Westmoreland Coal lost US$36.6 million in 2Q15, down from US$63.4 million over the same period last year as revenues jumped to US$349 million.
“Our results for the second quarter were solid across all segments,” said Keith Alessi, Westmoreland’s CEO. “We are very pleased with the results, which […] are in-line with our expectations and consistent with our full year guidance.”
The higher revenues and adjusted EBITDA were mainly a result of the WMLP and Buckingham acquisitions, the company said, offset by the challenging mining conditions at the Kemmerer mine and the impact of unfavourable weather on sales at the Jewett mine.
Westmoreland had US$87.2 million in liquidity at the end of the quarter, up from US$31.2 million at the end of 2Q14.
Written by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/mining/27072015/westmoreland-coal-improves-performance-in-2q15-2632/