Coal producer Walter Energy, Inc. ( WLT ) late Monday posted disappointing third quarter earnings results, hurt by lower revenue amid weak coal prices.
The Birmingham, AL-based company reported a third quarter net loss of $1.06 billion, or -$16.97 per share, compared with net income of $87.1 million, or $1.39 per share, in the year-ago period. Excluding massive one-time charges related to an acquisition, adjusted profit was 48 cents per share.
Revenue fell 11% from last year to $612 million.
On average, Wall Street analysts expected a higher profit of 51 cents per share, on much higher revenue of $660.30 million.
Walter Energy shares fell 45 cents, or -1.2%, in premarket trading Tuesday.
The Bottom Line
Shares of Walter Energy ( WLT ) have a 1.37% dividend yield, based on last night's closing stock price of $36.55. The stock has technical support in the $30-$31 price area. If the shares can firm up, we see overhead resistance around the $40-$44 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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