Coal news and updates

Walter Energy posts mixed Q2 results; Met coal costs fall 18.3%

Walter Energy, Inc reported Q2 EPS of ($1.97), $0.28 worse than the analyst estimate of ($1.69). Revenue for the quarter came in at $378.4 million versus the consensus estimate of $376.5 million.

Metallurgical Coal Cash Cost of Sales

Met coal cash cost of sales for the second quarter of 2014 averaged $99.70 per MT, down $22.34, or 18.3%, compared with the second quarter of 2013, driven by continued improvement in mining costs.

Metallurgical Coal Production

Met coal production was 2.4 MMTs in the quarter, compared with 2.9 MMTs in the prior-year period, with the decrease primarily resulting from the idling of the Canadian mining operations in the current quarter.

Met coal cash cost of production averaged $72.97 per MT in the quarter, down $5.50 per MT, or 7.0%, as compared with the prior-year quarter.

Source: www.streetinsider.com