Westmoreland Coal Co. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Earnings Guidance for the Year 2016
For the six months, the company reported revenues of $710,968,000 compared to $720,444,000 a year ago. Operating income was $14,527,000 compared to $1,591,000 a year ago. Loss before income taxes was $44,124,000 compared to $42,220,000 a year ago. Net income applicable to common shareholders was $5,217,000 or $0.28 per basic and diluted share compared to net loss of $48,337,000 or $2.72 per basic and diluted share a year ago. Net cash provided by operating activities was $37,404,000 compared to $12,050,000 a year ago. Additions to property, plant and equipment was $12,231,000 compared to $38,554,000 a year ago. EBITDA was $95,454,000 compared to $89,036,000 a year ago. Adjusted EBITDA was $106,513,000 compared to $111,309,000 a year ago. Free cash flow was $28,107,000 compared to free cash flow - negative of $16,364,000 a year ago.
For the year 2016, the company expects adjusted EBITDA to be from $235 million - $275 million, free cash flow to be from $60 million - $80 million and capital expenditures to be from $59 million - $71 million.