Feb 3 - Steelmaking coal producer Walter Energy Inc (WLT.N) posted fourth-quarter earnings that plunged 88 percent from a year ago, missing analysts' estimates by a wide margin, on lower pricing and sales volumes.
In the latest quarter, the Birmingham, Alabama-based company posted a net income of $29.2 million, or 54 cents a share, compared with $240.3 million, or $4.37 a share, a year ago.
The company, which exports almost all the coal it produces, said the quarterly results include pre-tax charge of $4.5 million associated with the closure of Walter Coke's fiber plant and a tax gain of $9.7 million due a state tax rate change.
Revenue for the quarter dropped 35 percent to $236.3 million for the company which also produces thermal coal in very small amount.
The company said lower coking coal pricing contributed to 43 percent of the decrease in revenue.
Analysts, on average, expected earnings of 59 cents a share, before items, on revenue of $276.1 million, according to Thomson Reuters I/B/E/S.
Shares of the company closed at $68.64 Wednesday on the New York Stock Exchange.
In the latest quarter, the Birmingham, Alabama-based company posted a net income of $29.2 million, or 54 cents a share, compared with $240.3 million, or $4.37 a share, a year ago.
The company, which exports almost all the coal it produces, said the quarterly results include pre-tax charge of $4.5 million associated with the closure of Walter Coke's fiber plant and a tax gain of $9.7 million due a state tax rate change.
Revenue for the quarter dropped 35 percent to $236.3 million for the company which also produces thermal coal in very small amount.
The company said lower coking coal pricing contributed to 43 percent of the decrease in revenue.
Analysts, on average, expected earnings of 59 cents a share, before items, on revenue of $276.1 million, according to Thomson Reuters I/B/E/S.
Shares of the company closed at $68.64 Wednesday on the New York Stock Exchange.
