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Massey Energy Swings To 1Q Loss On Higher Expenses; Revenue Up

DOW JONES NEWSWIRES Massey Energy Co. (MEE) swung to a first-quarter loss as the coal miner reported higher costs and expenses, masking better-than-expected revenue growth as production and shipments grew. The results will likely be one of the last issued by Massey as an independent company, which reached a $7.1 billion cash-and-stock deal in January to be acquired by Alpha Natural Resources Inc. (ANR). The company--which operates mines in West Virginia, Virginia and Kentucky--has been hurt by reduced production and increased costs because of tougher mine-safety standards. The coal miner has been troubled as it deals with the fallout of a 2010 explosion at its Upper Big Branch mine in Montcoal, W.Va., that killed 29 workers. The company's longtime chairman and chief executive, Don Blankenship, retired at the end of last year, paving the way for Massey to agree to sell itself to Alpha Natural. Massey and Alpha Natural intend to hold their respective stockholder meetings to seek approval of the merger on June 1, Massey said Monday. If approved, the companies expect to close the merger promptly after the meetings. Massey posted a loss of $7.7 million, or 7 cents a share, compared with a year-ago profit of $33.6 million, or 39 cents a share. Revenue climbed 38%, to $949.8 million. Analysts surveyed by Thomson Reuters expected a profit of 58 cents on revenue of $907 million. Gross margin slid to 27.3% from 31.8%. The average cash cost per ton in the most recent period jumped 19%, to $66.04, while average produced coal revenue per ton was $80.96, a 20% increase and reaching an all-time record. Produced tons sold jumped 21% to 10.3 million. Shares fell 2 cents, to $67.69 in after-hours trading. -By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

Stock News for Massey (MEE)
DateTimeHeadline
05/24/201118:33:06Judge Tells Massey, Peabody To Turn Over Accident Data To US...
05/24/201118:08:49Alpha Natural To Replace Massey In S&P 500 Next Month On Takeover
05/20/201115:53:19Miners Union Blasts Alpha Resources' Decision To Retain Massey...
05/18/201116:12:16Federal Regulators Withdrew Miners From James River Mine
05/17/201117:53:27Massey Official Faces Third Charge Related To Mine Explosion
05/06/201110:23:37Massey To Halt Production At Randolph Mine For 3 Days Training
05/03/201118:47:49US Official: Safety Violations At Massey Mine 'Outrageous'
05/03/201111:40:30Massey Energy Likely Will Continue Facing Higher Costs-Executives
05/03/201107:55:40Alpha Natural Resources 1Q Net Soars Absent Prior-Year Charges
05/02/201117:57:32Massey Energy Swings To 1Q Loss On Higher Expenses; Revenue Up
04/13/201117:05:09Upper Big Branch Employee Pleads Guilty To Making False Statements
04/11/201111:56:03EARNINGS PREVIEW: US Coal Firms Seek Access Abroad
04/04/201119:24:37WSJ: Massey Mine Probe To Detail Failures One Year After Blast
03/28/201115:29:35Massey Cited By US Mine Regulator In Feb For 81 Safety Breaches
03/23/201119:44:17MBIA, Alcatel-Lucent Among Credits Added To CDX High-Yield Index
03/18/201118:31:08US Coal Miners Set To Profit As Fears Rise Over Nuclear Power
03/15/201113:48:36Massey Mine Security Chief Pleads Not Guilty In Blast Probe -AP
03/08/201112:05:183 More Miners' Families Sue Massey Over 2010 Disaster -Report
03/08/201111:19:03Massey Energy Unit Gets Permit To Open New W.Va. Coal Mine
03/06/201121:25:07James River To Pay $475 Million For International Resource Partners

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