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Patriot Coal Corporation Message Board

  • sonnnnnnnnnnnn sonnnnnnnnnnnn May 2, 2009 7:14 PM Flag

    Profits of .41 per share!!!!!!!!

    The coal sector caught fire today, helped in part by strong first-quarter earnings from Patriot Coal (PCX). The company reported profits of $0.41 per share - $0.95 better than consensus expectations of a $0.54-per-share loss. Revenues jumped 86% year-over-year to $528.9 million, whereas analysts were expecting slightly better revenues of $539 million.

    According to Briefing.com, on the conference call Patriot admitted the coal market was very depressed. It expects a slow recovery beginning at the end of 2009, led by electricity and the steel market. Executives also pointed to the Obama administration's so-called "right" balance of low-cost energy, which will ultimately require more coal. It expects to sell between 34 and 36 million tons in 2009.

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    • Their profit is legit, they announce their profit legally.

    • You'd wonder why no major news reports say that the company beats the estimate.

      BRIEF: Patriot Coal turns profit on accounting adjustment [St. Louis Post-Dispatch]
      2:57 p.m. 04/30/2009 By Jeffrey Tomich, St. Louis Post-Dispatch Provided By Knight Ridder/Tribune
      Apr. 30--Patriot Coal Corp. (PCX) reported a $32.1 million first-quarter profit compared with a loss in the same period a year ago because of an accounting adjustment related to last year's purchase of Magnum Coal Co.
      On a per-share basis, net income was 41 cents compared with a net loss of $3.1 million, or 6 cents a share, in the first quarter of 2008, Creve Coeur-based Patriot said today in a statement.
      The most recent quarter's results include a $77 million reduction in expenses related to adjustments for below-market contracts acquired in the Magnum Coal deal.
      Excluding those, Patriot lost 57 cents a share, according to Dahlman Rose & Co. analyst Daniel Scott. Analysts surveyed by Thomson Reuters expected a 54-cent loss.

    • Easter bunny and .41/share.
      Both things to believe in with little substance.

      Best of luck