Alpha Natural Resources (ANR -0.1%) trades with little change after reporting a bigger-than-expected adjusted Q1 loss after selling less coal at lower prices while also posting its first net profit in more than three years.
Q1 revenue fell 24% Y/Y to $842M as sales volumes dropped more than 11%, and the coal miner says it expects prices for both steel-making and power generating coal to fall further this year.
ANR maintains its 2015 shipment guidance of 69M-80M tons, including 14M-17M tons of Eastern metallurgical coal, 19M-23M tons of Eastern steam coal, and 36M-40M tons of Western steam coal.
Says it may look to make additional cuts to its operations in an effort to meet or perhaps exceed its target of $60M-$75M in annual savings.
Subscribe for full text news in your inbox