PEABODY REPORTS RESULTS FOR QUARTER ENDED MARCH 31, 2021
ST. LOUIS, April 29, 2021 – Peabody (NYSE: BTU) today announced its first quarter 2021 operating results, including revenues of $651.3 million; loss from continuing operations, net of income taxes of
$77.7 million; net loss attributable to common stockholders of $80.1 million; diluted loss per share from continuing operations of $0.79; and Adjusted EBITDA1 of $61.1 million.
“While economies across the globe are in varying stages of recovery from the ongoing pandemic, I’m pleased to note that operational and productivity improvements continue to take hold across the company,” said Peabody President and Chief Executive Officer Glenn Kellow. “In addition, we successfully completed our refinancing activities and subsequently repaid a portion of our long-term debt. Looking ahead, we remain focused on further improving our seaborne metallurgical cost structure and capturing continued cash improvements across the organization while positioning for ongoing seaborne market improvements.”
First Quarter 2021 Financial Results
First quarter revenues totaled $651.3 million compared to $846.2 million in the prior year primarily due to the impact of lower volumes, pricing and sales mix.
Selling, general and administrative expenses decreased 13 percent from the prior year to $21.7 million from the company’s ongoing cost reduction program.
Depreciation, depletion, and amortization (DD&A) declined 36 percent from the prior year to $68.3 million, primarily due to the impairment at the North Antelope Rochelle Mine recorded in Q2 2020 as well as lower volumes.
Interest expense increased $19.3 million over the prior year due to $10.6 million of one-time fees expensed as part of the refinancing transactions, higher borrowing costs and amortization of the related debt issuance costs.
Loss from continuing operations, net of income taxes totaled $77.7 million compared to $129.3 million in the prior year. Adjusted EBITDA totaled $61.1 million compared to $36.8 million in the prior year.
1 Adjusted EBITDA is a non-GAAP financial measure. 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 and definition of non-GAAP financial measures.
The following information was filed by Peabody Energy Corp (BTU) on Thursday, April 29, 2021 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.