Boston, MA 05\/29\/2014 (wallstreetpr) \u2013 Alpha Natural Resources, Inc. (NYSE:ANR) <\/b>reported a net loss of $0.25 per diluted share due to the joint venture between Alpha Shale and Rice Energy during the first quarter of 2014.<\/p>\n
Lower Shipments Compress Revenues<\/b><\/p>\n
In first quarter 2014, Alpha Natural generated lower revenues from its business including coal and freight and handling. Total revenues were down by 15% YoY to $1.1 billion due to 9% YoY decline in coal revenue and 15% YoY decline in revenue from freight and handling services mainly due to the lower average realized prices and lower shipments of thermal and metallurgical coal.<\/p>\n
During the quarter, Alpha shipped 4.4 million tons of metallurgical coal (1Q2013: 5.1 million tons), 9.4 million tons of Powder River Basin (PRB) coal (1Q2013: 10.0 million tons) and Eastern steam coal of 7.6 million tons (1Q2013:7.9 million tons).<\/p>\n
The average realized price per ton of shipments was $89.99 for metallurgical coal (1Q2013: $103.28), $12.26 for PRB (1Q2013:$13.03) and $58.25 for Eastern steam coal (1Q2013: $61.90).<\/p>\n
Gain In Adjusted Earnings<\/b><\/p>\n
Alpha Natural Resources, Inc. (NYSE:ANR) \u00a0generated higher adjusted EBITDA of $289 million in the first quarter compared to $117 million in 1Q2013. The increase was due to pre-tax gain of $250 million from the joint venture and lower cost of sales ($1.3 billion) and SG&A ($41 million) expenses compared to prior year period.<\/p>\n
Subsequent to higher adjusted EBITDA, Alpha generated adjusted net earnings of $15 million or $0.07 per diluted share (1Q2013: adjusted net loss of $104 million or $0.47 per diluted share).<\/p>\n
Improved Liquidity<\/b><\/p>\n
Despite the increase in earnings, Alpha used $54 million of cash from operating activities compare to cash inflows of $65 million in 1Q2013. Capital expenditures during 1Q2014 were $40 million (1Q2013: $44 million).<\/p>\n
As of March 31, 2014, Alpha Natural Resources, Inc. (NYSE:ANR) has total liquidity of $2.1 billion; including the cash balance $1.2 billion and more than $0.9 billion of available credit. Total long-term debt as of March 31, 2014 was $3.4 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 05\/29\/2014 (wallstreetpr) \u2013 Alpha Natural Resources, Inc. (NYSE:ANR) reported a net loss of $0.25 per diluted share due to the joint venture between […]<\/p>\n","protected":false},"author":10,"featured_media":19222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[3554,3552,3553],"stock_ticker":[],"class_list":["post-23920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-alpha-natural-resources-inc","tag-alpha-natural-resources-inc-nyseanr","tag-nyseanr","entry"],"acf":[],"yoast_head":"\n