Walter Energy sees improved revenue in Q1

Thursday, 03 May 2012 17:38:12 (GMT+3)   -  
SteelOrbis News

Birmingham, Alabama-based Walter Energy, Inc. has announced its financial results for the first quarter of 2012. In the first quarter, Walter Energy had a total revenue of $632 million, a 54.5 percent increase year on year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the given period was $149 million, up from $148 million in the corresponding quarter of the previous year.

In the first quarter, the company's operating income decreased by 30 percent year on year to $84 million due to lower coal sale prices. Sales of hard coking coal (HCC) increased to 1.9 million mt, up 25 percent year on year. The average selling price for HCC during the quarter was $226/metric ton, compared to $244/metric ton during the last quarter of 2011.

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