Alpha Natural Resources posts 2Q loss - WVVA TV Bluefield Beckley WV News, Weather and Sports

Alpha Natural Resources posts 2Q loss


BRISTOL, Va. (AP) -- Alpha Natural Resources Inc. is posting a loss as prices and profit margins collapsed on falling demand for coal.

A year ago, Alpha had a margin of $6.57 per ton of coal it sold. In the most recent quarter reported Friday, that had shrunk to $2.72.

The amount of coal it sold fell, too, down 19 percent to 21.6 million tons.

Alpha shares slumped 8 percent and other coal miners tumbled as well.

Alpha's declining margins and volume drove revenue down almost 28 percent to $1.34 billion, from $1.85 billion a year earlier.

Analysts surveyed by FactSet had been expecting a loss of 34 cents per share on revenue of $1.85 billion.

Shares of Alpha Natural Resources Inc. fell 42 cents to $5.02 in early trading.

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