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Westmoreland posts net loss of $50M in Q2'17

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Westmoreland posts net loss of $50M in Q2'17

Westmoreland Coal Co. reported a net loss of $50.5 million in the second quarter, with adjusted EBITDA of $32.6 million.

The company's net loss applicable to common shareholders was $50.4 million, or $2.69 per share, during the quarter, missing the S&P Capital IQ consensus normalized EPS estimate of a loss of 78 cents.

In the prior-year period, the company reported a net loss of $29.4 million, and adjusted EBITDA of $45.6 million.

Westmoreland said that revenue declined 9.7% year over year to $323.0 million.

The company disclosed that it shipped 11.0 million tons of coal during the quarter.

Through the first six months of the year, the company reported a net loss of $87.8 million and adjusted EBITDA of $120.8 million. On a per-share basis, the company posted a net loss of $4.68, or a net loss applicable to common shareholders of $87.2 million.

Year-to-date revenue fell 7.1% from a year earlier to $662.8 million.

Through the first six months of the year, coal shipments were down 9.7% from a year earlier to 23.3 million tons.

In announcing its results, Westmoreland said it forecasts between $40.0 million and $45.0 million in capital expenditures in 2017. The company also expects coal shipments to total between 40.0 million tons and 50.0 million tons, and adjusted EBITDA is forecast at a range of $250.0 million to $270.0 million.