Alpha Natural Resources, Inc (NYSE:ANR) Not Resourceful Anymore
In the last trading session, Alpha Natural Resources, Inc (NYSE:ANR) shares rose by 5.08% to touch $5.17/share. The shares closed at $ 4.92 in Thursday’s trading session. On August, ANR reported its 2013 Q2 results. There was a net loss of $ 186m or $ 0.84 per diluted share. The reported adjusted net-loss was $129M or $ 0.59 per diluted share.
The GAAP loss for the Q2 was 84 cents/share which in comparison with the earnings per share of $ 10.14 in the same quarter of 2012. Alpha Natural Resources generated total revenue of $ 1.35B which fell below the average analysts’ estimate of $ 1.85 billion.
Cumberland Coal Resources is an ANR subsidiary. It had shuttered its businesses in Greene County due to adverse geological conditions. Initially it had been announced that the shutdown was a temporary one and only employees who were handling crucial operations would be retained. Very recently, the company also halted operations at its West Virginia mine and said that its employee-base would be cut down there as well.
Post its quarterly earnings results, FBR Capital downgraded Alpha Natural Resources, Inc (NYSE:ANR) shares from an “outperform” rating to “market perform”. Nine analysts have a “strong buy” rating in the shares while six have a “hold” rating on the shares.
Alpha Natural Resources, Inc (NYSE:ANR)’s performance has been on the downtrend lately and has not shown any signs of improvement. There is a distinct possibility that the company shares will potentially be downgraded by Moody’s Investor Services too.
Alpha Natural Resources, Inc (NYSE:ANR) is a company that supplies and exports metallurgical coals that are used in the steel industry. It also supplies thermal coal to various electric utilities as well as manufacturing industries. The company is also involved in thermal coal export. As of 31 December 2012, ANR operated 107 different mines and 26 coal-manufacturing plants in Central and Northern Appalachia as well as the Powder River Basin.