Coal miner Walter Energy, Inc. ( WLT ) on Tuesday lowered its fourth quarter earnings outlook, citing production issues stemming from equipment and ventilation delays.
The Tampa, FL-based company commented, "Walter estimates that fourth-quarter 2011 financial results were below the low end of its prior guidance." Previously, WLT had expected earnings of $120 million to $150 million, or $1.91 to $2.39 per share.
On average, Wall Street analysts are looking for fourth quarter earnings of $2.16 per share for the fourth quarter.
Walter Energy shares posted modest losses in premarket trading Tuesday.
The Bottom Line
Shares of Walter Energy ( WLT ) have a .85% dividend yield, based on Friday's closing stock price of $58.75. The stock has technical support in the $51-$53 price area. If the shares can firm up, we see overhead resistance around the $63-$68 price levels.
Walter Energy, Inc. ( WLT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.
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