Arch Coal lowers forecasts, shares drop in early trading
St. Louis, MO – Shares of Arch Coal declined more than 4% in early trading today (Monday) after the coal miner cut its full-year forecasts for profits and production and announced lower second-quarter earnings.
St. Louis-based Arch cited high inventory levels and weak pricing in saying it now expects earnings per share to range from $1.00-$1.30. Earlier guidance projected earnings per share in the range of $1.25-$2.00.
Meanwhile, Arch says second-quarter profit dropped 46% in the second quarter.
Arch Coal is one of the nation's largest coal producers, supplying fuel for about 6% of the electricity generated in the U.S.