Dear PSL members,

Arch Coal, Inc. (NYSE:ACI) increased 5.07% to $23.64 on 7.12 million shares after said Friday it swung to second-quarter net income of $66.2 million, or 41 cents a share, from a net loss of $15.1 million, or 11 cents a share, in the year-ago period. Excluding a non-cash charge for amortization of coal supply agreements acquired in the company’s Jacobs Ranch transaction, second-quarter adjusted income totaled 43 cents a share. Revenue rose to $764.3 million, from $554.6 million. Wall Street analysts expected Arch Coal to earn 26 cents a share on revenue of $775.7 million, according to a survey by FactSet Research.

CONSOL Energy Inc. (NYSE:CNX) went up 1.77% to $37.42 on 2.84 million shares. The stock has been moving within a range of $32.29-$58.00 over the past 52-weeks. The company reported that its second-quarter net income dropped to $67 million, or 29 cents per share, from $113 million, or 62 cents per share, in the year-ago quarter. Revenue increased 20% to $1.289 billion from $1.071 billion.  Analysts, on average, were looking for earnings of 67 cents per share on revenue of $1.34 billion. 

International Coal Group, Inc. (NYSE:ICO) is down 0.67% to $4.44 on 2.10 million shares. Over the last 52 weeks the stock has ranged from a low of $2.88 to a high of $5.71. The reported a $10M charge to buyout a 400k ton thermal sales agreement, for which it expects a margin of $75/ton on a buyout of $25/ton, according to Dahlman. Dahlman reports that ICO adjusted its EBITDA of $55M vs. the $57M expected by Dahlman, due to lower tons sold and lower realized pricing than was anticipated, yielding higher metallurgical sales volume. Dahlman reiterates its “buy” rating with a price target at $9 on ICO shares.

Patriot Coal Corporation (NYSE:PCX) dropped 1.63% to $12.04 on 2.29 million shares. Patriot Coal Corporation (Patriot) is a producer of coal in the eastern United States, with operations and coal reserves in Appalachia and the Illinois Basin. It is also a producer of metallurgical coal.

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