BRISTOL, Va. (AP) — Coal producer Alpha Natural Resources Inc.'s fourth-quarter loss widened, stung in part by lower coal shipments, a large tax charge and a loss on early debt extinguishment.
Its adjusted loss beat analysts' estimates, but revenue missed Wall Street's view.
The company also reduced the low end of its 2014 outlook for coal shipments because of soft pricing.
Its shares fell in Wednesday premarket trading.
For the three months ended Dec. 31, Alpha Natural lost $358.8 million, or $1.62 per share. That compares with a loss of $127.6 million, or 58 cents per share, a year earlier.
The latest quarter included a $205.1 million tax charge, as well as some other charges. It also included a $7.4 million loss on early debt extinguishment, compared with a $773,000 gain a year earlier.
Income tax expense rose to $92.5 million from $26.8 million.
Removing the charges and other items, the company lost 52 cents per share.
Analysts polled by FactSet expected a loss of 64 cents per share.
Revenue fell 30 percent to $1.09 billion from $1.56 billion mostly due to lower average realizations and fewer shipments of metallurgical and steam coal. Wall Street was looking for $1.18 billion in revenue.
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