FOR IMMEDIATE RELEASE
PEABODY REPORTS EARNINGS FOR QUARTER AND YEAR ENDED DECEMBER 31, 2018
Seaborne coal segments continue to drive Peabody performance and investments;
Peabody earns $233.5 million in income from continuing operations net of income taxes, $1.97 in diluted earnings per share from continuing operations and $273.7 million in Adjusted EBITDA in the fourth quarter; Seaborne thermal segment delivers over 40% Adjusted EBITDA margins in fourth quarter and full year; Targeting 2019 sales of ~2.5 million tons from high-margin Shoal Creek Mine; Base case for North Goonyella Mine restart targets modest sales in 2019 and longwall production of ~2 million tons in 2020.
ST. LOUIS, Feb. 6 - Peabody (NYSE: BTU) today announced its fourth quarter 2018 operating results, including revenues of $1.40 billion, income from continuing operations, net of income taxes of $233.5 million, net income attributable to common stockholders of $252.6 million, diluted earnings per share from continuing operations of $1.97 and Adjusted EBITDA1 of $273.7 million.
“Peabody concluded 2018 with strong company-wide Adjusted EBITDA margins of approximately 25 percent for the full year, successful completion of what we believe to be a highly accretive acquisition, robust cash flows and share buybacks that have now surpassed $1 billion - more than 25 percent of our current market capitalization - in just 18 months,” said Peabody President and Chief Executive Officer Glenn Kellow. “Against the backdrop of favorable seaborne conditions, Peabody begins the year with a healthy balance sheet, expectations of continued strong operating cash flows and an ongoing commitment to returning cash to shareholders.”
Fourth Quarter and Full-Year 2018 Results
Revenues for the fourth quarter totaled $1.40 billion, an 8 percent decline from the prior year, reflecting 43 percent lower metallurgical volumes, primarily due to lack of production from North Goonyella, and 6 percent lower U.S. thermal volumes. These declines were partially offset by strong seaborne pricing and 6 percent higher seaborne export thermal volumes.
Fourth quarter Adjusted EBITDA totaled $273.7 million, including $4.9 million in Shoal Creek acquisition costs. Compared to the prior year, Adjusted EBITDA declined $142.5 million, with the change primarily
1 Adjusted EBITDA, revenues per ton, costs per ton and Adjusted EBITDA margin per ton and percent, and Free Cash Flow 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.
Note: All prior year comparisons are to 2017 unless otherwise noted. Most full-year 2017 income statement measures are not comparable with full-year 2018 measures due to the adoption of fresh-start reporting as of April 1, 2017.
The following information was filed by Peabody Energy Corp (BTU) on Wednesday, February 6, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.