We estimate that Arch will earn 14 cents per share in first-quarter 2007, down from our previous estimate of 21 cents on a lower-than-initial-forecast price realization for the company's Powder River Basin production, down to 23.9 million tons from 24.3 million tons, as well as a lower Powder River Basin price realization of $10.30 per ton versus our initial estimate of $10.50 per ton. The Thomson First Call consensus estimate for the quarter is 16 cents per share. The company reported per-share income of 42 cents and 55 cents in first-quarter 2006 and fourth-quarter 2006, respectively.

We estimate that Foundation will report first-quarter 2007 results of 27 cents per share, up from our initial estimate of 25 cents per share due to a modest increase in our North Appalachian coal price realization to $40 per ton from $39.75. First Call earnings consensus for the quarter is 30 cents per share. Foundation earned 69 cents per share in first-quarter 2006 and lost 48 cents per share in fourth-quarter 2006

We estimate that Massey will report first-quarter 2007 EPS of 21 cents versus the First Call consensus of 25 cents. The company reported results of seven cents per share and 13 cents per share in first-quarter 2006 and fourth-quarter 2006

We estimate that Peabody Energy will report fourth-quarter 2006 per-share earnings of 38 cents, up from our previous estimate of 33 cents, but below First Call consensus of 41 cents. Peabody earned 48 cents and 66 cents in first-quarter 2006 and fourth-quarter 2006