Alpha Natural Resources Posts Losses
Alpha Natural Resources says its losses widened in the second quarter because of weak domestic and international coal markets. The company posted a loss of $512.6 million, or $2.32 per share, compared with a loss of $185.7 million, or 84 cents per share, in the same quarter last year. On the bright side, the loss per share was a little less than analysts had projected. Revenue decreased 21 percent to $1.05 billion during the second quarter. Last week Alpha announced that it expects to lay off 1,100 workers at 11 West Virginia surface coal mines by mid-October amid dismal markets and federal regulation.