UPDATE 1-Coal miner Massey Energy quarterly profit falls

* Q4 EPS 28 cents vs consensus 27 cents

* Revenue drops to $583.9 mln vs consensus $661.28 mln

* Shares down 11 cents at $41.99 after hours

LOS ANGELES, Feb 2 (BestGrowthStock) – Coal miner Massey Energy Co
(MEE.N: ) said on Tuesday that fourth-quarter profit (Read more your timing to make a profit.) dropped by
nearly 50 percent as the weak global economy and decline in
energy demand dampened its sales and the company curtailed

Net income was $24.4 million, or 28 cents per share,
compared with $47.7 million, or 56 cents per share a year
earlier. Revenue slumped 23 percent to $583.9 million, the
Richmond, Virginia-based company said.

Analysts had expected earnings of 27 cents per share on
revenue of $661.28 million, according to Thomson Reuters

In October, Massey lowered its 2009 estimate for shipments
to a range of 37.5 million to 38.5 million tons. For 2010, it
said it expects to ship 37 million to 41 million tons.

To cut costs, Massey has idled higher-cost mines, limited
overtime and renegotiated supply contracts. It cut 700 jobs
last year, and five senior executives, including Chief
Executive Don Blankenship, said they were taking 10 percent
salary cuts.

Shares of Massey fell 11 cents to $41.99 in extended trade
after closing up 1.25 percent at $42.10 on Tuesday on the New
York Stock Exchange.

Stock Market Research

(Reporting by Laura Isensee; Editing by Richard Chang)

UPDATE 1-Coal miner Massey Energy quarterly profit falls