Massey Energy Earnings: A Lot of Work to be Done
S&P 500 (NYSE:SPY) component Massey Energy Co. (NYSE:MEE) swung to a loss in the first quarter. Massey Energy Co. produces and sells bituminous coal of steam and metallurgical grades through its processing and shipping centers.
Massey Energy Earnings Cheat Sheet for the First Quarter
Results: Swung to a loss of $7.7 million (7 cents/diluted share) in the quarter. The industrial metals and minerals company had net income of $33.6 million or 39 cents per share in the year earlier quarter.
Revenue: Rose 37.9% to $949.8 million YoY.
Actual vs. Wall St. Expectations: MEE fell short of the mean analyst estimate of 62 cents/share. Estimates ranged from 21 cents per share to $1.34 per share.
Quoting Management: Massey’s Chief Executive Officer and President Baxter F. Phillips, Jr. said, “We are pleased with our progress in improving our operations and bringing shipments back in line with our expectations. We recognize that a lot of work remains to bring costs in line to improve net profitability. We believe our operations can achieve cost improvements as the year progresses.”
Competitors to Watch: Alpha Natural Resources, Inc. (NYSE:ANR), Patriot Coal Corporation (NYSE:PCX), Peabody Energy Corporation (NYSE:BTU), Intl. Coal Group, Inc. (NYSE:ICO), Arch Coal, Inc. (NYSE:ACI), CONSOL Energy Inc. (NYSE:CNX), Oxford Resource Partners, LP (NYSE:OXF), Alliance Resource Partners, L.P. (NASDAQ:ARLP), Alliance Holdings GP, L.P. (NASDAQ:AHGP), and Westmoreland Coal Company (AMEX:WLB)
Stock Performance: Shares of MEE are unchanged in after hours trading.