Arch Coal Inc (ACI.N) reported that the company’s quarterly profit dropped sharply, missing Wall Street estimates and sending the miner’s stock down more than 8 percent.
The press release is quoted as saying:
The company blamed lower sales volumes and prices due to weaker economic and coal market conditions, but it gave an upbeat outlook for 2010…St Louis-based Arch posted fourth-quarter net earnings of $1.5 million, or 1 cent per share, down from $62.3 million, or 44 cents per share, a year earlier.
