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Los Angelas, CA -- (SBWIRE) -- 02/06/2013 -- Arch Coal Inc (NYSE:ACI) shares Tuesday after the company delivered a steep fourth-quarter loss that reflects a continued decline in coal demand and prices.
The $295.4 million loss equaled $1.39 a share, compared with net income of $70.9 million, or 33 cents a share, a year earlier. Sales slid 21 percent to $968.2 million as Arch shuttered mines, idled equipment and laid off hundreds of workers amid the deepest industry slump in years.
The cutbacks led to a 15 percent decline in Arch’s sales volumes. Realized coal prices during the quarter also fell 7 percent to about $24 a ton.
Arch and other domestic coal miners have curtailed spending and idled unprofitable mines as demand falls in response to competition from abundant natural gas and the shutdown of older coal-burning power plants.
Sales of so-called metallurgical coal used by steelmakers have also been slowed by a sluggish global economy.
Excluding an asset write-down that comprised the bulk of the loss and other nonrecurring costs, Arch lost $88.7 million, or 42 cents a share. On that basis, the loss was wider than the 14-cent average of analysts surveyed by Bloomberg.
Arch shares fell 13 percent to $6.04 a share on the New York Stock Exchange.
Executives painted a somewhat brighter picture for 2013, particularly for the second half of the year.
But they said the timetable for a coal market rebound is anything but certain, and Arch plans to further reduce capital spending.
The executives also said sales volumes of 133 million to 144 million tons is substantially the same as the 140 million tons produced last year.
Why Should Investors Buy ACI After The Recent Fall? Find Out Here
Baidu.com, Inc. (ADR) (NASDAQ:BIDU) declined 7.56% to $99.10. The Company announced fourth quarter and year end results. Total revenues increased 41.6% to RMB6.335 billion. Total revenues in fiscal year 2012 increased 53.8% to RMB22.306 billion. Operating profit in the fourth quarter of 2012 was RMB2.848 billion. Operating profit in fiscal year 2012 was RMB11.051 billion. Net income attributable toBaiduin the fourth quarter of 2012 was RMB2.795 billion.Net income attributable toBaiduin fiscal year 2012 was RMB10.456 billion.
Is it the Right to Grab BIDU after the Recent Slump? Find Out Here
NII Holdings Inc. (NASDAQ:NIHD) projected an unexpected decline in 2013 revenue, sending shares tumbling. The company also said it is looking to raise money through the sale and leaseback of up to 4,500 cellphone towers in Mexico and Brazil, though it stressed there is no certainty that a deal will happen.
Will NIHD Reach The Bottom After Yesterday’s Correction? Find Out Here
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