Results, Forecast Send James River Coal Up 7.6% (JRCC)

Shares of James River Coal Company JRCC are trading up 7.6% at $19.69 per share on Friday afternoon. The day's trading range for shares of James River Coal Company has been between $18.50 and $19.70 per share. Analysts covering the company's stock have a consensus price target of $26.50 per share. Volume of 1.5 million shares shares is nearly double the daily average volume of 817,000 shares. James River Coal Company (JRCC) released financial results on Friday before the opening bell that beat Wall Street estimates. The company announced 2nd quarter earnings of 71 cents per share, on revenue of $183 million. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 65 cents per share, on revenue of $181.73 million. The company raised its full year earnings forecast to $2.35 to $2.70 per share, up from its previous forecast of $1.70 to $2.25 per share. Chairman and chief executive officer Peter T. Socha siad, "This was another excellent quarter for our entire company. The mines had a good quarter. They completed several strategic moves during the quarter that impacted both production and costs. In addition, they are adjusting to a new regulatory environment. Despite these headwinds, they are continuing to have an excellent year. During the quarter, we sold both CAPP and Midwest coal for future delivery. However, we continue to maintain our exposure to coal markets that have continued to show moderate improvement. As we have said in the past and we continue to believe, James River Coal Company is very well positioned for a sustained period of profitability." Read more from Benzinga's Company news.