Sam Boughedda

Investing.com – Arch Resources Inc (NYSE 🙂 reported its first-quarter earnings Tuesday, sending its shares up 20%. 

For the quarter ended March 31, the mining company posted net income of $271.9 millions, which was a record. 

Analyst forecasts were beaten by revenue, which came in at $867.94million, higher than expected of $707.67million.

After reporting $12.89 per share during the first quarter, the earnings per share beat all estimates. This compares to a loss of 40c per share over the same period last year. 

Paul A. Lang (Arch’s CEO and President) stated that “The Arch team performed at a high standard during the first quarter. They delivered record earnings in spite of significant rail-related problems that constrained both thermal coal and coking shipments.”

After the launch of its capital return programme, the company declared a $2.01 per share second quarter dividend.