raised its 2006 earnings forecast to reflect its updated projections about depreciation, amortization and depletion, as well as the amortization of its coal supply agreements.
The coal producer said Monday that it expects to earn $90 million to $120 million, or $2 to $2.60 a share, this year. The company's earlier forecast called for a profit of $70 million to $100 million, or $1.50 to $2.15 a share.
Analysts polled by Thomson First Call have an average estimate for earnings of $2.08 a share.
Foundation Coal now expects its depreciation, depletion and amortization to be $180 million to $190 million for the year, down from its earlier guidance of $205 million to $215 million. The company expects the amortization of coal supply agreements to be a credit of $15 million to $20 million, compared with the $10 million to $20 million forecast earlier.
The company's stock recently was up $2.35, or 4.6%, to $53.05.
This story was created through a joint venture between TheStreet.com and IRIS.