Peabody (NYSE: BTU) has reported its financial results for the fourth quarter and full year ended December 31, 2024. The company's fourth quarter net income attributable to common stockholders was $30.6 million, or $0.25 per diluted share, compared to $192.0 million, or $1.33 per diluted share, in the prior year quarter. Peabody had adjusted EBITDA of $176.7 million in the fourth quarter of 2024, including a $41.4 million non-cash charge from Australia currency remeasurement, compared to $345.1 million in the fourth quarter of 2023.
For the full year 2024, Peabody reported revenue of $4,236.7 million, compared to $4,946.7 million in the prior year. Full-year net income attributable to common stockholders totaled $370.9 million, or $2.70 per diluted share, compared to $759.6 million, or $5.00 per diluted share in the prior year. Adjusted EBITDA was $871.7 million compared to $1,363.9 million in the prior year.
Peabody's capital allocation strategy reflects a balanced approach of shareholder returns and reinvestment in the business. The company returned $221 million to shareholders in share repurchases and dividends. In 2024, Peabody generated $612.8 million in operating cash flows from continuing operations, returned $220.7 million to shareholders, invested $226.8 million in the development of Centurion, and acquired the Centurion North coal reserves for $143.8 million.
The company's operating performance in various segments for the fourth quarter showed both positive and negative changes. For example, Seaborne Thermal reported 4.2 million tons sold, ahead of expectations, with an average realized export price of $96.41 per ton, down from $105.51 in the prior quarter. Seaborne Metallurgical volumes came in largely in line with expectations at 2.2 million tons, with the average realized price of $123.41 per ton, 15% lower than the prior quarter.
Peabody highlighted the progress made at the Centurion mine in Australia, where the company reached several key milestones and is on track to begin longwall production in March 2026. The company expects the premium hard coking coal mines it is acquiring to produce 11.3 million tons of coal at fully loaded costs of $130-$140 per ton in the first full year of ownership in 2026.
The company's guidance targets for 2025 include a focus on safe, productive, environmentally sound operations, ramping up the Centurion mine on time and on budget, and successfully completing the premium hard coking coal acquisition and integrating the mines into Peabody.
Peabody's first quarter 2025 outlook includes expectations for seaborne thermal volumes to be 4.0 million tons, seaborne metallurgical volumes to be 2.0 million tons, PRB U.S. Thermal volume to be approximately 19 million tons, and other U.S. Thermal volume to be approximately 3.4 million tons.
The company's earnings call is scheduled for 10 a.m. CT and can be accessed via the company’s website at peabodyenergy.com.
These financial results and operational updates demonstrate the evolving landscape for Peabody and its strategic initiatives for the future. The market has reacted to these announcements by moving the company's shares -5.0% to a price of $17.08. For the full picture, make sure to review Peabody Energy's 8-K report.
