North American met-coal miner Alpha Natural Resources announced this week that it lost $1.2 million in the fourth quarter, ended December 31, 2008, although full-year results soared.
The company saw higher coal prices push up revenue in the fourth quarter to $593.8 million, from $510.5 million in the fourth quarter of 2007, and full-year 2008 revenues also rose, from $1.88 billion in 2007 to $2.55 billion in 2008. Total 2008 earnings were $165.5 million, up from $27.7 million in 2007. However, fourth quarter profits tumbled from the previous year, from $5.7 million in Q4 2007, to the $1.2 million loss in Q4 2008.
Regarding the outlook for the company's main market, metallurgical coal, in 2009, CEO Mike Quillen said in a conference call that 2009 will not be as strong as 2008 but will still probably be "the second best year the industry has ever seen."
Alpha operates approximately 60 mines in West Virginia, Virginia, Kentucky and Pennsylvania.