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Tuesday, 30 July 2013 13:29

Arch Coal announces 2nd Quarter loss

ST. LOUIS (AP) - Arch Coal Inc. says it logged a second-quarter loss that reflecting overall weakness for coal used in making steel.

Saying it will continue "aggressive" belt-tightening through the rest of the year, the St. Louis-based company on Tuesday posted net losses of $72.2 million, or 34 cents per share, during the April-June quarter. That compares with losses of $435.5 million, or $2.05 per share, a year earlier.

Excluding one-time costs, Arch reported an adjusted loss of $60.5 million, or 29 cents per share. That's better than the loss of 34 cents expected on Wall Street, according to FactSet.

Revenue fell to $766.3 million from $965.7 million. Analysts expected revenue of $912.7 million.

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