Arch Coal says it swung to second-quarter loss on mine closures and weak demand, but did much better than Wall Street had expected and shares jumped 14 percent.
The St. Louis company posted losses of $435.5 million Friday, or $2.05 per share, during the April-June quarter. That compares with a profit of $6.3 million, or 4 cents per share, a year earlier.
After excluding one-time costs including mine shutdowns, Arch Coal Inc. reported an adjusted loss of $22 million, or a dime per share.
That’s much better than the loss of 18 cents expected on Wall Street, according to FactSet.
Revenue was $1.06 billion, up from $985.5 million a year earlier.
However, Arch is forecasting lower third-quarter sales of its coal used to make steel.
