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Foresight Energy reports net loss of $16.3M in Q2

Foresight Energy LP posted a net loss of $16.3 million in the second quarter, with adjusted EBITDA of $84.5 million and lower average costs per ton.

The partnership's net loss per unit was 12 cents during the quarter, missing the S&P Capital IQ consensus normalized EPS estimate of a loss of 3 cents.

In the prior-year period, it reported a net loss of $27.7 million, or 21 cents per unit, and adjusted EBITDA of $75.1 million.

Foresight reported that revenue fell 8.4% year over year to $207.1 million.

The partnership shipped 4.8 million tons of coal during the quarter, achieving an average sale price of $42.30/ton and an average production cost of $21.88/ton. In addition to shipments being lower year over year, sales prices, which averaged $44.31/ton in the second quarter of 2016, also fell.

Through the first six months of the year, it disclosed a net loss of $127.5 million and adjusted EBITDA of $148.4 million. On a per-unit basis, it posted a net loss of 97 cents.

Year-to-date revenue climbed 11.6% from a year earlier at $437.5 million, while coal shipments were up 14.8% from a year earlier to 10.1 million tons with an average realized price of $42.73/ton against a $22.36/ton average cost.

In announcing its results, Foresight said it forecasts between $70.0 million and $77.0 million in capital expenditures in 2017. The partnership also expects coal shipments to total between 20.5 million tons and 22.0 million tons, and adjusted EBITDA is forecast at a range of $285.0 million to $310.0 million.