Peabody Energy Expects $980M Q1 Revenue

By Tamara Parker • Thursday, April 11 15:20 • Permanent Link

Peabody (NYSE: BTU) has reported preliminary unaudited financial results for the first quarter of 2024. The company expects to report first quarter revenue of $980 million, income from continuing operations, net of income taxes of $45 million, and adjusted EBITDA of $160 million. These figures represent estimates, and the actual financial results will be released on May 2, 2024.

Sales volumes in the first quarter were largely in line with expectations for the seaborne segments, with the seaborne thermal segment shipping 4.0 million tons (including 2.5 million export tons) and the seaborne met segment shipping 1.4 million tons. However, the U.S. thermal segments reported lower than expected shipments, with the PRB segment shipping 18.7 million tons and the other U.S. thermal segment shipping 3.2 million tons.

The first quarter results were impacted by several factors, including unfavorable seaborne thermal coal mix, lower average realized prices in the seaborne metallurgical coal segment, higher than anticipated costs at the CMJV, lower U.S. thermal volumes due to unseasonably warm weather and continued low natural gas prices, and a non-cash remeasurement of AUD denominated monetary assets, amounting to approximately $18 million.

Peabody President and Chief Executive Officer Jim Grech stated, "Our first quarter included some unforeseen production challenges that are now behind us. The CMJV dragline and Wambo longwall are again operating on plan, and Shoal Creek continues to exceed production expectations as we begin the second quarter."

On May 2, 2024, Peabody will announce the results for the quarter ended March 31, 2024, and an investor conference call with management is scheduled for 10 a.m. CT on the same day.

Peabody (NYSE: BTU) is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. For further information, visit peabodyenergy.com. The market has reacted to these announcements by moving the company's shares -0.7% to a price of $23.41. If you want to know more, read the company's complete 8-K report here.

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