Patriot Coal made fourth-quarter profits of $65.1 million, on the back of revenues increasing to $541 million from $254 million. It lost $57.7 million in the year-earlier period.
The company cited the inclusion of results from the Magnum Coal Company which it bought in the Spring of 2008 as well as significantly higher prices.
Purchase price accounting adjustments from shipments related to Magnum's below-market sales and purchase contracts reduced costs. It lost $11.8 million before interest, tax, depreciation and amortization as third-quarter production issues carried over into the fourth quarter.
The company sees sales volumes between 36 million and 38 million tons in 2009 with the cost per ton in the range of $56.00 to $59.00 for the Appalachian segment and $35.00 to $37.00 for the Illinois Basin segment.
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