Alpha Natural Resources posts bigger second-quarter loss

MarketsAssociated Press

Alpha Natural Resources Inc. on Wednesday reported a wider loss in its second quarter, and beat analysts' expectations.

The Bristol, Virginia-based company posted a loss of $512.6 million, or $2.32 per share, compared with a loss of $185.7 million, or 84 cents per share, in the same quarter a year earlier.

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Losses, adjusted for one-time gains and costs, came to 56 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for a loss of 74 cents per share.

The coal producer said revenue decreased 21 percent to $1.05 billion from $1.34 billion in the same quarter a year earlier, and topped Wall Street forecasts. Analysts expected $1.01 billion, according to Zacks.

Alpha Natural Resources shares rose 17 cents, or 5 percent, to $3.59 in morning trading.