August 2, 2012 / 2:28 PM / 6 years ago

Coal miner Walter Energy's shares up on earnings beat

Aug 2 (Reuters) - Shares of Walter Energy rose over 6 percent on Thursday, a day after the U.S. coal miner’s quarterly profit beat Wall Street estimates.

In morning trading on the New York Stock Exchange, Walter’s stock was 6.2 percent higher at $36.54.

“Walter’s core operations in the U.S. performed well and exceeded our expectations,” said analyst Lucas Pipes of Brean Murray Carret & Co.

But he noted that higher costs at Walter’s Canadian mines remain “a major uncertainty.”

After the close of markets on Wednesday, Alabama-based Walter reported second-quarter profit of $32 million or 51 cents per share, a sharp drop from $114 million or $1.83 per share in the second quarter of 2011. Revenue fell to $678 million from $771 million a year earlier as coal prices dropped.

But the results beat the average analysts’ expectation of 36 cents per share and revenue of $665.3 million, according to Thomson Reuters I/B/E/S.

Reporting By Steve James; Editing by Kenneth Barry

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