Jim posts loss

LONGWALL moves in mines No. 5 and No. 7 stunted first quarter revenues to US$64.7 million for U.S. operator Jim Walter Resources.
Jim posts loss Jim posts loss Jim posts loss Jim posts loss Jim posts loss

No. 5 Mine, courtsey Jim Walter Resources.

Angie Tomlinson

The company reported an operating loss of $2.3 million in the quarter, compared to operating income of $1.3 million in the prior year, as the longwall moves reduced gas revenues and increased coal production costs.

 

Jim Walter Resources sold 1.47 million tons of coal at an average price of $35.36 per ton in the first quarter, compared to 1.53 million tons at $35.49 per ton in the prior-year quarter.

 

Parent company Walter Industries, which has interests in homebuilding, home finance and industrial products, reported a net loss of $0.11 per diluted share for the quarter.

 

The company reviewed its full year earnings outlook upwards in a reaction to strong price increases for metallurgical coal.

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