Arch Coal's earnings triple

By Jim Suhr Associated Press Published: Saturday, July 26, 2008 12:14 a.m. MDT ST. LOUIS — Arch Coal Inc. said Friday its second-quarter profit tripled on soaring global prices and tighter coal supplies, easily beating Wall Street expectations. The performance, on the heels of similar big numbers Wednesday from coal-mining counterpart Peabody Energy Corp., sent Arch's shares climbing more than 9 percent, or $4.70, to close at $55.64 Friday. The St. Louis-based company, Utah's largest coal producer, raised its earnings forecast for 2008, citing what Arch's top executive called "our confidence in coal-market fundamentals and in the company's future growth prospects." Arch reported net income of $113 million, or 78 cents per share in the latest April-through-June period. That compared with $37.6 million, or 26 cents per share,... [read full story]