Walter Energy misses by $0.37, misses on revs; guides FY15
Reports Q4 (Dec) loss of $1.97 per share, excluding non-recurring items, $0.37 worse than the Capital IQ Consensus of ($1.60); revenues fell 39.5% year/year to $285.6 mln vs the $331.03 mln consensus, reflecting a decrease in average met coal selling prices of $25.19 per metric ton and a decline in met coal sales of 0.9 million metric tons.
* Fourth quarter results also reflected a reduction in met coal cash cost of sales of $6.15 per ton and a 23% reduction in selling, general and administrative ("SG&A") expenses.
* EBITDA for the quarter was a loss of $15.0 million, and adjusted EBITDA was a loss of $24.3 million, compared with EBITDA of $59.9 million and adjusted EBITDA of $59.2 million for the fourth quarter 2013.
>>> Outlook
* The co expects met coal sales to total 8.5 to 9.0 MMTs in 2015. Capital expenditures in 2015 are expected to be in line with 2014, and the Company expects to further reduce SG&A expenses by 10%. Cash interest expense is expected to approximate $265 million for the year.