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The company posted a profit of $30. 6 million, compared with $81.1 million during the same quartedr ayear ago. Coal sales declined to $681 million for the threes months endedMarch 31, down from $699 milliohn a year earlier. Arch has electedr to further trim its discretionary capital spendingto $195 millionn to $215 million for capital programs and $140 milliob to $160 million for land and reserve additionx during 2009. The companyg said it expects fully dilutecd earnings per share of 20 to 60 centsfor 2009.
“Whils management may be deliberately providing numbers it feels it can beat inthe end, thesse earnings ranges are particularly troubling,” Danieol Scott, an analyst with Dahlman Rose & Co., wrot e in a research note. Arch said its first-quarter resultx were impacted by $3.4 million of expensez associated withthe company’s pending of the Jacobs Ranch mine in Wyoming from . Arch said it also recorder a $6.9 million excis e tax refund. “Looking ahead, given current weak electric generation and coaldemand trends, we have electe d to further reduce volume and capital spending levels in said Steven Leer, Arch’s chairman and chiefd executive. St.
Louis-based Arch Coal is one of the largesf U.S. coal producers, with revenue of $3 billion in 2008. Arch suppliexs coal to fuel roughly 6 percent ofthe nation'sw electricity.
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