Patriot Coal Corp. (PCX, Financial) filed Quarterly Report for the period ended 2010-06-30.
Patriot Coal Corp. has a market cap of $1.14 billion; its shares were traded at around $12.51 with a P/E ratio of 73.6 and P/S ratio of 0.6. PCX is in the portfolios of Ken Heebner of CAPITAL GROWTH MANAGEMENT LP, Jim Simons of Renaissance Technologies LLC, Kenneth Fisher of Fisher Asset Management, LLC.
Segment operating costs and expenses for Appalachia decreased in the six months ended June 30, 2010 as compared to the prior year primarily due to decreased contract mining costs ($26.2 million) and labor costs ($22.3 million) related to the closing or idling of certain mines in the second half of 2009. In addition, there were decreases in maintenance and repair activity ($7.0 million) and sales-related taxes ($6.0 million) as compared to the prior year due to reducing production and sales to more closely align with the demand for coal. These decreases were partially offset by increased purchased coal ($16.3 million).
Segment operating costs and expenses for the Illinois Basin increased in the three and six months ended June 30, 2010 as compared to the prior year due to increased repairs and maintenance activity primarily related to belting ($1.7 and $3.6 million, respectively), increased labor due to increased shifts and higher wages ($1.2 and $1.5 million, respectively) and increased fuel expense primarily related to higher prices ($0.6 million and $1.3 million, respectively). Production volume was negatively impacted by heightened regulatory inspections and the roof fall at our Highland mine.
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Patriot Coal Corp. has a market cap of $1.14 billion; its shares were traded at around $12.51 with a P/E ratio of 73.6 and P/S ratio of 0.6. PCX is in the portfolios of Ken Heebner of CAPITAL GROWTH MANAGEMENT LP, Jim Simons of Renaissance Technologies LLC, Kenneth Fisher of Fisher Asset Management, LLC.
Highlight of Business Operations:
Segment operating costs and expenses for Appalachia increased in the three months ended June 30, 2010 as compared to the same period in 2009 due to increased purchased coal ($25.0 million), increased repairs and maintenance activity primarily related to longwall moves and equipment rebuilds ($7.2 million), and higher mix of metallurgical coal production which yields a higher cost per ton mined. The increased purchased coal costs included purchases of thermal coal to cover certain sales commitments at our Panther mining complex, where production is now being sold as a metallurgical product. Additionally, increased purchased coal costs included purchases of metallurgical coal resulting from brokerage activity generated by an improving metallurgical coal market in 2010. The increased metallurgical coal tons sold from Panther and Winchester mines resulted in higher costs related to royalties and taxes. These increases were partially offset by decreased contract mining costs ($6.7 million) and labor costs ($3.8 million) related to the closing or idling of certain mines in the second half of 2009.Segment operating costs and expenses for Appalachia decreased in the six months ended June 30, 2010 as compared to the prior year primarily due to decreased contract mining costs ($26.2 million) and labor costs ($22.3 million) related to the closing or idling of certain mines in the second half of 2009. In addition, there were decreases in maintenance and repair activity ($7.0 million) and sales-related taxes ($6.0 million) as compared to the prior year due to reducing production and sales to more closely align with the demand for coal. These decreases were partially offset by increased purchased coal ($16.3 million).
Segment operating costs and expenses for the Illinois Basin increased in the three and six months ended June 30, 2010 as compared to the prior year due to increased repairs and maintenance activity primarily related to belting ($1.7 and $3.6 million, respectively), increased labor due to increased shifts and higher wages ($1.2 and $1.5 million, respectively) and increased fuel expense primarily related to higher prices ($0.6 million and $1.3 million, respectively). Production volume was negatively impacted by heightened regulatory inspections and the roof fall at our Highland mine.
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