Arch Coal cuts outlook on WV mine troubles - Boston Globe
ST. LOUIS—Arch Coal Inc. cut its annual profit estimate Friday because the company's coal production was hurt by continued problems at the Mountain Laurel complex in West Virginia.
The company said it expects a profit of $1 to $1.40 per share in 2011, down from its previous estimate of $1.75 to $2.15 per share. Arch Coal said there was a roof fall at the Mountain Laurel complex in August, and after the fall, coal production was idled for 45 days. It said longwall production restarted in late September.
Analysts had expected a profit of $2 per share, according to FactSet. Shares of Arch Coal sank $1.44, or 9.9 percent, to $13.14 in aftermarket trading.
Coal production at Mountain Laurel was idled for most of the first quarter of 2011 because of what the company called "geologic challenges" that occurred in December.
The company said its annual results will depend on the price accounting for its acquisition of International Coal Group.
The company also said it will report its third-quarter results before the market opens on Friday Oct. 28. Shares of Arch Coal lost 79 cents, or 5.1 percent, to $14.58 on Friday.
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01 Oct, 2011--
Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNG0Iod2iiTiwc8Kf_WrrrC8O6JiSQ&url=http://www.boston.com/business/articles/2011/09/30/arch_coal_cuts_outlook_on_wv_mine_troubles/
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