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Westmoreland Coal Has Muted 3Q17: Can It Finish Well in 2017?

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Westmoreland Coal Has Muted 3Q17: Can It Finish Well in 2017? PART 1 OF 6

Westmoreland Coal Stock Tumbled after 3Q17 Results

Earnings announcement

On October 31, 2017, Westmoreland Coal (WLB) announced its 3Q17 results. In this earnings series, we’ll review WLB’s 3Q17 performance in detail, compare it to analysts’ estimates, and analyze the factors that caused any variance. We’ll also look at management’s guidance for 2017, analysts’ expectations, and future prospects for the company.

Westmoreland Coal Stock Tumbled after 3Q17 Results

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Westmoreland Coal stock fell on October 31

Westmoreland Coal reported muted operational performance for the third quarter, which ended on September 30, 2017. It reported adjusted diluted LPS (loss per share) of $1.03 against analysts’ estimate of $0.33. That’s 124% higher than its adjusted LPS of $0.46 in the same quarter of 2016. Westmoreland stock fell 12.6% on October 31, 2017. As of that date, WLB stock has fallen ~90% YTD (year-to-date) and ~60% in the last three months.

Peer performances

On the day of WLB’s earnings release, peers Cloud Peak Energy (CLD) and CNX Natural Resources (CNXC) fell 2.5% and 2.0%, respectively. Alliance Resource Partners (ARLP) stock fell 1.5% during the intraday trading session.

The stock prices for all these coal companies, including Westmoreland Coal, have fallen so far in 2017.

The broader coal market tracked by the VanEck Vectors Coal ETF (KOL) has performed remarkably well since the beginning of 2017. KOL stock rose nearly 21.7% YTD as of October 31, 2017, and 2.8% during the last three months. However, it remained flat during the intraday trading session on October 31, 2017.

Next, let’s take a look at Westmoreland Coal’s coal shipments for 3Q17.

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