ABINGDON, Va. (AP) — Alpha Natural Resources is posting a fourth-quarter loss after booking $745 million in charges due to weak demand for coal and also new environmental regulations.
Losses amounted to $733 million, or $3.34 per share for the final quarter of the year, compared with a profit of $10.8 million, or 9 cents per share, last year. Revenue more than doubled to $2.07 billion.
Excluding the goodwill impairment charge and other special items, Alpha says its adjusted losses were $16 million, or 7 cents per share, in the quarter.
Wall Street had been expecting a profit of 27 cents per share on revenue of $2.16 billion, according to FactSet.
Shares of Alpha Natural Resources Inc., based in Abingdon, Va., fell 73 cents, nearly 4 percent, to $19.09 Friday in premarket trading.
