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(Adds details) April 30 (Reuters) - Alpha Natural Resources Inc reported a bigger-than-expected adjusted quarterly loss after selling less coal at lower prices, but the U.S. coal miner posted its first net profit in more than three years. Alpha, which idled some of its mines in West Virginia earlier this year, said its revenue fell 24 percent to $842 million in the three months to March 31 as sales volumes dropped more than 11 percent. The company said it expected prices for both steel-making and power generating coal to fall further this year as market conditions remain weak. Coal miners have been hit as utilities switch to cheaper natural gas and Chinese demand falls due to a slowing economy. Peabody Energy Corp and Arch Coal Inc reported bigger-than-expected losses last week. However, Alpha recorded a net profit of $68.2 million, or 30 cents per share, helped by a $364 million gain from early repayment of debt. Excluding items, the company reported a loss of 79 cents per share, more than the average analyst forecast of 73 cents, according to Thomson Reuters I/B/E/S. Alpha cut its 2015 capital spending plan to $200 million-$250 million from $225 million-$275 million set a year ago. Up to Wednesday's close of 82 cents, the company's shares had fallen 50 percent this year. (Reporting by Anet Josline Pinto in Bengaluru; Editing by Maju Samuel and Ted Kerr)
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Alpha Natural Resources Inc.
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CODE : ANR |
ISIN : US02076X1028 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Alpha Natural Res. is a producing company based in United states of america. Alpha Natural Res. is listed in Germany and in United States of America. Its market capitalisation is US$ 580.6 millions as of today (€ 502.5 millions). Its stock quote reached its highest recent level on July 25, 2008 at US$ 99.92, and its lowest recent point on February 19, 2021 at US$ 0.02. Alpha Natural Res. has 49 410 000 shares outstanding. |