Alpha Metallurgical Resources falls on weaker coal demand

Alpha Metallurgical Resources’ (NYSE:AMR) stock fell 6.8% in premarket trading Monday after the coal supplier reported earnings that were less than estimated by Wall Street analysts.

Earnings of $9.59 a share missed the consensus estimate of $10.83 a share.

Revenue fell 5.2% from a year earlier to $864.1 million, beating the consensus of $845.4 million.

Management said the company faced weakening demand for coal used to make steel.

“Despite challenges and softening coal market conditions toward the end of Q1, we are reporting another solid quarter of performance thanks to the diligence of our teams throughout the organization,” Andy Eidson, chief executive of Alpha (AMR), said in a statement. “While further market deterioration has occurred in the weeks since quarter-close, Alpha remains well positioned to continue adapting to and weathering these market realities and the resulting volatility.”