Arch Coal, Inc. Reports First Quarter 2011 Results
EBITDA rises 46% versus the prior-year quarter

ST. LOUIS, April 26, 2011 /PRNewswire/ --

Earnings Highlights



Quarter Ended

In $ millions, except per share data


3/31/11


3/31/10






Revenues


$872.9


$711.9

Income from Operations


102.2


32.2

Net Income (Loss)(1)


55.6


(1.8)

Fully Diluted EPS/LPS


0.34


(0.01)

Adjusted EBITDA(2)


$191.4


$131.4






1/- Net income (loss) attributable to ACI.

2/- Adjusted EBITDA is defined and reconciled under "Reconciliation of

Non-GAAP Measures" in this release.



Arch Coal, Inc. (NYSE: ACI) today reported first quarter 2011 net income of $55.6 million, or $0.34 per diluted share, versus a net loss in the prior-year quarter.  Excluding non-cash amortization of acquired coal supply agreements, adjusted net income for the first quarter of 2011 was $59.4 million, or $0.36 per diluted share, compared with net income of $5.0 million, or $0.03 per diluted share, in the first quarter of 2010.  Adjusted earnings before interest, taxes, depreciation, depletion and amortization ("EBITDA") increased 46 percent versus a year ago to reach more than $191 million in the first quarter of 2011.

"Significantly higher prices for metallurgical and steam coal shipped in the quarter just ended drove our positive financial results," said Steven F. Leer, Arch's chairman and chief executive officer.  "Our per-ton cash margins in the Powder River Basin and Western Bituminous Region approached all-time records, while our cash margins in Central Appalachia nearly matched levels achieved in the bull market of 2008."

First quarter 2011 revenues grew 23 percent versus the prior-year quarter, reflecting increased per-ton sales prices in each operating region, offset by modestly lower overall sales volume.  At the same time, Arch's international metallurgical and steam coal sales grew meaningfully during the first quarter, and made key contributions to the overall results.  In total, the company shipped 1.6 million tons into international markets – a nearly 40 percent increase versus the prior year's first quarter.

"Based on our current expectation of global and domestic coal market fundamentals, we have raised our full-year earnings guidance range," added Leer.  "Furthermore, with the restart of longwall production at Mountain Laurel in mid-April, we would expect our metallurgical coal sales to increase as the year progresses, allowing us to ship 7.5 million tons into coking and pulverized coal injection/PCI markets during 2011."

Core Values

Arch continued to excel in safety and environmental performance during the first quarter of 2011, with four mining operations and facilities attaining a Perfect Zero – a dual accomplishment of operating without a reportable safety incident or environmental violation.  In addition, Arch earned national and state awards for mine safety and environmental compliance across its operating platform.

The company received several safety awards in the first quarter, highlighting its record safety performance during 2010.  Specifically, Coal-Mac was presented with West Virginia's top honor for the best safety performance among West Virginia surface coal mines, while Mountain Laurel earned the West Virginia Guardian Award for underground mine safety.  For the second consecutive year, Colorado recognized West Elk as the state's safest underground mine.  Additionally, Arch of Wyoming was awarded the Mine Safety and Health Administration's (MSHA) Sentinels of Safety certificate for achievements in employee safety.  

Also in the first quarter, Arch subsidiaries were recognized with several environmental stewardship accolades.  For the third consecutive year, Coal-Mac was honored by the West Virginia Department of Environmental Protection with the Greenlands Award, the state's top environmental achievement.  West Elk received two Colorado state awards for outstanding reclamation, water conservation and pollution prevention practices.

"We commend the employees across our operations for these achievements, which further underscore our commitment to achieving a best-in-class safety and environmental record," said John W. Eaves, Arch's president and chief operating officer.  "While we are proud of our accomplishments and of the external recognition, we remain sharply focused on continuous improvement.  Our ultimate goal is to operate the world's safest and most environmentally responsible coal mines this year and every year."

Operational Results

"Even with lower sales volumes, we are off to a good start in 2011 – delivering significant margin expansion in all operating regions versus the fourth quarter of 2010," said Eaves.  "We also successfully overcame the temporary idling of the Mountain Laurel longwall, which returned to service on April 17 as forecasted."  


Arch Coal, Inc.



1Q11



4Q10



1Q10










Tons sold (in millions)


36.2



42.0



37.5

Average sales price per ton


$21.94



$18.65



$17.74

Cash cost per ton


$15.89



$13.59



$13.45

Cash margin per ton


$6.05



$5.06



$4.29

Total operating cost per ton


$18.19



$15.87



$15.80

Operating margin per ton


$3.75



$2.78



$1.94










Consolidated results may not tie to regional breakout due to rounding.

Above figures exclude transportation costs billed to customers.

Operating cost per ton includes depreciation, depletion and amortization per ton.

Amortization of acquired coal supply agreements not included in results.  

Amounts reflected in this table exclude certain coal sales and purchases which have no effect

on company results.  For further description of the excluded transactions, please refer to

the supplemental regional schedule that can be found at http://investor.archcoal.com.



Consolidated operating margin per ton expanded 35 percent in the first quarter of 2011 compared with the fourth quarter of 2010, and nearly doubled versus the prior-year quarter.  While first quarter 2011 consolidated sales volume declined from fourth quarter 2010 levels, average sales price per ton rose nearly 18 percent, reflecting higher contract pricing across all regions as well as a larger percentage of higher-priced tons in the company's overall volume mix.  Consolidated operating costs per ton increased approximately 15 percent over the same time period, due to higher sales-sensitive costs, the impact of lower volume levels and a greater percentage of higher-cost production in Arch's overall volume mix.



Powder River Basin



1Q11



4Q10



1Q10










Tons sold (in millions)


28.8



34.6



30.6

Average sales price per ton


$13.51



$12.51



$11.64

Cash cost per ton


$10.26



$9.56



$9.33

Cash margin per ton


$3.25



$2.95



$2.31

Total operating cost per ton


$11.71



$10.92



$10.79

Operating margin per ton


$1.80



$1.59



$0.85










Above figures exclude transportation costs billed to customers.

Operating cost per ton includes depreciation, depletion and amortization per ton.

Amortization of acquired coal supply agreements not included in results.  



First quarter 2011 operating margin per ton in the Powder River Basin increased 13 percent compared with the fourth quarter of 2010, and more than doubled versus the prior-year quarter.  First quarter sales volumes declined as previously planned, while sales price increased $1.00 per ton versus the fourth quarter of 2010, reflecting higher-priced commitments signed in an improved coal market. Operating costs, excluding amortization of acquired coal supply agreements, increased $0.79 per ton over the same time period, resulting from planned lower volume levels, higher sales-sensitive costs and increased diesel costs.



Western Bituminous Region



1Q11



4Q10



1Q10










Tons sold (in millions)


4.2



4.2



4.1

Average sales price per ton


$31.77



$28.79



$28.97

Cash cost per ton


$20.51



$19.31



$21.45

Cash margin per ton


$11.26



$9.48



$7.52

Total operating cost per ton


$25.41



$24.79



$26.38

Operating margin per ton


$6.36



$4.00



$2.59










Above figures exclude transportation costs billed to customers.

Operating cost per ton includes depreciation, depletion and amortization per ton.



In the Western Bituminous Region, first quarter 2011 operating margin rose nearly 60 percent versus the fourth quarter of 2010 to reach $6.36 per ton.  Average sales price per ton increased more than 10 percent in the first quarter of 2011 versus the prior-quarter period, driven by the roll-off of lower-priced sales contracts.  Operating costs per ton increased marginally over the same time period, due to higher sales-sensitive costs and the impact of an additional longwall move in the quarter just ended.



Central Appalachia



1Q11



4Q10



1Q10










Tons sold (in millions)


3.2



3.2



2.8

Average sales price per ton


$85.10



$71.91



$68.43

Cash cost per ton


$60.57



$49.79



$47.20

Cash margin per ton


$24.53



$22.12



$21.23

Total operating cost per ton


$67.14



$57.78



$55.57

Operating margin per ton


$17.96



$14.13



$12.86










Above figures exclude transportation costs billed to customers.

Operating cost per ton includes depreciation, depletion and amortization per ton.

Arch acts as an intermediary on certain pass-through transactions that have no effect

on company results.  These transactions are not reflected in this table.  



First quarter 2011 operating margin per ton in Central Appalachia increased nearly 30 percent versus the fourth quarter of 2010, benefiting from strong metallurgical coal markets in particular.  Sales volumes in the first quarter of 2011 were flat compared with the prior-quarter period despite lower production at Mountain Laurel due to the outage of the longwall.  Mine inventory reduction and increased production at other regional mining complexes maintained first quarter shipment levels.  Average sales price per ton increased nearly 20 percent over the same time period, driven by higher pricing on metallurgical and steam coal sales, while operating costs rose 16 percent, reflecting the temporary idling of Mountain Laurel's longwall, higher sales-sensitive costs and the addition of incremental, higher-cost metallurgical coal production.

Coal Market Trends

Arch expects continued strength in global coal market fundamentals during 2011.  "Key drivers in international energy markets are helping to tighten the domestic coal market landscape, and are setting the stage for a multi-year upswing in the coal sector," said Leer.

Robust metallurgical coal demand and resurgent seaborne steam coal demand are pulling available supply out of domestic coal markets and should fuel substantial increases in U.S. coal exports this year.  Based on government estimates, U.S. coal exports reached 26 million tons in the first quarter of 2011 – representing a 47-percent increase versus the prior-year quarter.  As a result, Arch now expects U.S. coal exports to approach 105 million tons in 2011.  

In particular, Arch expects increased U.S. coal exports, higher industrial coal use and lower coal imports into the United States to more than offset muted domestic coal consumption and production growth in 2011.  According to Energy Information Administration data, year-to-date power generation was flat through February, while coal consumption was down due to strong contributions from other fuel sources.  On the supply side, we expect producers in some supply basins to grow production in response to stronger global coal markets, although increases will be offset to some degree by ongoing declines in other basins, namely Central Appalachia.      

In aggregate, Arch projects continued reductions in U.S. generator coal stockpile levels during 2011.  According to internal estimates, coal power plant stockpiles at March 31 stood at roughly 170 million tons, which is 16 percent below the peak level reached in November 2009 but still 13 percent above the five-year average.

Production and Sales Contract Portfolio

Arch expects total sales volumes, including brokered tons, to be in the range of 155 million to 160 million tons in 2011, with 7.5 million tons destined for metallurgical coal markets.  Arch now expects roughly 40 percent of its metallurgical-quality coal to be shipped as PCI sales, reflecting new market opportunities and a larger percentage of steam coal migrating into the company's overall metallurgical coal volume mix.



2011


2012



Tons



Price



Tons



Price













Powder River Basin












Committed, Priced


109.8



$13.64



69.2



$14.25

Committed, Unpriced


5.2






11.0




Western Bituminous Region












Committed, Priced


17.5



$32.22



9.9



$35.46

Central Appalachia












Committed, Priced (Coking/PCI)


5.8



$113.42



0.4



$120.88

Committed, Priced (Steam)


6.8



$67.12



1.5



$74.08















"The attractive commitments signed during the first quarter should help to expand Arch's future profitability," said Eaves. "At the same time, we remain selective in signing new business to ensure we obtain satisfactory returns on our capital, and we remain committed to following a market-driven approach to maximize the long-term value of our reserve base."

2011 Earnings Guidance

Arch has raised its 2011 earnings guidance as follows:

  • Earnings per diluted share on a GAAP basis is projected to be between $2.03 and $2.52, including amortization of coal supply agreements.  Excluding this charge, adjusted earnings per diluted share would be in the range of $2.10 to $2.60.
  • Adjusted EBITDA is forecasted to be in the $930 million to $1.05 billion range.  
  • Capital spending is expected to remain in the $370 million to $410 million range.
  • Depreciation, depletion and amortization expense (excluding non-cash amortization of acquired coal supply agreements) is projected to be between $376 million and $386 million.

"With a solid first quarter performance behind us, we expect to achieve even better results in subsequent quarters, and remain on track to deliver a record financial performance during 2011," said Leer.  "With our diversified steam and metallurgical product portfolio and national scope of operations, we will continue to look for ways to expand our international sales participation.  We're ready to excel in the current domestic and international coal market environment."  

A conference call regarding Arch Coal's first quarter 2011 financial results will be webcast live today at 11 a.m. E.D.T.  The conference call can be accessed via the "investor" section of the Arch Coal Web site (http://investor.archcoal.com).

U.S.-based Arch Coal is one of the world's largest and most efficient coal producers, with more than 160 million tons of coal sold in 2010.  Arch's national network of mines supplies cleaner-burning, low-sulfur coal to customers on four continents, including U.S. and international power producers and steel manufacturers.  In 2010, Arch achieved record revenues of $3.2 billion.

Forward-Looking Statements:  This press release contains "forward-looking statements" – that is, statements related to future, not past, events.  In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," or "will."  Forward-looking statements by their nature address matters that are, to different degrees, uncertain.  For us, particular uncertainties arise from changes in the demand for our coal by the domestic electric generation industry; from legislation and regulations relating to the Clean Air Act and other environmental initiatives; from operational, geological, permit, labor and weather-related factors; from fluctuations in the amount of cash we generate from operations; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature.  These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements.  We do not undertake to update our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.  For a description of some of the risks and uncertainties that may affect our future results, you should see the risk factors described from time to time in the reports we file with the Securities and Exchange Commission.

Arch Coal, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(In thousands, except per share data)






Three Months Ended March 31,


2011


2010


(Unaudited)

Revenues




 Coal sales

$ 872,938


$ 711,874

Costs, expenses and other




 Cost of coal sales

653,684


550,750

 Depreciation, depletion and amortization

83,537


88,519

 Amortization of acquired sales contracts, net

5,944


10,753

 Selling, general and administrative expenses

30,435


27,166

 Change in fair value of coal derivatives and coal trading activities, net

(1,784)


5,877

 Other operating income, net

(1,116)


(3,391)


770,700


679,674





     Income from operations

102,238


32,200

Interest expense, net:




 Interest expense

(34,580)


(35,083)

 Interest income

746


338


(33,834)


(34,745)





     Income (loss) before income taxes

68,404


(2,545)

Provision for (benefit from) income taxes

12,530


(775)

     Net income (loss)

55,874


(1,770)

     Less: Net income attributable to noncontrolling interest

(273)


(26)

     Net income (loss) attributable to Arch Coal, Inc.

$   55,601


$   (1,796)

Earnings (loss) per common share




Basic earnings (loss) per common share

$       0.34


$     (0.01)

Diluted earnings (loss) per common share

$       0.34


$     (0.01)

Weighted average shares outstanding




 Basic

162,576


162,372

 Diluted

163,773


162,372





Dividends declared per common share  

$       0.10


$       0.09





Adjusted EBITDA (A)

$ 191,446


$ 131,446





(A) Adjusted EBITDA is defined and reconciled under "Reconciliation of Non-GAAP Measures" later in this release.



Arch Coal, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands)






March 31,


December 31,



2011


2010



(Unaudited)



Assets                                                                                                              




 Current assets





   Cash and cash equivalents


$      69,220


$        93,593

   Trade accounts receivable


258,499


208,060

   Other receivables


44,818


44,260

   Inventories


247,908


235,616

   Prepaid royalties


42,719


33,932

   Deferred income taxes


18,673


-

   Coal derivative assets


15,952


15,191

   Other


101,153


104,262

                             Total current assets


798,942


734,914






 Property, plant and equipment, net


3,263,555


3,308,892






 Other assets





   Prepaid royalties


69,737


66,525

   Goodwill


114,963


114,963

   Deferred income taxes


331,242


361,556

   Equity investments


204,424


177,451

   Other


117,115


116,468

                             Total other assets


837,481


836,963

                             Total assets


$ 4,899,978


$   4,880,769






Liabilities and Stockholders' Equity





 Current liabilities





   Accounts payable


$    183,866


$      198,216

   Coal derivative liabilities


4,178


4,947

   Deferred income taxes


-


7,775

   Accrued expenses and other current liabilities


228,165


245,411

   Current maturities of debt and short-term borrowings


69,518


70,997

                             Total current liabilities


485,727


527,346

 Long-term debt


1,539,028


1,538,744

 Asset retirement obligations


336,975


334,257

 Accrued pension benefits


38,808


49,154

 Accrued postretirement benefits other than pension


36,920


37,793

 Accrued workers' compensation


35,964


35,290

 Other noncurrent liabilities


124,243


110,234

                             Total liabilities


2,597,665


2,632,818

 Redeemable noncontrolling interest


10,718


10,444

Stockholders' Equity





   Common stock


1,647


1,645

   Paid-in capital


1,740,765


1,734,709

   Treasury stock, at cost


(53,848)


(53,848)

   Retained earnings


600,751


561,418

   Accumulated other comprehensive income (loss)


2,280


(6,417)

                             Total stockholders' equity


2,291,595


2,237,507

                             Total liabilities and stockholders' equity


$ 4,899,978


$   4,880,769



Arch Coal, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)







Three Months Ended March 31,


2011


2010


(Unaudited)

Operating activities




Net income (loss)

$ 55,874


$ (1,770)

Adjustments to reconcile to cash  provided by operating activities:




 Depreciation, depletion and amortization

83,537


88,519

 Amortization of acquired sales contracts, net

5,944


10,753

 Prepaid royalties expensed

8,916


6,599

 Employee stock-based compensation expense

5,290


3,684

 Amortization of debt financing costs

2,442


2,461

 Changes in:




     Receivables

(53,586)


(37,013)

     Inventories

(12,292)


(2,382)

     Coal derivative assets and liabilities

(1,087)


5,547

     Accounts payable, accrued expenses and other current liabilities

(31,596)


(6,844)

     Deferred income taxes

(1,026)


150

     Other

23,729


23,627

   Cash provided by operating activities

86,145


93,331

Investing activities




Capital expenditures

(38,711)


(31,975)

Proceeds from dispositions of property, plant and equipment

516


95

Purchases of investments and advances to affiliates

(34,419)


(10,071)

Additions to prepaid royalties

(20,915)


(23,340)





   Cash used in investing activities

(93,529)


(65,291)





Financing activities




Net increase (decrease) in borrowings under lines of credit and commercial paper program

3,681


(19,324)

Net payments on other debt

(5,161)


(4,742)

Debt financing costs

(8)


(200)

Dividends paid

(16,269)


(14,623)

Issuance of common stock under incentive plans

768


85





   Cash used in financing activities

(16,989)


(38,804)





Decrease in cash and cash equivalents

(24,373)


(10,764)

Cash and cash equivalents, beginning of period

93,593


61,138





Cash and cash equivalents, end of period

$ 69,220


$ 50,374



Arch Coal, Inc. and Subsidiaries

Schedule of Consolidated Debt

(In thousands)








March 31,


December 31,



2011


2010



(Unaudited)






Commercial paper


$      60,585


$        56,904

6.75% senior notes ($450.0 million face value) due 2013


451,456


451,618

8.75% senior notes ($600.0 million face value) due 2016


587,572


587,126

7.25% senior notes  ($500.0 million face value) due 2020


500,000


500,000

Other


8,933


14,093



1,608,546


1,609,741

Less: current maturities of debt and short-term borrowings


69,518


70,997

Long-term debt


$ 1,539,028


$   1,538,744



Arch Coal, Inc. and Subsidiaries

Reconciliation of Non-GAAP Measures

(In thousands)





Included in the accompanying release, we have disclosed certain non-GAAP measures as defined by Regulation G.

The following reconciles these items to net income and cash flows as reported under GAAP.





Adjusted EBITDA


Adjusted EBITDA is defined as net income attributable to the Company before the effect of net interest expense, income taxes, depreciation, depletion and amortization and the amortization of acquired sales contracts.  Adjusted EBITDA may also be adjusted for items that may not reflect the trend of future results.


Adjusted EBITDA is not a measure of financial performance in accordance with generally accepted accounting principles, and items excluded to calculate Adjusted EBITDA are significant in understanding and assessing our financial condition. Therefore, Adjusted EBITDA should not be considered in isolation nor as an alternative to net income, income from operations, cash flows from operations or as a measure of our profitability, liquidity or performance under generally accepted accounting principles. We believe that Adjusted EBITDA presents a useful measure of our ability to service and incur debt based on ongoing operations. Furthermore, analogous measures are used by industry analysts to evaluate operating performance. In addition, acquisition related expenses are excluded to make results more comparable between periods.  Investors should be aware that our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. The table below shows how we calculate Adjusted EBITDA.











Three Months Ended March 31,


2011


2010


(Unaudited)

Net income (loss)

$                   55,874


$                  (1,770)

    Income tax expense (benefit)

12,530


(775)

    Interest expense, net

33,834


34,745

    Depreciation, depletion and amortization

83,537


88,519

    Amortization of acquired sales contracts, net

5,944


10,753

    Net income attributable to noncontrolling interest

(273)


(26)





    Adjusted EBITDA

$                 191,446


$               131,446







Adjusted net income and adjusted diluted earnings per common share


Adjusted net income and adjusted diluted earnings per common share are adjusted for the after-tax impact of acquisition related costs and are not measures of financial performance in accordance with generally accepted accounting principles.  We believe that adjusted net income and adjusted diluted earnings per common share better reflect the trend of our future results by excluding items relating to significant transactions. The adjustments made to arrive at these measures are significant in understanding and assessing our financial condition.  Therefore, adjusted net income and adjusted diluted earnings per share should not be considered in isolation, nor as an alternative to net income or diluted earnings per common share under generally accepted accounting principles.




Three Months Ended March 31,


2011


2010


(Unaudited)

Net income (loss) attributable to Arch Coal

$                   55,601


$                  (1,796)





    Amortization of acquired sales contracts, net

5,944


10,753

    Tax impact of adjustments

(2,170)


(3,925)





Adjusted net income attributable to Arch Coal

$                   59,375


$                   5,032

Diluted weighted average shares outstanding

163,773


162,372









Diluted earnings per share

$                       0.34


$                    (0.01)





    Amortization of acquired sales contracts, net

$                       0.03


$                     0.06

    Tax impact of adjustments

$                      (0.01)


$                    (0.02)





Adjusted diluted earnings per share

$                       0.36


$                     0.03







Free Cash Flow


Free cash flow is defined as operating cash flows minus capital expenditures and is not a measure of cash flow in accordance with generally accepted accounting principles.  We use free cash flow as a measure of our ability to make investments, acquisitions and payments to our debt and equity security holders.  Free cash flow should not be considered in isolation, nor as an alternative to cash flows generated from operations.  




Three Months Ended March 31,


2011


2010


(Unaudited)

Cash provided by operating activities

$                   86,145


$                 93,331

Capital expenditures

(38,711)


(31,975)





Free cash flow

$                   47,434


$                 61,356





Reconciliation of 2011 Targets




Adjusted EBITDA





Targeted Results


Year Ended


December 31, 2011


Low


High


(Unaudited)

Net income attributable to Arch Coal, Inc.

331,000


412,000

    Income tax expense

68,000


97,000

    Interest expense, net

136,000


134,000

    Depreciation, depletion and amortization

376,000


386,000

    Amortization of acquired sales contracts, net

19,000


21,000





    Adjusted EBITDA

$                 930,000


$            1,050,000





Adjusted net income and adjusted diluted earnings per share








Targeted Results


Year Ended


December 31, 2011


Low


High


(Unaudited)

Net income attributable to Arch Coal

$                 331,000


$               412,000

    Amortization of acquired sales contracts, net

19,000


21,000

    Tax impact of adjustments

(6,935)


(7,665)





Adjusted net income attributable to Arch Coal

$                 343,065


$               425,335

Diluted weighted average shares outstanding

163,450


163,450

Diluted earnings per share

$                       2.03


$                     2.52

    Amortization of acquired sales contracts, net

0.12


0.13

    Tax impact of adjustments

(0.05)


(0.05)





Adjusted diluted earnings per share

$                       2.10


$                     2.60



SOURCE Arch Coal, Inc.

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