NEW YORK ( TheStreet) -- Shares of Arch Coal ( ACI) took a big hit in extended trades on Friday after the St. Louis company slashed its 2011 earnings outlook, citing "lost metallurgical coal production" at its Mountain Laurel complex.

The company now sees an adjusted profit of $1 to $1.40 per share for the full year, well below the current average estimate of analysts polled by Thomson Reuters for earnings of $2.02 a share. On July 29, when reporting its second-quarter results, Arch Coal gave a projection for adjusted earnings of $1.75 to $2.15 a share for the year.

Arch Coal said production at its Mountain Laurel complex was held back by both unfavorable geological conditions in the quarter, as well as delays caused by a roof fall in August.

The stock was last quoted at $12.95, down 11.2%, on volume of more than 160,000, according to Nasdaq.com. It's been an ugly year for Arch Coal with shares down more than 50% prior to Friday's after-hours decline.

Wall Street, however, has kept the faith with 19 of the 26 analysts covering the stock at strong buy (8) or buy (11), and the median 12-month price target a lofty $33.

The company also estimated adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $900 million to $1 billion for 2011, below its previously projected range of $1.08 billion to $1.22 billion. Arch Coal plans to report its fiscal third-quarter results before the opening bell on Oct. 28.

Eastman Kodak

It was a volatile day for Eastman Kodak ( EK) with its stock losing more than half its value in the regular session following reports that it was weighing possibly filing for bankruptcy protection but the shares rebounded late Friday after the company issued a statement saying that's not the case.

"Kodak is committed to meeting all of its obligations and has no intention of filing for bankruptcy," the statement reads. "The company also continues to actively pursue its previously announced strategy to monetize its digital imaging patent portfolio. Kodak remains focused on meeting its commitments to customers and suppliers, and on delivering on its strategy to become a profitable, sustainable digital company."

The stock was last quoted at $1.07, up 37%, on volume of more than 1.7 million, according to Nasdaq.com. The shares fell 91 cents in regular trades, plunging 54%, to 78 cents with more than 65 million shares changing hands.

Kodak did, however, confirm that it's hired law firm Jones Day as an adviser. The Wall Street Journal, citing people familiar with the matter, said the company was seeking restructuring advice from Jones Day.

"It is not unusual for a company in transformation to explore all options and to engage a variety of outside advisers, including financial and legal advisers," Kodak said in its statement. "Jones Day is one of a number of advisers that Kodak is working with in that regard."

-- Written by Michael Baron in New York.

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