Arch Coal, Inc. has reported net income of US$123.2 million, or US$6.10 per diluted share, in the third quarter of 2018, compared with net income of US$68.4 million, or US$2.83 per diluted share, in the prior-year period.
Net income of $123.2 million includes a US$45.2 million tax benefit. The company earned adjusted earnings before interest, taxes, depreciation, depletion, amortisation, accretion on asset retirement obligations, and non-operating expenses (adjusted EBITDA) of US$124.9 million in the third quarter of 2018, which includes a US$10.4 million non-cash mark-to-market loss associated with the company's coal hedging activities. This compares to US$105.1 million of adjusted EBITDA recorded in the third quarter of 2017. Revenues totaled US$633.2 million for the three months ended 30 September 2018, representing a 3% increase from the prior year quarter.
"Arch turned in another excellent operating performance in the third quarter, achieving robust metallurgical coal margins, strong cost control in our two thermal segments, and healthy shipment levels at our Powder River Basin operations," said John W. Eaves, Arch's Chief Executive Officer.
"At the same time, we continued to drive progress in our ongoing capital return programme with the repurchase of $76 million of Arch stock. We have now repurchased roughly 25% of the company's total shares outstanding since launching the buy-back programme six quarters ago, and intend to maintain that strong forward momentum."
Read the full results here.
Read the article online at: https://www.worldcoal.com/coal/24102018/arch-coal-releases-3q18-financial-results/