Not unexpectedly, Massey Energy Co (NYSE:MEE) posted a loss for the quarter in light of the charges related to the explosion at Upper Big Branch mine in West Virginia which killed 29 workers; the worst mining accident in 40 years.
Massey had a net loss of $88.7 million, or 88 cents a share. Last year during the same quarter they enjoyed a profit of $20.2 million, or 24 cents a share.
Revenue for the latest quarter beat last year's numbers, coming in at $693.1 million, in contrast to $603.2 million in 2009.
After the mining accident, Massey told shareholders charges would be taken from $80 million to $150 million costs and liabilities related to the incident.
Included in the results for the quarter is pre-tax charges of $128.9 million connected to the accident. Without the charges Massey would have lost 2 cents a share.
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