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Peabody Energy Announces Results For The Quarter Ended March 31, 2013

Number of visits: Date:6/26/2013 10:44:46
April 18, 2013. As per PRNewswire via COMTEX: Peabody Energy (NYSE: BTU) today reported first quarter 2013 revenues of $1.75 billion, leading to Adjusted EBITDA of $280.1 million. Loss from Continuing Operations totaled ($10.3 million) with Diluted and Adjusted Diluted Loss Per Share from Continuing Operations of ($0.05). "Peabody's first quarter results reflect the success of strong cost containment programs across the global platform," said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce. "We continue to aggressively reduce costs, exercise capital discipline, maximize cash flows and reduce debt. Within global markets, U.S. coal demand is rebounding, Chinese and Indian coal imports are rising, and additional production rationalization and project delays are taking place." RESULTS FROM PEABODY CONTINUING OPERATIONS First quarter revenues declined 14 percent to $1.75 billion on reduced U.S. shipments and lower Australian prices. Australian revenues totaled $738.0 million compared to $854.1 million in the prior year on a 32 percent decline in realized pricing per ton that was partly offset by a 26 percent increase in shipments. Australian sales totaled 8.3 million tons, including 3.6 million tons of metallurgical coal and 2.7 million tons of seaborne thermal coal. U.S. revenues of $976.8 million decreased 12 percent from the prior year, driven by a 6.0 million ton decline in U.S. shipments. Adjusted EBITDA totaled $280.1 million compared with $511.5 million in the prior year. Australian Mining Adjusted EBITDA of $100.4 million was impacted by approximately $250 million related to lower pricing, partly offset by higher volumes and lower costs per ton. Australian costs declined 10 percent to $77.15 per ton on improved productivity from PCI mines, higher production from expanded operations and cost reduction initiatives that more than offset external cost pressures and owner-operator transition costs. U.S. Mining Adjusted EBITDA totaled $272.8 million, as cost containment actions limited cost increases per ton despite lower volumes. Loss from Continuing Operations totaled ($10.3 million) compared with Income from Continuing Operations of $183.0 million in the prior year. Results were affected by lower pre-tax earnings as well as higher depreciation, depletion and amortization expenses. Diluted Loss from Continuing Operations totaled ($0.05) per share with comparable results in Adjusted Diluted Loss from Continuing Operations.

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