Arch Coal Inc., the second-largest U.S. coal producer, said first-quarter profit more than doubled as it increased output and received higher prices.
Net income rose to $81.1 million, or 56 cents a share, from $28.7 million, or 20 cents, a year earlier, St. Louis-based Arch said Monday in a statement. Sales climbed 22 percent to $699.4 million.
U.S. coal demand may rise 1.3 percent this year to 1.21 billion tons, a fourth consecutive record, as utilities replace stockpiles depleted during unseasonably cold weather in February and March and exports surge to 64 million tons on demand from Europe, the National Mining Association said.
Arch, which has subsidiary operations in Utah, said it sold 34.3 million tons of coal in the first quarter, up from 31.4 million a year earlier on stronger demand for exports. The average price for the company's coal rose to $18.49 a ton from $16.85 a year earlier.
Arch rose $3.81, or 6.5 percent, to $62.18 in New York Stock Exchange composite trading Monday.