Alpha Natural Resources Inc (ANR) said that second-quarter net income was $74.3 million, or $1.04 a share compared to $4.7 million, or 7 cents a share, in the same period a year ago. Analyst were expecting $0.51-$0.54/share. Revenue surged to $732.2 million compared to $435.3 million. I opened a covered call strategy on this underlying yesterday. The call is scheduled for 11Am ET and till then stock may not move much but the IV should surely drop helping me gain from the call sold.

Here is the summary from the ANR’s website-

• Net income for second quarter of 2008 increases to $74.3 million ($1.04 per diluted share) from $4.7 million ($0.07 per diluted share) in comparable period last year
• Coal revenues increase 63 percent on record metallurgical shipments
• Per-ton margin increases 130 percent quarter-over-quarter
• Record EBITDA of $141.8 million, compared with $53.7 million in second quarter of 2007
• More than 21 million tons of Alpha’s planned metallurgical coal production in 2009 and 2010 remains open for pricing
• Alpha enters into agreement to merge with Cleveland-Cliffs

Profitable trading, OP