GILLETTE (WNE) — Despite posting an $8.6 million loss for the fourth quarter of 2019, Arch Coal Inc. executives were upbeat about an overall strong financial performance for the year while navigating some choppy waters for thermal coal.

Overall, the company finished 2019 about $234 million in the black, less than the $313 million realized in 2018, but also producing more than $100 million in cash, said President and Chief Operating Officer Paul Lang.

Since emerging from Chapter 11 bankruptcy reorganization in 2016, Arch has generated more than $600 million in cash.

“We remain confident this business (can be) long-term, efficient, stable and a cost-effective supply platform,” Lang said during a Thursday morning earnings call to announce the year-end financial results.

He also said an anticipated joint venture with Peabody Energy to merge the companies’ Wyoming and Colorado operations continues to move through the federal approval process and that “things are progressing as expected.”

For Arch’s Powder River Basin mines in Campbell County, Black Thunder and Coal Creek, the last quarter of the year was a challenge.

The mines produced less coal at 18.1 million tons — down from 22.2 million in the third quarter of 2019 and 19.5 million tons in the fourth quarter of 2018 — but were challenged by a significant jump in the cost per ton to mine that coal.

Calling the thermal coal market “increasingly challenging,” Arch CEO John Eaves said the company is “confident Arch is well-equipped to weather the current market.”