Cloud Peak Energy Profit Tumbles; Cuts FY Shipment Outlook

(RTTNews) - Coal producer Cloud Peak Energy Inc. (CLD) Tuesday reported third-quarter net income of $18 million or $0.29 per share compared with $85 million or $1.39 per share last year.

Excluding items, adjusted earnings for the quarter were $0.34 per share compared with $0.80 per share a year ago.

Revenues for the quarter were $375 million compared with $426 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.33 per share on revenues of $384.71 million for the quarter. Analysts' estimates typically exclude special items.

Total tons sold during the quarter fell to 24.2 million tons from 25.1 million tons last year due to operational and train delays. Realized price per ton sold slid to $13.03 from $13.28 in the prior year.

Looking ahead to fiscal year 2013, the company expects coal shipments of 87 million tons to 89 million tons from its three operated sites. It earlier estimated shipments of 88 million tons to 92 million tons.

For 2014, Cloud Peak Energy has committed to sell 79 million tons, and for 2015, it estimates to sell 42 million tons.