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    Patriot Coal posts 4Q loss, idles mine in W.Va.

    Associated Press – Thu, Feb 2, 2012

    ST. LOUIS (AP) — Patriot Coal Corp. reported a fourth-quarter loss and idled a West Virginia mine, saying demand was weak and it would leave its highest-quality coal in the ground until conditions improve.

    The company estimated that it will sell 7 percent to 13 percent less coal this year than it did in 2011.

    The shares jumped 86 cents, or 11.1 percent, to $8.58 in midday trading. They had been near their 52-week low of $6.92, which was reached just last month after a long slide from $27.56 in early 2011.

    Demand for coal in power plants has been hurt as some utilities switch to cheap natural gas to generate electricity. Patriot said that demand for so-called thermal coal in the U.S. was "likely to remain depressed for an extended period," so it idled the Big Mountain mining complex in Boone County, W.Va., which produced 1.8 million tons of coal last year.

    Demand for coal used in making steel has also weakened in recent weeks, especially overseas. Patriot is reducing production at two facilities and delaying plans to expand its metallurgical-coal operations.

    The company said that low natural gas prices, mild weather, and weak U.S. and global economies were continuing to challenge the coal industry into 2012.

    "We believe Patriot and our stockholders are best served by leaving our high-quality coals in the ground until demand for these products strengthens," said CEO Richard M. Whiting.

    In the fourth quarter, the company lost $38.3 million, or 42 cents per share, compared with net income of $7.3 million, or 8 cents per share, a year earlier.

    The company took a charge of $13.2 million for restructuring and writing down value of assets reduced by mine closures.

    Analysts surveyed by FactSet expected a loss of 26 cents per share.

    Revenue rose 14 percent to $603.9 million on higher selling prices, but fell short of analysts' estimate of $644.4 million.

    The company sold 5.8 million tons of thermal coal used in power generation and 1.8 million tons of metallurgical coal used in making steel. A year earlier, it sold 6 million tons of thermal coal and 1.7 million tons of met coal.

    The company expects to sell 27 million to 29 million tons of coal this year, down from 31.1 million tons in 2011.

     

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