Arch Coal Continues to Plummet After Q1 Earnings
Arch Coal (NYSE: ACI) released its fiscal Q1 earnings results on Tuesday prior to the opening bell. The company reported an adjusted EPS loss of $0.04 versus analysts' consensus estimates calling for a profit of $0.16 per share.
Revenues in the quarter grew 19% to $1.04 billion versus $872.94 million in the year ago quarter. This also missed analysts' consensus revenue estimates of $1.12 billion.
On Wednesday, analysts at Barclays, Nomura, and Deutsche Bank all lowered their earnings estimates for the company. Citigroup, Jefferies, FBR and Nomura also lowered their price targets on the stock and Howard Weil downgraded ACI to "market perform."
All of this bearish analyst activity is weighing on ACI shares on Wednesday. At last check, the stock had lost 8.24% to $8.46 and was continuing to trend lower on an intra-day basis.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.