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Peabody Energy Q1 2014 revenues $1.63 billion

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Staff writer ▼ | April 25, 2014
Peabody Energy reported first quarter 2014 revenues of $1.63 billion, leading to Adjusted EBITDA of $176.9 million.
Peabody
PeabodyPeabody Energy reported first quarter 2014 revenues of $1.63 billion, leading to Adjusted EBITDA of $176.9 million.


First quarter Adjusted EBITDA was reduced due to the impact of a $15.6 million arbitration charge and approximately $14 million related to port logistic issues. Loss from Continuing Operations totaled ($44.3) million with Diluted Loss Per Share of ($0.18), reflecting a $0.08 per share impact from the above items and a $0.16 per share impact from a lower-than-expected tax benefit.

First quarter revenues totaled $1.63 billion compared to $1.75 billion in the prior year, primarily resulting from lower realized pricing that was partly offset by a 7 percent increase in sales volumes to 61.3 million tons.

Australian revenue of $611.8 million was impacted by a 17 percent decline in revenues per ton, while Australian sales totaled 8.2 million tons, including 3.2 million tons of metallurgical coal and 3.1 million tons of seaborne thermal coal. U.S. Mining revenues increased to $985.0 million as a 10 percent increase in Western shipments overcame a 7 percent decline in U.S. revenues per ton.

Australian Mining Adjusted EBITDA of $1.8 million reflects the impact of approximately $70 million from lower pricing. Australian unit costs improved 4 percent and mitigated the impact of port logistic issues and lower metallurgical coal production compared to the prior year. U.S. Mining Adjusted EBITDA totaled $252.6 million as higher volumes and a 4 percent reduction in costs per ton largely offset a decline in realized pricing.

Trading and Brokerage Adjusted EBITDA totaled ($1.9) million including an arbitration charge of $15.6 million. Resource Management results totaled $9.5 million on the sale of surplus land in the Midwest.

Loss from Continuing Operations totaled $(44.3) million compared with $(10.3) million in the prior year. Results were affected by lower pre-tax earnings that were partly offset by a lower than expected $52.5 million income tax benefit. Diluted Loss from Continuing Operations totaled $(0.18) per share with Adjusted Diluted EPS of $(0.19) per share.


 

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