EmailWalter Energy (WLT $65.98 -9.02) issued downside guidance for third
quarter earnings at $1.00 to $1.16, versus the $3.32 Capital IQ Consensus
Estimate, with operating income of $125 million to $145 million.
In the fourth quarter, the company expects earnings to fall in the range of
$2.63 to $2.95, versus the $3.19 Capital IQ Consensus Estimate, with operating
income of $255 million to $295 million.
"Walter Energy is making solid operational progress despite a slower than
expected recovery from the 100-year record rainfall experienced in Northeast
British Columbia during the second quarter as well as recovery from the
difficult geology at Mine No. 7 in Alabama. These events will cause a delay in
the co's anticipated growth in production and associated improvement in costs.
However we see early recovery today and expect clear improvement beginning in
2012. Longer term, Walter continues to target strong growth in metallurgical
production by the end of 2013... we still anticipate a similar level of
metallurgical coal sales in the second half of the year of slightly over 5.2
million metric tons. The previous metallurgical coal sales guidance for the
second half of 2011 was 5.9 million metric tons."
than one year.
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