One of the world's biggest coal producer, Arch Coal Inc. says fourth-quarter earnings slid but still managed to beat Wall Street's expectations. However, the company is lowering its production outlook for this year, citing continued weakness in the U.S. coal markets.
The company reported net income of $62.3 million, or 44 cents per share, compared with $81.4 million, or 56 cents per share, a year ago.
Revenue rose to $729.8 million from $644.4 million.
Analysts surveyed by Thomson Reuters had expected, on average, earnings per share of 39 cents and revenue of $713.9 million.
For 2008, Arch earned $354.3 million, or $2.45 per share, compared to $174.9 million, or $1.21 per share, in 2007. Analysts on average expected earnings of $2.42 per share.
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