Shares of Arch Resources, Inc. (ARCH) are falling more than 15% Monday morning after the coal mining company cut its third-quarter outlook citing challenges in mining in the first longwall district at its Leer South mine.
The company now expects coking coal sales volumes for the third quarter to be flat with the previous quarter, down from the earlier outlook of 5%-10% increase.
Further, Arch Resources currently sees adjusted earnings before interest, taxes, depreciation, and amortization or EBITDA for the third quarter to be about 10% lower than the previous quarter’s $130.4 million.
The company is expected to report its third-quarter results on October 26.
ARCH is at $144.38 currently. It has traded in the range of $102.42 – $175.10 in the last 1 year.
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