UPDATE: Arch Coal Reports Narrower Q2 Loss Vs. Ests; Sales Just Above Consensus; Shares Drive 30% Higher
Arch Coal ( ACI ) has pulled off a day's low of $5.46, which was only 30 cents from the year low, and has climbed as high as $6.88 in afternoon trade. Shares currently are up 30% at $6.80, moving higher after the company today reported a Q2 loss of $0.10 per share, ex one-time items, versus the Capital IQ consensus of $0.18 loss per share.
Revenues were $1.06 bln, versus the analyst estimate of $1 bln.
The company said that it expects 2012 thermal sales volume of 128 mln - 134 mln tons. Met coal sales volume is expected to now be 7.5 mln tons, down from 8 mln - 8.5 mln tons.