Arch Coal 2Q profit surges on global sales

ST. LOUIS (AP) - Arch Coal says it reversed losses from a year ago during the second quarter thanks to strong global markets and a nearly 40 percent jump in sales.

The St. Louis miner, one of the world's biggest coal producers, said Friday it expected an even stronger performance for the remainder of the year, and raised the lower end of its adjusted annual earnings guidance by a dime, excluding non-cash charges.

Arch posted net income of $66.2 million, or 41 cents per share, during the April-through-June period. A year ago, Arch lost $15.1 million, or 11 cents per share, on the weight of a 20 percent drop in sales and production cutbacks.

Revenue rose to $764.3 million versus $554.6 million a year ago.

The company easily topped Wall Street expectations.