Walter Energy profits up 561%

While quarterly revenues for Tampa-based Walter Energy nearly doubled over the year, profits soared — up roughly 561% in the third quarter of 2010.

The coal producing and exporting company generated $464.3 million in revenues in the recently concluded quarter, compared to $278.3 million a year ago. And those revenues led to $137 million in profits this year, compared to $24.4 million in 2009.

CEO Joe Leonard says the key factor in Walter's recent profitability was “robust pricing” for the company's hard coking coal product, driven by strong demand. Furthermore, Leonard says, “We expect to see demand for our premium hard coking coal continue throughout the fourth quarter and, as a result, we are on pace for an outstanding 2010.”

Walter Energy generates approximately $1.4 billion in annual revenues, and employs roughly 2,100 people. The company announced in 2009 that it would move its corporate headquarters to Alabama, and has already leased space in the state's capital.