RICHMOND, Va. (AP) â¿¿ Good mine production and strong shipping operations thanks to its relationship with railroad and domestic utility customers weren't enough as coal mining company James River Coal Co. reported Friday a 17.5 percent drop in first-quarter profit on lower revenue. But it beat Wall Street expectations and its shares jumped. The company said it earned $23.2 million, or 84 cents per share, for the three months ended March 31, compared to a profit of $28.2 million, or $1.03 per share, a year earlier. Revenue in the quarter fell 3.9 percent to $184.6 million from $192.1 million a year earlier. Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, were expecting a first-quarter profit of 42 cents per share on revenue of $166.3 million. James River Coal said it would update guidance in its second-quarter earnings release. Analysts currently expect full-year earnings of $2.28 per share. Company shares rose $1.40, or 8 percent, to $19.14 in afternoon trading.
More from Stocks
Cadence Design Systems Expected to Earn 51 Cents a Share
Cadence Design Systems revenue expected to rise 8.2% to $576.1 million.
Drug Distributors Fall in After-Hours Trading on Failed Opioid Settlement Talks
Trial set to begin Monday in Cleveland in cases of state and local governments against companies that made and distributed oipiods.
Cedar Fair Stockholders Enjoy Riding the 'Golden Cross'
Shares of the amusement park operator still look bullish. Here's how to trade it.