Arch Coal reports sharply higher 3Q earnings

AP News
|
Posted: Oct 26, 2012 9:43 AM
Arch Coal reports sharply higher 3Q earnings

ST. LOUIS (AP) — Arch Coal Inc. said Friday its cost-cutting efforts helped boost third-quarter earnings.

St. Louis-based Arch said net income totaled $45.8 million, or 22 cents per share, in the July-September period. That compared with $8.9 million, or 4 cents per share, a year earlier.

Adjusted income totaled $41.8 million, or 20 cents per share, compared with $7.4 million, or 3 cents per share, a year earlier.

Revenue fell 9 percent to $1.09 billion.

On average, analysts polled by FactSet expected Arch to report an adjusted loss of 15 cents on revenue of $1.02 billion.

Arch's president and CEO, John Eaves, said the company believes the global coal markets are correcting.