St. Louis-based Arch Coal reported an $81.3 million profit in the fourth quarter of 2017, up from the $33.4 million profit it reported in the prior year period as the company realized a $34.8 million net tax benefit associated with the alternative minimum tax credits that became refundable under the Tax Cuts and Jobs Act.
In its first full year since relisting on the New York Stock Exchange – the company emerged from bankruptcy in October 2016 – Arch Coal reported a net income of $238.5 million as annual revenue topped $2.3 billion.
During the year, Arch bought about 4 million shares of common stock, or about 16 percent of its outstanding shares, for $302 million. Arch had nearly $200 million remaining in its share repurchase program. Future share repurchases will be up the company’s board of directors.
“We are proud of the financial results achieved in 2017 as well as the positive strides we have taken to reward our shareholders, bolster our financial foundation, streamline our operating portfolio and expand our global customer base,” said John W. Eaves, Arch’s chief executive officer.
The company in a release said full-year 2018 sales should be in line with the company’s 2017 sales volume.
Read more: St. Louis Post-Dispatch