US coal company, Westmoreland Coal, has reported record quarterly earnings in 3Q16 with another positive quarter expect to finish the year.
The company reported earnings of US$71.2 million in 3Q16 on revenues of US$370.7 million from 13.9 million short t of coal sales. On the back of the this, the company reported a substantially reduced net loss for the quarter of US$8.5 million compared to US$46.7 million a year ago.
“These results were driven by solid demand,” said Westmoreland’s CEO Kevin Paprzycki. US demand for coal has strengthened significantly after a dire 1H16 on the back of strong electricity demand over summer and higher natural gas prices.
For the nine months to the end of September, the company reported earnings of 179 million, a year-on-year rise of 12.4%, on revenues of US$1.1 billion. Net loss for the year to date was US$3.3 million, down from US$94.9 million in 2015.
“We have executed well this year and are on track to set another adjusted EBITDA record in the fourth quarter,” continued Paprzycki.
“This gives us confidence to tighten our guidance ranges so we now expect to produce full-year 2016 adjusted EBITDA in the range of US$255 million to US$265 million.”
Read the article online at: https://www.worldcoal.com/mining/01112016/westmoreland-reports-record-quarterly-earnings-in-3q16/