NEW YORK (
Alpha Natural Resources
is watching its shares soar after announcing that it increased its 2010 shipment guidance range for metallurgical coal.
Alpha stock has surged 6.5% to $43.03.
Alpha has increased its 2010 shipment guidance range for metallurgical coal by one million tons to a range of 11 million to 13 million tons, up from the previous range of 10 million to 12 million tons.
Last week, Alpha entered into a 50/50 joint venture with
, through which it's beginning to develop its valuable Marcellus shale gas resource in southwestern Pennsylvania, where the company controls nearly 20,000 acres of one of the Marcellus' most productive regions.
Alpha Natural Resources on Tuesday reported fourth quarter net income of $18 million, or 15 cents a share,, compared with net income of $5.6 million or 8 cents a share, last year. Excluding amortization of coal-supply agreements, merger-related expenses and other revenue from the modification of a coal-supply agreement, plus related tax effects, fourth quarter adjusted income from continuing operations was $62.1 million, or 51 cents a share.
Analysts surveyed by Thomson Reuters expected the Alpha Natural Resources to earn 45 cents a share.
Alpha Natural resources said performance would have been even better had the company not experienced severe winter weather in December that temporarily interrupted production and shipments at many of its operations.
Other coal stocks are also trading in positive territory Tuesday morning.
has risen 3.9% to $42.10 and
has gained 5% to $21.10.
has increased 4.3% to $14.90.
-- Reported by Andrea Tse in New York
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