Westmoreland Coal Company (NasdaqGM:WLB) today reported its third quarter results for 2013.
- Q3 2013 revenues grew 9.6% to $176.8 million compared with $161.3 million in Q3 2012
- Adjusted EBITDA for the twelve months ended September 30, 2013 increased 30.3% to $115.8 million compared with $88.8 million for the twelve months ended September 30, 2012
- Q3 2013 Adjusted EBITDA was $30.1 million compared with $35.5 million for Q3 2012
- Net loss applicable to common shareholders for the nine months ended September 30, 2013 decreased to $0.9 million compared with a loss of $4.6 million for the nine months ended September 30, 2012
- 2013 guidance refined for Adjusted EBITDA at $115-$119 million and capital spending at $25-$27 million
“During the third quarter, favorable weather and low hydro generation continued to generate high demand for power. Our customers ran their plants at high levels and Westmoreland’s mines and plants operated very well, producing $30.1 million in Adjusted EBITDA for the quarter. We view this level of Adjusted EBITDA as very good considering impacts from the Colstrip Unit 4 outage on Rosebud sales,” said Robert P. King, Westmoreland’s Chief Executive Officer.
“Based upon our current projections we have narrowed the range of our previously announced Adjusted EBITDA guidance to $115-$119 million. We expect capital expenditures for the year to be $25-$27 million.”
“In the area of safety, Westmoreland had a much better quarter resulting in our year-to-date reportable incident and lost time frequency rates coming in at levels below the national average for surface mines. We continue to work diligently at our mines to make sure we provide the safest work environment possible for our employees.”