The company said it produced a total of 2.5 million metric tons f met coal, with preliminary met coal sales of 2.7 million metric tons. Walter Energy produced 2 million metric tons in the U.S., and 0.5 metric tons in its Canadian and U.K. operations.
Walter Energy noted that it put its Wolverine coal mine on idle status in April, and it Brazoin operations on idle status in June. Both operations are in Canada.
Difficult geological conditions at Mine No. 7 in June also adversely impacted overall production, though the company believes it can still produce between 9 million and 10 million metric tons in 2014.
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TheStreet Ratings team rates WALTER ENERGY INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate WALTER ENERGY INC (WLT) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, poor profit margins, generally disappointing historical performance in the stock itself and generally high debt management risk."