Nov. 2 (Bloomberg) -- Walter Energy Inc., the U.S. coal producer that paid C$5.3 billion ($5.2 billion) for Western Coal Corp. in April, fell 6.7 percent after forecasting fourth- quarter profit that was lower than analysts’ estimated.
Net income will be $120 million to $150 million, or $1.91 to $2.39 a share, the Birmingham, Alabama-based company said in a statement today. That compares with the $2.64-a-share average of 18 estimates compiled by Bloomberg.
Sales of hard-coking coal, which is used by steelmakers, will be 2.1 million to 2.3 million tons in the quarter. Production will be 2.2 million to 2.4 million tons, Walter said.
Third-quarter net income fell 44 percent to $76.2 million, or $1.21 a share, from $136.2 million, or $2.55. That beat the $1.12 average of 17 analysts’ estimates.
Sales rose 49 percent to $690.1 million from $464.2 million.
Walter dropped to $68.80 as of 6:29 p.m. in New York.
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