CHARLESTON — West Virginia and Kentucky mine operator Patriot Coal says its fourth-quarter profit plunged 83 percent as it took $20.2 million in charges.
The St. Louis-based company said Tuesday it earned $10.9 million, or 12 cents per share, in the period. Patriot earned $63.36 million, or 81 cents per share, in fourth-quarter 2008.
Revenue dipped to $503.1 million, from $541 million.
Patriot says it took a $12.9 million, non-cash charge for worthless reserves. It also took a $7.3 million charge to get out of an equipment lease.
Analysts surveyed by Thomson Reuters were expecting a loss of 40 cents per share. Analysts typically don’t include gains and charges in estimates. Besides the charges, Patriot’s results included $66.1 million in adjustments for underpriced contracts.
Money
Patriot Coal reports falling profits in fourth quarter
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