PEABODY REPORTS EARNINGS FOR QUARTER ENDED SEPTEMBER 30, 2019
Third quarter results reflect previously announced effects of pricing, shipments and Middlemount performance; Quarter highlighted by multi-year low PRB cost performance; Anticipating conclusion of FTC review of PRB/Colorado JV in first half of 2020; Advancing preferred path to access substantial North Goonyella reserves; Taking steps to streamline organization, reset operational performance and strengthen portfolio
ST. LOUIS, Oct. 29 – Peabody (NYSE: BTU) today announced its third quarter 2019 operating results, including revenues of $1.11 billion; loss from continuing operations, net of income taxes of $74.3 million; net loss attributable to common stockholders of $82.8 million; diluted loss per share from continuing operations of $0.77; and Adjusted EBITDA1 of $150.3 million.
“Peabody’s third quarter was marked with some notable achievements, several challenges and multiple changes to our portfolio and organization,” said Peabody President and Chief Executive Officer Glenn Kellow. “Looking ahead, our success will be defined by the implementation of our three strategies to create value, bolstered by streamlining our organization, resetting operational performance and strengthening our portfolio. We have a comprehensive agenda of actions under way across each of these dimensions, and I believe we have tremendous ability to create value over time.”
Third Quarter 2019 Results
Third quarter 2019 revenues totaled $1.11 billion compared to $1.41 billion in the prior year driven by a 36 percent decline in seaborne metallurgical coal sales volumes and approximately $90 million in lower pricing, excluding the impact of higher Kayenta revenues.
Depreciation, depletion and amortization (DD&A) declined $28.1 million compared to the prior year primarily due to lower contract amortization expense and final recognition of Kayenta Mine expense. Selling, general and administrative expense (SG&A) decreased 17 percent from the prior year to $32.2 million largely due to a reduction in personnel costs. Transaction expenses related to the PRB/Colorado joint venture totaled $8.2 million in the third quarter and are included within Adjusted EBITDA. The company also recorded a $20.0 million impairment charge related to its Wildcat Hills Mine in the Illinois Basin, which is expected to cease operations. The company expects this action to be cash accretive.
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 Tuesday, October 29, 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.
View differences made from one quarter to another to evaluate Peabody Energy Corp's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Peabody Energy Corp.
Ticker: BTU CIK: 1064728 Form Type:10-Q Quarterly Report Accession Number: 0001064728-19-000044 Submitted to the SEC: Tue Nov 05 2019 5:06:24 PM EST Accepted by the SEC: Tue Nov 05 2019 Period: Monday, September 30, 2019 Industry: Bituminous Coal And Lignite Surface Mining