Shares are plunging in after hours trade.
Co lowers FY11 EPS guidance to $1.00-1.40, ex-items, vs. $2.00 Capital IQ Consensus Estimate, down from $1.75-2.15, ex-items. Co announced that it expects its adjusted earnings before interest, taxes, depreciation, depletion and amortization (“EBITDA(1)”) to be in the $900 mln to $1.0 bln range for full year 2011, representing the highest level in company history but below the previous range given on July 29, 2011. Co also expects its 2011 adjusted earnings per diluted share to be in the range of $1.00-1.40 per share, subject to the final determination of purchase price accounting for the acquisition of International Coal Group. The reduction in earnings guidance resulted largely from lost metallurgical coal production at the Mountain Laurel complex. During Q3 , Mountain Laurel encountered unfavorable geologic conditions and its longwall was idled for nearly 45 days following a roof fall in August. The longwall restarted in late September, and is currently operating in the final panel of the Alma coal seam before it transitions to the Cedar Grove seam.If you enjoy the content at iBankCoin, please follow us on Twitter