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Alpha Natural posts smaller than expected loss, shares +4.7%

  • Alpha Natural Resources' (ANR) $0.61/share Q3 loss was smaller than expected, as lower costs softened the blow of weak coal prices.
  • ANR also cut its 2013 capex target to $260M-$290M from $275M-$325M, and set a 2014 budget of $250M-$350M.
  • Expects to ship 86M-91M tons of coal in 2013, 70M-90M tons in 2014.
  • CEO Kevin Crutchfield sees improving conditions, with the met coal market "gradually improving from its recent apparent low point, and domestic thermal coal inventories have trended down."
  • Shares +4.7% premarket.
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