St. Louis • Arch Coal says its first-quarter loss widened as weaker prices and demand cut into its margins.
The St. Louis-based company says it is shaving by about one million tons from its outlook for shipments of coal used in making steel, forecasting a soft global market for that form of coal.
Arch says it lost $124.1 million, or 59 cents per share, in the first three months of the year. That's up from a loss of $70.5 million, or 33 cents per share, a year ago. Its revenue slipped to $736 million from $737.3 million a year ago.
Analysts polled by FactSet expected a loss of 43 cents per share on revenue of $711.4 million.
Shares of Arch Coal fell 38 cents, or 7.8 percent, to $4.59 in morning trading Tuesday.