Walter Energy Slides 21%, Q2 Earnings Disappoint as Acquisition Cost Weigh on Bottom Line
Walter Energy (WLT.TO) is down almost 21% today at $84.18, losing $22.22 a share after the miner of metalurgical coal saw its Q2 earnings fall to $107.4 million, down from a $116.2 million gain in the year-ago period. The company blamed costs associated with recent acquisitions for the shortfall and said adjusted net income would have been $148.4 million when those costs were excluded. Revenues rose 88.3% to $773 million.
Walter executives said they expect second-half sales of approximately 5.9 million metric tons, with yearly metallurgical coal sales volume growing about 50% by the end of 2013.
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