Arch Coal lowers guidance, stock declines 5%
Arch Coal (NYSE:ACI), one of the world’s top five coal producers, declined 5.14% on Friday after lowering guidance.
Arch Coal expects earnings to be in the range of $900 million to $1.0 billion and adjusted earnings per diluted share to be in the range of $1.00 per share to $1.40 per share.
Marketwatch reported it was the second time the company lowered guidance this year.
“The reduction in earnings guidance resulted largely from lost metallurgical coal production at the Mountain Laurel complex,” said the company in a statement.
“During the third quarter, Mountain Laurel encountered unfavorable geologic conditions and its longwall was idled for nearly 45 days following a roof fall in August. The longwall restarted in late September, and is currently operating in the final panel of the Alma coal seam before it transitions to the Cedar Grove seam.”
{{ commodity.name }}
{{ post.title }}
{{ post.date }}
Comments
Dandesgroseillers
I work at Grande Cache Coal and I would like it if the Company would tell us of there plan.But no the public knows about it first,not us employees.It’s not first time this happens