Walter Energy Down in TSX, U.S. on Lower Production Forecast
Walter Energy, Inc. (WLT.TO) fell sharply by as much as 10% on the Toronto Stock Exchange and was also posting losses in the United States after announcing that it has lowered its production outlook for the last half of 2011.
Walt Scheller, CEO, reportedly cited a "slower than expected recovery from the 100-year record rainfall experienced in Northeast British Columbia during the second quarter as well as recovery from the difficult geology at Mine No. 7 in Alabama" to cause a delay in the company's anticipated growth in production and associated improvement in costs.
Companies: Walter Energy, Inc.
Price: US$67.27. Price Change: -7.73. Percent Change: -10.3.
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