Alpha Natural Resources Reports First Quarter Results for 2014

Alpha Natural Resources, Inc. (NYSE:ANR) recorded a net loss of $56 million or $0.25 per diluted share for Q1 of 2014 compared to a net loss of $111 million or $0.50 per diluted share in the first quarter of 2013. The first quarter 2014 adjusted net income was $15 million or $0.07 per diluted share, excluding the items described in “Reconciliation of Adjusted Net Income (Loss) to Net Loss.” This compares with an adjusted net loss of $104 million or $0.47 per diluted share for the first quarter of 2013.

As quoted in the press release:

Earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) for the first quarter of 2014 was $265 million, compared with EBITDA of $105 million in the year ago period. Excluding the items described in our “Reconciliation of EBITDA and Adjusted EBITDA to Net Loss,” the first quarter 2014 Adjusted EBITDA was $289 million, compared with $117 million in the first quarter of 2013.

Alpha Natural CEO, Kevin Crutchfield, said:

While the first quarter remained challenging for the coal industry, particularly in the metallurgical market, the actions we have taken to rationalize our cost base and strengthen our balance sheet are positively impacting those aspects of our business that we can control. For example, adjusted cost of coal sales per ton in the East continues to decrease, averaging $65.73 in the first quarter and beating the midpoint of our annual expectations of $67.00, allowing us to reduce our Eastern cost of coal sales guidance to a midpoint of $66.50.

Click here to read the Alpha Natural Resources, Inc. (NYSE:ANR) press release