Arch Coal sees 2010 profit surge, shares jump

Arch Coal Inc (ACI.N) forecast a 60 percent increase in operating profit this year and said it expects to more than triple sales of steel-making coal, sending its shares up on Monday.

"Overall, Arch posted a slight first-quarter miss," said analyst Jeremy Sussman of Brean Murray, Carret & Co, noting the company had a $4 million loss on its trading operation.

"Without this, first-quarter results would have been roughly in line with consensus estimates. Importantly...Arch significantly raised its 2010 earnings guidance."

The mining company said weak conditions in the U.S. power plant market offset strong demand for steel-making metallurgical coal in the first quarter, but it forecast improvement in domestic steam coal markets this year.

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- Posted: 2010-04-19 10:26:30

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