Mine operator Alpha's profit triples on high foreign demand

Mine operator Alpha's profit triples on high foreign demand

CHARLESTON, W.Va. (AP) -- Mine operator Alpha Natural Resources more than tripled its first-quarter profit on the strength of soaring international markets.

The Abingdon, Va.-based company says it earned $25.5 million, or 39 cents per share, in the first three months of the year. Alpha earned $8.3 million, or 13 cents per share, in first-quarter 2007.

Revenue rose 20 percent to $516.9 million, from $430.6 million in first-quarter 2007.

The profit announced Monday was higher than expected. Analysts polled by Thomson Financial expected 17 cents per share on revenue of $487.8 million.

The company's stock price closed Monday at $56.34, which was up $5.81 per share.

Alpha says it realized a price of $65.04 per ton in the quarter, up from $57.36 in the first quarter of 2007. Prices for eastern U.S. coal have more than doubled from a year ago on strong foreign demand.

Alpha operates more than 60 mines in West Virginia, Virginia, Kentucky and Pennsylvania.