Coal Company Earnings Up
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.
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