the second quarter, as they turned things around from a loss last year to solid earnings in the second quarter.
The company was led by a 40 percent surge in sales, and said they expect that to continue on for the remainder of the year. They also raised their earnings guidance on the lower end by 10 cents.
Earnings for the second quarter came in at $66.2 million, or 41 cents a share. Last year Arch lost $15.1 million, or 11 cents a share, as sales went in the other direction, dropping 20 percent.
Revenue for the quarter increased to $764.3 million, against last year's $554.6 million. Analysts had been looking for revenue of $765.4 million, and earnings of 25 cents a share.
Full-year earnings guidance was from $1.10 a share, an increase of 10 cents over the $1 a share estimate from April, to $1.40 a share, excluding charges.
Production guidance remains the same, with estimates of 147 million to 155 million tons for the year. That doesn't include coal which will be acquired from third parties.
No comments:
Post a Comment