Peabody reports 1Q19 earnings
Published by Claire Cuddihy,
Assistant Editor
World Coal,
Yesterday, Peabody announced its operating results for the first quarter of 2019, including revenues of US$1.25 billion; income from continuing operations, net of income taxes of US$133.3 million; net income attributable to common stockholders of US$124.2 million; diluted earnings per share from continuing operations of US$1.15; and Adjusted EBITDA of US$253.9 million.
"Peabody's first quarter was notable for the leading performance by our new Shoal Creek mine, significant margins in the seaborne thermal business and recognition of maximum North Goonyella insurance recoveries, which combined, overcame an unusual set of first quarter challenges across the logistics chain," said Peabody President and CEO Glenn Kellow.
"In light of our strong ongoing cash flow generating capabilities, Peabody also returned more than US$300 million in cash to shareholders during the quarter, which included deployment of another tool in the capital allocation kit through the payment of a US$1.85 per share supplemental dividend in March."
"Looking ahead, Peabody is implementing multiple strategies to create value," said Kellow.
"We are continuing to reweight our investments toward greater seaborne thermal and metallurgical coal access to capture higher-growth Asian demand. We are optimising our lowest-cost and highest-margin US thermal assets in a low-capital fashion to maximise cash generation. We are executing our financial approach of generating cash, maintaining financial strength, investing wisely and returning cash to shareholders."
Read the article online at: https://www.worldcoal.com/coal/02052019/peabody-reports-1q19-earnings/
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