PEABODY REPORTS EARNINGS FOR QUARTER ENDED JUNE 30, 2019
Second quarter results supported by strong Shoal Creek performance, solid seaborne thermal contributions and lower costs across multiple segments; Highly synergistic PRB/Colorado joint venture aimed at strengthening competitiveness of coal while creating substantial value for customers and shareholders; Share repurchases targeted to accelerate in second half of 2019
ST. LOUIS, July 31 - Peabody (NYSE: BTU) today announced its second quarter 2019 operating results, including revenues of $1.15 billion; income from continuing operations, net of income taxes of $42.9 million; net income attributable to common stockholders of $37.1 million; diluted earnings per share from continuing operations of $0.37; and Adjusted EBITDA1 of $228.0 million.
“Peabody’s second quarter results were highlighted by another excellent quarter from the new Shoal Creek Mine, solid contributions from the seaborne thermal coal business and improved costs across multiple operating regions,” said Peabody President and Chief Executive Officer Glenn Kellow. “We look forward to the second half of 2019 as we target higher metallurgical coal volumes, advancement of the highly synergistic PRB/Colorado joint venture, and accelerating share repurchases, recognizing our strong cash position and compelling investment opportunity.”
Second Quarter 2019 Results
Second quarter 2019 revenues totaled $1.15 billion compared to $1.31 billion in the prior year, primarily resulting from a 28 percent reduction in metallurgical coal sales volumes and a 14 percent reduction in realized seaborne thermal coal pricing.
Income from continuing operations, net of income taxes totaled $42.9 million compared to $120.0 million in the prior year and diluted earnings per share from continuing operations declined $0.56 to $0.37 per share.
Second quarter Adjusted EBITDA totaled $228.0 million versus $369.6 million in the prior year, and included $2.3 million in North Goonyella restructuring charges related to a voluntary reduction program and $1.6 million in transaction costs related to the PRB/Colorado joint venture with Arch. The impact of reduced revenues was partly offset by $91.3 million in lower U.S. and seaborne mining costs.
1 Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. Revenues per ton, costs per ton, Adjusted EBITDA margin per ton and percent are non-GAAP operating/statistical measures. Adjusted EBITDA margin is equal to segment Adjusted EBITDA divided by segment revenues. Please refer to the tables and related notes in this press release for a reconciliation of non-GAAP financial measures.
The following information was filed by Peabody Energy Corp (BTU) on Wednesday, July 31, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: BTU CIK: 1064728 Form Type:10-Q Quarterly Report Accession Number: 0001064728-19-000029 Submitted to the SEC: Thu Aug 08 2019 6:26:36 AM EST Accepted by the SEC: Thu Aug 08 2019 Period: Sunday, June 30, 2019 Industry: Bituminous Coal And Lignite Surface Mining