Peabody Energy Q2 Loss Sharply Widens On Charge - Quick Facts

(RTTNews) - Peabody Energy Corp. (BTU) reported that second-quarter net loss attributable to common stockholders sharply widened to $1.05 billion or $3.84 per share from $73.3 million or $0.27 per share in the prior-year quarter. Loss per share from continuing operations for the latest quarter was $3.71.

Results for the latest quarter included a $3.06 per share asset impairment charge. Excluding items, adjusted loss for the quarter was $0.65 per share, compared to $0.28 per share in the year-ago quarter.

On average, 15 analysts polled by Thomson Reuters expected the company to report a loss of $0.61 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter declined to $1.34 billion from $1.76 billion in the same quarter last year. Analysts had a consensus revenue estimate of $1.44 billion.

Looking ahead to the third quarter, Peabody expects adjusted EBITDA to reflect lower seaborne metallurgical coal pricing, higher PRB shipments compared to the secod quarter as a result of lessened weather-related impacts, and a longwall move in Colorado.

For fiscal 2015, the company forecast total sales in a range of 225 million tons to 245 million tons, including U.S. sales of 180 million tons to 190 million tons and Australian sales of 34 million tons to 36 million tons.

As part of the plan to maximize liquidity, the board of directors decided to suspend the company's quarterly dividend on shares of its common stock, and will evaluate whether to reinstate the dividend in the future as circumstances warrant.

The board of directors also authorized a reverse split of common stock, subject to shareholder approval. The exchange ratio will be selected by the company, and to be approved by shareholders.