Walter Energy Beats on Top and Bottom Lines (WLT)

Walter Energy, Inc. (NYSE: WLT) reports Q2 earnings of $2.16 versus estimates of $1.93. Walter Energy, Inc. reports Q2 revenues of $410.6 million versus estimates of $409.09 million.Revenues increased 143% year over year.For the full year, the company has lowered its for coking coal sales volumes estimates from 8.0 million tons to a range of 7.7 to 7.9 million tons. This was due to lower continuous miner production in Q2, which is also expected to cause an extended delay in moving the Mine No. 7 East longwall in Q4. Coking coal production is expected to total 1.9 million to 2.1 million tons in Q3, with production costs between $50 and $55 per ton."Our coking coal operation posted record operating income in the second quarter," said Walter Energy Interim Chief Executive Officer Joe Leonard. "Robust demand, improved pricing and additional coking coal production from our Mine No. 7 expansion drove our results for the quarter. We expect these positive trends to continue, leading to further improvement in revenue and operating income in the third quarter."Shares of WLT are trading slightly lower in the after-hours.