Peabody Energy Slips To Loss In Q3 - Quick Facts

(RTTNews) - Peabody Energy corp. (BTU) reported that its third-quarter net loss attributable to common stockholders was $26.1 million or $0.10 per share, compared to net income of $42.9 million or $0.16 per share in the year ago quarter.

Income from continuing operations for the quarter totaled $24.0 million down from $122.9 million in the prior year. Results were affected by lower gross margins and higher depreciation, depletion and amortization expenses that were partially offset by lower income taxes compared to last year. Income from Continuing Operations for the quarter fell to $0.06 per share from last year's $0.46 per share.

Adjusted earnings per share for the quarter slipped to $0.05 per share from $0.53 in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report a loss of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenues declined to $1.80 billion from last year's $2.06 billion on lower realized pricing in the U.S. and Australia. Fourteen analysts estimated revenues of $1.79 billion for the quarter.

Australian price decreases were partly offset by a 6 percent rise in shipments to 9.0 million tons, including 4.0 million tons of metallurgical coal and 3.1 million tons of seaborne thermal coal. U.S. volumes were in line with the prior year, resulting in lower revenues due to decreased realized pricing.

"Peabody's third quarter results were led by significant cost reductions across all regions and higher Australian volumes," said Peabody Energy Chairman and Chief Executive Officer Gregory Boyce.

The company targets full year 2013 Adjusted EBITDA of $1.070 billion to $1.150 billion and adjusted earnings per share of $0.27 to $0.45. Analysts expect the company to report earnings of $0.17 per share for fiscal 2013.

Adjusted EBITDA targets reflect commissioning of new top coal caving technology at the North Goonyella Mine and a longwall move in the fourth quarter. Financial targets exclude any impact from the tentative settlement agreement with Patriot Coal and the United Mine Workers of America.