Arch Coal, Inc. reported Thursday a net loss of $168 million, or $0.79 per diluted share, for the quarter ending June 30, 2015. The company recorded a $19.1 million impairment charge during the quarter and incurred $4.0 million of expenses related to its exchange transaction. Excluding asset impairments, expenses related to debt restructuring and amortization of sales contracts, Arch's second quarter 2015 adjusted net loss was $0.73 per diluted share compared with an adjusted net loss of $0.46 per diluted share in the prior-year quarter. Revenues totaled $644 million in the second quarter of 2015, and adjusted earnings before interest, taxes, depreciation, depletion and amortization ("EBITDA") was $45 million.
For the first half of 2015, Arch generated adjusted EBITDA of $127 million compared with $93 million in the prior-year period. Total revenues declined to $1.3 billion for the six months ended June 30, 2015, largely due to lower metallurgical coal prices and output versus the prior-year period.
"Arch continues to weather the significant market challenges facing the industry," said John W. Eaves, Arch's chairman and chief executive officer. "Even with the lowest shipment level experienced by Arch in more than five years and shipping challenges in the Powder River Basin, our operations continued to do an outstanding job of managing costs in this environment. In fact, all of our operating regions were cash flow positive during the first half of this year, a position we think sets
us apart from our competitors."