Alpha Natural Resources 3Q Loss Less than Expected - Beckley, Bluefield & Lewisburg News, Weather, Sports

Alpha Natural Resources 3Q Loss Less than Expected

BRISTOL, Va. (AP) -

Alpha Natural Resources says its losses narrowed and it posted better-than-expected earnings for the third quarter as the coal industry struggles with anemic demand.

The Bristol, Va.-based company said Friday it lost $46.1 million, or 21 cents per share. That compares with a year-earlier profit of $62.6 million, or 28 cents per share.

Revenue fell 29% to $1.63 billion.

Analysts expected a loss of 45 cents per share with revenue of $1.69 billion.

Coal producers are being hit by a double whammy of weak demand. Utilities need less coal to produce electricity because of mild weather and lower power generation, while construction overseas has slowed the appetite for coal to make steel.

Alpha has more than 180 mines and processing plants in Kentucky, Pennsylvania, Virginia, West Virginia and Wyoming.

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