James River Coal dips 10% in pre-market on wider-than-expected Q2 loss
Ahead of today’s opening, James River Coal Company (Nasdaq:JRCC) posted a wider-than-expected net loss for the second quarter. For the period ended June 30, net loss was $24 million, or $0.97 per share, compared with a net loss of $18.6 million, or $1.17 per share, for the same period a year ago. Revenue grew 4% from a year ago to $137.7 million. Wall Street was expecting a net loss of $0.30 per share on revenues of $156.25 million.
The Richmond, Va.-based company said it felt t he pinch of bad weather lowering production and high raw material costs.
“The single biggest issue that we have faced during the past several years has been pressure on profit margins. This pressure has been due to extremely low coal prices and rapidly rising costs, particularly in underground mining, due to changes in the safety and regulatory environment. During the past several months, tight markets around the world have led to rising prices in the U.S. market,” said Peter T. Socha, chairman and CEO, in a statement.
In today’s pre-market trading, shares are at $31.63 at 9:20 a.m. ET, down about $3.44 from Monday’s close. During the past year, shares have ranged from $3.56 to $62.83.
For detailed price information and recent news stories about James River Coal Company, click JRCC.
