- Arch Coal (ACI -7.5%) is sharply lower after reporting a bigger than expected Q1 loss and cutting its full-year production forecast for both power-generating and steel-making coal.
- ACI says its average sales price for coal fell to $19.18/ton during Q1 from $20.09 a year earlier, but Q1 total operating costs fell to $18.55/ton from $21.70 a year ago.
- In its FY 2015 outlook, ACI says it now expects thermal coal production of 120M-130M tons, down from 124M-136M tons it forecast in February, and sees its output for metallurgical coal at 6M-6.8M tons from 6.3M-7M tons earlier.
- ACI also lowers its cash cost per ton guidance range for Appalachian coal to $56.75-$59.75 and maintains its cash cost per ton estimate for Powder River production of $10.50-$11.00.
- As of March 31, ACI says it had available liquidity of $1.1B, as it is "focused on managing our available liquidity through these difficult conditions."