RICHMOND, Va. — Coal producer Alpha Natural Resources said Thursday that it lost $56.4 million in the second quarter after booking charges related to its acquisition of Massey Energy and expenses from the fatal explosion at Massey's Upper Big Branch mine in West Virginia.
The Virginia company's loss amounted to 36 cents a share. In the year-ago quarter, Alpha earned $38.8 million, or 32 cents a share.
Alpha said expenses related to the June acquisition of Massey totaled $254.4 million, and costs tied to the Upper Big Branch explosion in April 2010 were $5.8 million. Excluding those and other special items, adjusted income from continuing operations was $150.6 million, or 96 cents a share, for the quarter. That missed Wall Street expectations of $1.14 a share.
Revenue increased 59.3 percent, to $1.59 billion, helped by the addition of Massey operations for the month of June. Wall Street expected $1.38 billion.
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Alpha said coal prices rose 38.4 percent to an average $61.22 a ton in the April-June period. It took advantage of those increases by boosting coal sales 14 percent, to 23 million tons.