Shares of International Coal(ICO Quote) were among the NYSE's losers Wednesday, plunging 18% after the coal producer slashed its 2006 bottom-line projection.
The company now sees a full-year loss of 7 cents to 10 cents a share on revenue of $900 million. Previously, the company predicted a profit of 15 cents to 21 cents a share. Analysts polled by Thomson First Call project earnings of 19 cents a share on revenue of $1.01 billion. International Coal attributed the revision to the idling of its Sycamore 2 mine and continued cost pressures at mines in the central and northern Appalachian regions.
"This year has been an extraordinarily trying one for our management group with our focus diverted among several problems during the first half," International Coal said. Shares were trading down $1 to $4.53. ...
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