© Reuters
By Sam Boughedda
Investing.com — Arch Resources Inc (NYSE:) reported its first-quarter earnings Tuesday, sending its shares up 20%.
The mining company reported net income of $271.9 million for the first quarter, a record for the second straight quarter.
Meanwhile, revenue beat analyst forecasts, coming in at $867.94 million, above expectations of $707.67 million.
Earnings per share also topped estimates after the company reported $12.89 per share for the first quarter, compared with a net loss of 40 cents per share in the prior-year period.
“The Arch team executed at a high level during the first quarter, delivering record earnings despite significant rail-related challenges that constrained both coking and thermal coal shipments,” said Paul A. Lang, Arch’s CEO, and president.
The company also declared a second-quarter dividend of $8.11 per share following the relaunch of its capital return program.
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