Arch Coal, the 2nd Largest coal producer of the US, has announced its Q1 2020 financial results on Thursday. According to the details released by the PR News Wire News Agency, the company’s net income stood at 72.7 M USD with net loss of 25.3 M USD in the Q1 2020.
Arch Coal has previously adjusted the earning before amortization, depletion, interest, taxes, depreciation, depletion on non-profit expenses, asset retirement obligations and amortization of sales contracts in Q1 2020. For the three months ended March 21, 2020, the total revenue of the company stood at $405.2 Million as compared to previous quarter revenue of $555.2 Million.
Arch Coal Incoming CEO, Paul A. Lang said, “Our top priority – now and always – is the health and well-being of our employees.
“During the current health crisis, we are using the Center for Disease Control and Prevention guidance to protect our people while doing our part to limit the spread of the virus. At the same time, we recognize and embrace our role as an essential service provider, and we are tremendously proud of the Arch team’s efforts to keep the country safe and functioning,” Lang further added.
“In the first quarter of 2020, Arch achieved another strong cost performance in its metallurgical segment, made significant progress in the build-out of the Leer South mine, and took steps to fortify our liquidity in the face of a rapidly weakening global economy,” Land added.
“While our thermal segments struggled due to low natural gas prices and historically weak power markets, we are moving quickly to align our cost structure with the softening demand outlook. In short, we are successfully managing through the current crisis while protecting our strong financial footing and pressing forward with our world-class growth project at Leer South,” Paul A. Land further added.