- Walter Industries, Inc. (NYSE: WLT - News), a leading producer and exporter of U.S. metallurgical coal for the global steel industry, today reported net income of $50.8 million, or $0.94 per diluted share, for the quarter ended June 30, 2008 compared to $18.1 million, or $0.34 per diluted share, in the second quarter 2007. (analysts at $0.57)
- "Our overall financial performance in the quarter was outstanding, particularly in our core Natural Resources and Sloss businesses, which reported their best quarterly performance ever," said Walter Industries Chairman Michael T. Tokarz.
- Net sales and revenues for the second quarter 2008 totaled $370.0 million, up 24.8 percent from the prior-year period, driven by higher metallurgical coal and coke pricing, as well as improved sales volumes of both mined and purchased coal.
- Operating income from continuing operations for the second quarter 2008 totaled $82.3 million compared to $33.0 million in the second quarter 2007. Operating income in the current period was higher primarily on strong metallurgical coal and coke pricing, as well as increased sales volumes.
- The Financing & Homebuilding group reported second quarter revenues of $90.9 million, compared to $123.2 million in the prior-year period. Revenues were lower primarily as a result of fewer unit completions and a $4.2 million increase in the discount on instalment notes originated in the quarter.
Long Walter Industries in fund and will be much longer once the market acts normal; no personal position
2 comments:
How can you say WLT isn't being rewarded when it is up almost 9% on the day?
Talking more about the sector.
It's still trading at a ridiculous forward P/E.
Also I wrote that before the market opened
Let's see what the next few days bring. I don't really take into account 1 day reactions.
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