Great 1Q Results from Walter Energy: Ligh at End of Coal Tunnel
Walter Energy, Inc. (WLT) today said that performance for the first quarter 2013 has improved compared with fourth quarter 2012, driven largely by increased metallurgical coal sales volume and pricing, increased production and lower costs.
“Improvements across our operations over the past several months reflect the success of our ongoing initiatives,” said Walt Scheller, Chief Executive Officer. “Along with the progress we continue to make in our operations, we are also pleased with the recent actions taken to increase our financial flexibility. As to the current market, we have seen stronger demand and improved pricing, with second quarter benchmark prices of $172 per metric ton for hard coking coal and $141 per metric ton for low vol PCI. We believe all these factors position us well as we look ahead to the remainder of 2013.”