DENVER BUSINESS JOURNAL - A Colorado coal company reported facing a "challenging" first quarter, and reported a much bigger-than-expected loss.
Westmoreland Coal Company of Douglas County reported a first-quarter loss of $36.8 million, or a loss to shareholders of $1.98 per share. Revenues fell to $339.7 million from $356 million a year earlier.
Analysts polled by Thomson Reuters First Call expected earnings of 13 cents per share and revenues of $336 million.
Company officials called the quarter "challenging" and said earnings were "impacted during the quarter by low weather-related demand. We also performed dragline repairs and worked through some challenging parts of our mine plan."
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