Walter Energy profits double

TAMPA — Walter Energy (symbol: WLT) earned $81.8 million in profits in the first quarter of 2011, up 97% over the year. Its $408.7 million in revenues were up 31%.

CEO Keith Calder says Walter's strong performance was “driven primarily by the third-highest coking coal pricing we have ever achieved.” The firm's average selling price for a short ton of coking coal was $193.51 this quarter, compared to $127.05 a year ago.

Walter's sales should increase dramatically over the remainder of 2011, if only by volume, following its acquisition of Canada-based Western Coal. While Walter expects to sell at least 7.5 million short tons of metallurgical coal through its continuing operations, the addition of Western will boost sales by 5 million additional short tons, according to company estimates.