Walter Energy Q1 Revenues Up
For the first quarter of 2011, the company posted a net income of $81.81m, or $1.53 per diluted share, compared to $41.55m, or $0.77 per diluted share, for the same period in 2010.
Operating income for the first quarter of 2011 was $119.76m, compared to $71.3m for the same period in 2010. Costs and expenses were $288.96m, compared to $240.74m for the same period in 2010.
The underground mining segment reported revenues of $343.2m in the first quarter 2011, compared to $240.3m in 2010.
The surface mining segment reported revenues of $40.8m for the first quarter 2011, compared to $31.3m in 2010 on increased sales volumes and pricing.
Walter Coke reported revenues of $47.3m in the first quarter 2011, compared to $51.2m in the 2010.
Coking coal sales totaled 1.7 million tons in the first quarter, down 6.4 percent compared to the prior-year period due to lower production volumes despite strong customer demand.
The company expects full year metallurgical coal sales from the Walter Energy Alabama underground operations of 7.5 million to eight million short tons. In addition, the Walter Energy Alabama surface operations expect to sell between 1.4 million and 1.6 million short tons of thermal coal for the full year.
Keith Calder, CEO of Walter Energy, said: â€œWe generated strong year-over-year growth in revenues and income driven primarily by the third highest coking coal pricing we have ever achieved. Now that our acquisition of Western Coal is complete, we can turn our attention to delivering on our promises, executing integration activities and framing future growth opportunities.â€
Will the firm further increase revenues in Q2?
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