July 31, 2014
ST. LOUIS (AP) - Arch Coal Inc. says its cost-cutting efforts helped boost third-quarter earnings, which were well above Wall Street expectations. St. Louis-based Arch says net income totaled $45.8 million, or 22 cents per share, in the July-September period. That compares with $8.9 million, or 4 cents per share, a year earlier.
Adjusted income totaled $41.8 million, or 20 cents per share, compared with $7.4 million, or 3 cents per share, a year earlier. Revenue fell 9 percent to $1.09 billion. On average, analysts polled by FactSet expected Arch to report an adjusted loss of 15 cents on revenue of $1.02 billion. Arch's president and CEO, John Eaves, says the company believes the global coal markets are correcting.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.