Walter Energy followed Peabody Energy's strong at-bat with a nice piece of hitting as it soared past Wall Street third quarter earnings expectations on the strength of its premium coking coal. If you're bored with the baseball analogies, we could try an excursion to the cinema: Mel Gibson, before he wound up on The Smoking Gun, made a film called "What Women Want." Walter's low-vol coal is what steelmakers want - and need. Walter made 45 cents/share during Q3, against a Wall Street expectation of 27 cents/share. The company did it by shipping a lot of premium coking coal and by doing so at pretty sturdy prices, given weak market conditions early in the quarter. By the end of the quarter, Walter was cooking with gas.
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