Westmoreland Coal Co.’s recent acquisitions helped to double first-quarter revenue for the Englewood-based coal company, officials reported Friday.
Westmoreland, which said its quarterly revenue grew to $371.5 million from $180.2 million, also narrowed its net loss to $11.7 million from $19.3 million for the three-month period that ended on March 31.
The results were bolstered by a string of recent additions to Westmoreland’s coal segment.
Earlier this year Westmoreland completed the purchase of for a combined $64 million. In 2014, Westmoreland finalized a of Sherritt International’s prairie and mountain mining operations in Canada.
“Our larger, diversified footprint paid off as the results for the quarter matched up with internal expectations,” Keith E. Alessi, Westmoreland’s chief executive officer, said in a statement. “While it was a weak quarter for the power segment, we made up for it elsewhere.”
Westmoreland completed the integration of Oxford and Buckingham during the first quarter, Alessi added.
Revenue in Westmoreland’s power segment declined 6.2 percent to $20.6 million from $22 million.
As of March 31, Westmoreland had $53.4 million in cash and cash equivalents.
Shares of Westmoreland (Nasdaq: WLB) were up 14 cents, or 0.5 percent, to $27.29 in morning trading.
Alicia Wallace: 303-954-1939, awallace@denverpost.com
