Walter Energy (NYSE:WLT), a leading U.S. producer and exporter of premium metallurgical coal for the global steel industry, reported income from continuing operations of $11.3 million, or $0.21 per diluted share, for the quarter ended June 30, 2009, compared to $45.6 million, or $0.85 per diluted share in the second quarter 2008. The Company’s former Financing and Homebuilding operations have now been classified as discontinued operations.
“The Company delivered a solid second quarter despite difficult market conditions,” said Walter Energy Vice Chairman and Chief Financial Officer Victor P. Patrick. “Our shipments improved dramatically in June after a lull in April and May and we are now seeing signs of improvement in the global steel industry. With ample inventory and the ability to start the Mine No. 7 East longwall as soon as market conditions warrant, we are well positioned to take advantage of a strengthening market.”
Second Quarter 2009 Financial & Operating Results from Continuing Operations
Net sales and revenues for the second quarter 2009 totaled $169.1 million, compared to $274.4 million in the prior-year period, and operating income totaled $21.4 million for the quarter, down $50.6 million versus the prior-year period. Both net sales and revenues and operating income were negatively impacted by lower metallurgical coal and coke sales volumes.
Operating income for the first six months of 2009 totaled $122.9 million, up 18.5 percent compared to the first six months of 2008.
Tags: diluted, Energy, share, Walter
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