Arch Coal said Tuesday it is expanding its share repurchase program on the heels of another strong quarter for earnings.
The Creve Coeur-based coal mining company said its board has expanded its share repurchase authorization by $200 million, bringing the total repurchase authorization to $500 million.
Arch reported net income of $68.4 million, or $2.83 per diluted share, in the third quarter. That compared favorably to a loss of $51.4 million, or $2.41, in the year-earlier period, when the company was reorganizing in bankruptcy court. Arch emerged from bankruptcy on Oct. 5, 2016.
Revenue rose 11.5 percent to $613.5 million, Arch said.
“Arch turned in a solid financial performance during the third quarter, despite substandard rail service in July and August at our coking coal operations, coupled with adverse geologic conditions at our two longwall mines in West Virginia,” John W. Eaves, Arch’s chief executive officer, said in a statement.
Read more: St. Louis Post-Dispatch