Peabody (NYSE: BTU) has reported its financial results for the third quarter of 2024. The company's net income attributable to common stockholders was $101.3 million, or $0.74 per diluted share, compared to $119.9 million, or $0.82 per diluted share in the prior year quarter. Adjusted EBITDA for the quarter was $224.8 million.
The company also completed $100 million of share repurchases during the quarter and declared a dividend on common stock of $0.075 per share on October 31, 2024.
In terms of segment performance, the highlights include: Seaborne thermal: Reported adjusted EBITDA of $120.0 million, with better-than-expected production and costs driving adjusted EBITDA margin per ton higher by 15% compared to the second quarter. Additionally, approximately 300 thousand tons were added to saleable coal inventory during the quarter. Seaborne metallurgical: Reported adjusted EBITDA of $27.8 million, and shipments and costs were in line with expectations. The segment is positioned for a stronger fourth quarter. Powder River Basin: Reported adjusted EBITDA of $51.7 million, with better-than-expected customer nominations and continued focus on cost management increasing adjusted EBITDA margins to $2.34 per ton, more than double the second quarter. Other U.S. Thermal: Reported adjusted EBITDA of $28.4 million, with the segment delivering 4.0 million tons at costs of $46.50 per ton, in line with expectations.
The Centurion premium hard coking coal project is making exceptional progress, with development rates exceeding expectations and the first customer shipment scheduled for the fourth quarter.
In terms of the shareholder return program, Peabody repurchased 4.5 million shares for a total of $100 million during the third quarter. The total repurchases for the year stand at 7.7 million shares totaling $180.4 million.
Looking ahead, the company provided guidance for the fourth quarter of 2024, including expectations for seaborne thermal, seaborne metallurgical, and U.S. thermal segments.
The company's full-year anticipated capital expenditures have been increased by $50 million to $425 million primarily due to accelerated development at Centurion and timing of spend at Wambo open-cut.
The earnings call is scheduled for 10 a.m. CT and can be accessed via the company’s website at peabodyenergy.com.
Peabody is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel, with a commitment to sustainability underpinning its strategy for the future. As a result of these announcements, the company's shares have moved 8.1% on the market, and are now trading at a price of $26.69. For the full picture, make sure to review Peabody Energy's 8-K report.
