(Reuters) - Net earnings were $28.7 million, or 20 cents per share, compared with $60.6 million, or 42 cents per share, a year earlier, the St. Louis-based company said.
Two months ago, Arch cut its 2007 production targets, citing weakness in U.S. coal markets. Chief Executive Officer Steven Leer said at the time that Arch was sending less coal to market because electricity generating plants were maintaining historically high stockpiles of coal -- in some cases as much as 47 days' supply.
Read more at Reuters.com Market News
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