Coal Miner Says Sales to Exceed Guidance
Canadian mining firm Teck Resources Ltd. (NYSE: TCK) announced this morning that the company expects fourth quarter coal shipments to exceed its prior guidance of 6.2 million metric tons. The company also said that it does not expect first quarter 2013 shipments to be affected by damage to a berth at its Westport Terminals. First quarter shipping capacity is expected to be about 6 million metric tons.
Compared with major coal producers like Peabody Energy Corp. (NYSE: BTU), Arch Coal Inc. (NYSE: ACI), and CONSOL Energy Corp. (NYSE: CNX), Teck's shipments represent a relatively small portion of North American coal shipments. Peabody, for example, expects U.S. shipments to total 188 to 192 million tons this year and Arch Coal will ship well over 100 million tons.
Demand for coal has picked up slightly in international markets, and rising natural gas prices in the U.S. could boost domestic demand as well.
Teck's shares are up 0.4% at $36.14 in a 52-week range of $26.12 to $43.99.
U.S. coals stocks are down this morning following a federal appeals court ruling yesterday denying an appeal on the recent tightening of carbon emissions rules by the U.S. Environmental Protection Agency.
Filed under: 24/7 Wall St. Wire, Commodities & Metals, International Markets Tagged: ACI, BTU, CNX, featured, TCK