Alpha Natural Resources reports first quarter loss of $111 million
THE TAKE: Alpha Natural Resources Inc., a leading U.S. coal producer, reported a first-quarter net loss of $111 million, or 50 cents per diluted share, compared with a net loss of $29 million, or 13 cents per diluted share, in the first quarter of 2012. Excluding items in the company’s “Reconciliation of Adjusted Net Loss to Net Loss,” the first quarter adjusted net loss was $104 million, or 47 cents per diluted share, compared with an adjusted net loss of $58 million, or 27 cents per diluted share, in the first quarter of 2012. The company cited continued difficult market conditions, including lower-per-ton realizations on metallurgical and Eastern thermal coal.
Earnings before interest, taxes, depreciation. depletion and amortization (EBITA) for the first quarter was $105 million, compared with $222 million for the same time a year ago.
Revenues: $1.3 billion for the quarter, compared with $1.9 billion last year
Coal revenues: $1.1 billion, compared to $1.6 billion last year
Net loss: $110.8 million, compared to $28.8 million last year.
THE COMPANY’S TAKE: “Considering continued difficult market conditions, Alpha delivered solid results during the first quarter of 2013, maintaining a sharp focus on operational execution and building on our recent strategic restructuring,” Kevin Crutchfield, chairman and CEO, said in a statement. “Our safety performance was outstanding, and stronger than expected shipment volumes and lower unit costs, driven in part by the success of our recent cost control initiatives, helped offset lower realizations on metallurgical coal … Going forward, we will continue to assess the need for further adjustments to our portfolio and marketing strategy where necessary to position ourselves for both sides of the commodity cycle.”