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EARNS-ALPHA NATURAL RESOURCES
Alpha widens 3Q loss but beats market expectations; lowers mining cost forecasts
Reported by: Associated Press
Thursday, October 31, 2013 12:13 PM EDT
Alpha Natural Resources' third-quarter loss significantly widened due to weaker coal revenue and special charges.
The Bristol, Va., company posted a loss of $458.2 million, or $2.07 per share, for the quarter that ended Sept. 30. That is compared with a loss of $46.1 million, or 21 cents per share, last year.
On an adjusted basis, it lost 61 cents per share. Revenue fell 27 percent to $1.19 billion.
Analysts were anticipating a loss of 76 cents per share on revenue of $1.18 billion.
Alpha also said that it has made significant progress toward settling a class action case brought by Massey stockholders alleging deficiencies in Massey's disclosure of safety information.