Arch Coal Inc. said Tuesday that it returned to a profit in the first quarter as higher coal prices offset a decline in sales volume.
The company also raised its 2011 outlook, citing stronger demand in the global market for both metallurgical coal, which is used to strengthen steel, and steam coal, which is used for heating.
In the January-March quarter, Arch Coal said net income totaled $55.6 million, or 34 cents a share, compared with a loss of $1.8 million, or 1 cent a share, in the year-ago quarter. Revenue totaled $872.9 million compared with $711.9 million a year ago.
Regards,
Don
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