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Peabody Energy Q3 revenues $1.72 billion

Staff writer |
Peabody Energy reported third quarter 2014 revenues of $1.72 billion, leading to adjusted EBITDA of $216.3 million.

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Loss from Continuing Operations totaled $154 million, reflecting the effect of a non-cash tax expense related to the repeal of the Minerals Resource Rent Tax in Australia, with Diluted Loss Per Share from Continuing Operations of $0.58 and Adjusted Diluted EPS of $0.59.

Third quarter revenues totaled $1.72 billion compared with $1.80 billion in the prior year primarily on lower realized pricing in Australia. U.S. Mining revenues declined to $1.02 billion, due to lower volumes and reduced Midwestern revenues per ton. Australian revenues decreased 4 percent as higher volumes partly offset a 13 percent reduction in revenues per ton.

Australian sales totaled 10.0 million tons, including 4.6 million tons of metallurgical coal and 3.4 million tons of seaborne thermal coal.

Adjusted EBITDA of $216.3 million reflects ongoing cost and productivity improvements that mitigated the impact of approximately $135 million from lower pricing. U.S. Mining Adjusted EBITDA declined 8 percent over the prior year to $281.6 million primarily due to rail performance issues in the quarter. Australian Mining Adjusted EBITDA declined to $16.9 million as a result of lower seaborne coal prices

Australian costs per ton decreased 6 percent compared with the prior year on improved longwall performance as well as cost and productivity programs.

Trading and Brokerage Adjusted EBITDA totaled $3.3 million and Resource Management Adjusted EBITDA totaled $3.5 million.

Loss from Continuing Operations totaled $154 million compared to Income from Continuing Operations of $24 million in the prior year.

Current quarter results reflect lower tax benefits following the repeal of the Minerals Resource Rent Tax in Australia, along with lower operating profit resulting from reduced realized pricing. Diluted Loss from Continuing Operations totaled $0.58 per share with Adjusted Diluted EPS of $0.59.


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