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.
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