(By Balachander) Arch Coal Inc. (NYSE:ACI) reported results for the second quarter that came in better than forecast, and its shares jumped 8.37 percent in premarket trading on Friday.
The coal producer slipped to a quarterly loss, hurt by mine closure costs and impairment charges amid soft market conditions.
The St. Louis, Missouri-company posted an adjusted loss of 10 cents per share, compared with earnings of 44 cents a share in the year-ago period. Market expectations were for a loss per share of 18 cents. Net loss was $435.5 million.
Revenue rose 8 percent to $1.06 billion, topping consensus estimate of a 1.30 percent gain.
During the second quarter, the company closed higher-cost thermal mining complexes and curtailed production at other mines in Appalachia.
Looking ahead for the full year, Arch Coal slashed its metallurgical coal sales forecast to roughly 7.5 million tons amid continued uncertainties in the global macroeconomic environment.
The stock closed Thursday's regular trading at $5.26. Shares have been trading between $5.16 and $27.24 over the past year.