FOR IMMEDIATE RELEASE
PEABODY REPORTS EARNINGS FOR QUARTER ENDED MARCH 31, 2018
First quarter results reflect substantial cash flow generation; Company accelerates share repurchases and expands program size to $1.0 billion; Peabody confirms financial targets for 2018
ST. LOUIS, April 25 - Peabody (NYSE: BTU) today announced its first quarter 2018 operating results, including revenues of $1.46 billion, income from continuing operations, net of income taxes of $208.3 million, net income attributable to common stockholders of $106.6 million, diluted earnings per share from continuing operations of $0.83 and Adjusted EBITDA1 of $363.9 million.
"Peabody increased volumes, revenues and Adjusted EBITDA over 2017 levels and generated record free cash flow - in addition, today we are announcing the expansion of our share repurchase program to
$1.0 billion after accelerating our existing $500 million buyback program,” said Peabody President and Chief Executive Officer Glenn Kellow. “Our results reflect multiple achievements despite not operating at our full potential, as we generated significant cash, sold non-core assets, released cash collateral, simplified the capital structure, initiated a quarterly dividend and accelerated buyback activities."
First Quarter 2018 Results
Revenues for the first quarter rose 10 percent over the prior year to $1.46 billion driven by improved seaborne coal pricing and increased metallurgical coal volumes. First quarter income from continuing operations, net of income taxes, totaled $208.3 million, reflecting $169.6 million of depreciation, depletion and amortization and $36.3 million of interest expense. Net income attributable to common stockholders totaled $106.6 million for the quarter and included a non-cash dividend charge of $102.5 million related to the conversion of preferred shares during the quarter. All remaining preferred shares converted to common stock as of Jan. 31, 2018.
Note: All comparisons are to first quarter 2017 unless otherwise noted. Most first quarter 2017 income statement measures are not comparable with the current period due to the adoption of fresh-start reporting as of April 1, 2017.
1 Adjusted EBITDA, revenues per ton, costs per ton and Adjusted EBITDA margin per ton and percent are non-GAAP financial measures. Please refer to the tables and related notes in this press release for a reconciliation of non-GAAP financial measures. Free cash flow is a non-GAAP measure defined as net cash provided by operating activities less net cash used in investing activities. A reconciliation of net cash provided by operating activities to free cash flow is included at the end of this document.
The following information was filed by Peabody Energy Corp (BTU) on Wednesday, April 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.