Richmond-Area Firms

James River Coal Co., a Richmond-based owner of mines in Kentucky and Indiana, reported second-quarter sales that trailed analysts’ estimates and a loss that was wider than predictions. James River dropped for the third straight day in Nasdaq trading, declining $1.67, or 4.8 percent, to $33.40 yesterday.

The second-quarter loss was $24 million, or 97 cents a share, and included a $3.01 million charge associated with debt, the company said. Three analysts estimated a loss of $10.1 million, or 30 cents, on average.

CEO Peter Socha blamed higher costs and long-term delivery contracts signed in 2006 and 2007, well before U.S. coal prices more than doubled because of strong international demand and weak supply. During a conference call with analysts, Socha said James River expects to begin reaping the benefit of higher prices this year and beyond.

The company also said it was giving miners $100 a month toward gasoline tied to attendance. Labor shortages have plagued Appalachian coal producers in recent months as coal prices have soared along with international demand. Richmond-based Massey Energy Co. and Abingdon-based Alpha Natural Resources also are offering gas money to miners.

– Wire Reports

Colfax

Shares of Richmond-based Colfax Corp. fell 16 percent yesterday after the company reported a loss because of one-time charges.

The maker of industrial pumps reported a loss for the three months that ended June 27 of $31.4 million, or $1.01 per share, compared with a profit of $4.8 million, or 22 cents per share, in the same period of 2007.

The results include $57 million in costs from the company’s initial public offering in May. Excluding one-time items, the company reported that its profit rose 53 percent to $13.9 million, or 32 cents per share, compared with a profit of $9.1 million, or 21 cents per share, in the year-ago period.

Revenue rose 32 percent to $161.4 million. The company said it had strong demand for its fluid-handling products and an order backlog of $384 million at the end of the quarter.

Colfax shares closed at $23.15, down $4.47, or 16 percent, on the New York Stock Exchange.

– John Reid Blackwell

Tredegar

Tredegar Corp.’s second-quarter profit declined 13 percent as operating income fell in its film-products and aluminum-extrusions businesses.

The company reported profit of $8.66 million, or 25 cents per share, compared with profit of $9.9 million, or 25 cents per share, in the second quarter of 2007.

Revenue was $234 million, down from $234.8 million in the year- earlier period.

Sales and operating profit in the company’s aluminum-extrusions business were down on lower volumes as the industry continued to suffer a cyclical downturn. Sales rose in its film-products business on higher prices, but operating profit was down because of competitive pressures as higher energy costs.

Tredegar shares rose 48 cents, or 3 percent, to $16.30. The company reported earnings after the market closed.

– John Reid Blackwell LOOKUP Markel

Markel Corp. reported second-quarter net income of $82.2 million, or $8.29 per share, on revenue of $605 million.

Profit for the local specialty insurance marketer fell 32 percent from the same period last year, when net income was $121.2 million, or $12.15 per share, on revenue of $660 million.

Shares yesterday rose $7.84 to close at $370.09.

– Greg Edwards

Universal

Universal Corp.’s fiscal first-quarter profit rose almost 13 percent as sales increased and restructuring costs fell.

The Richmond-based tobacco leaf company reported profit of $21.1 million, or 64 cents per share, for the quarter that ended June 30, compared with profit of $18.7 million, or 54 cents per share, in the same period of 2007. Revenue rose 12 percent to $506.3 million.

The company said it benefited from increased tobacco shipments in several countries, a weaker U.S. dollar, a lower effective income tax rate, and the absence of restructuring charges and write-downs in its African operations.

Shares rose $1.57, or nearly 3 percent, to $54.38.

– John Reid Blackwell

Dow industrial firm: Procter & Gamble

The Procter & Gamble Co., flexing its brand strength, reported a 33 percent jump in fourth-quarter profit yesterday as the consumer- products maker battles soaring energy and commodity costs with higher prices and product improvements.

P&G said results also were helped by good growth in developing markets such as China and Russia, the weaker dollar, and cost- cutting efforts.

The maker of Tide detergent, Olay skin care and Pampers diapers said it earned $3.02 billion, or 92 cents per share, up from $2.27 billion, or 67 cents per share, a year earlier. Excluding tax benefits, P&G earned 80 cents per share.

The Cincinnati-based consumer-products company said revenue jumped to $21.27 billion from $19.27 billion for the quarter, topping analyst expectations for $21.05 billion.

P&G shares gained $2.15, or 3.3 percent, to close at $67.97.

– The Associated Press

MEMO: EARNINGS

Originally published by Staff and wire reports.

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