Patriot Coal said fourth-quarter profit tumbled 83 percent as it took $20.2 million in charges.
There are signs, however, that the market for metalurgical coal, used to make steel, is at least stabilizing in the U.S., and growing in hot economies like China.
The St. Louis-based company said Tuesday it earned $10.9 million, or 12 cents per share, compared with $63.36 million, or 81 cents per share, in fourth-quarter 2008.
Revenue Lace front wigs dipped to $503.1 million, from $541 million.
Company shares slid 4 percent, or 7 cents to $16.26.
Patriot says it took a $12.9 million, non-cash charge for worthless reserves. It also took a $7.3 million charge to get out of an equipment leases.
replica clothingCoal companies are increasingly looking to Asia, not only because the economic rebound in the U.S. and Europe has lagged, but also because of potential climate legislation that could increase costs.
"During the quarter, we continued to see the demand for metallurgical coal strengthen," said CEO Richard Whiting. "Asian economies are recovering more rapidly, and are importing met coal at a robust pace. Idled steel mill capacity is being restarted around the globe. European and Brazilian markets are poised to expand further, while U.S. steel markets have stabilized."
Analysts surveyed by Thomson Reuters were expecting a loss of 40 cents per share. Analysts typically don't include gains
embroidered patches and charges in estimates. Besides the charges, Patriot's results included $66.1 million in adjustments for underpriced contracts. Patriot has operations in West Virginia and Kentucky.
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