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Monday, October 27, 2008
Arch Coal Net Income More Than Triples
Steve Gelsi
MarketWatch Pulse
NEW YORK -- Arch Coal on Monday said third-quarter net income more than tripled to $97.8 million, or 68 cents a share, from $27.3 million, or 19 cents a share in the year-ago period. Revenue increased to $770 million from $599 million. Wall Street analysts expected the St. Louis coal producer to earn 61 cents a share on revenue of $772 million, according to a survey by FactSet Research. Arch's trading and optimization function reported an $18.4 million loss in the third quarter, offset by a $26.9 million income tax benefit. "Despite a near-term softening of coal demand, we remain on pace to deliver our best financial performance in company history," Arch Coal said.
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