Skip to main content

Cloud Peak announces 2Q16 profit

Published by , Editor
World Coal,


Cloud Peak Energy announced positive second quarter results, making a profit of US$35.3 million compared to a loss of US$52.9 million in 2Q15. Year-to-date, the company remains just in the red with a loss of US$1.1 million compared to a loss of US$57.6 million last year.

“Increasing natural gas prices and a warm start to the summer are beginning to improve the overall outlook towards the coal industry,” said Cloud Peak’s President and CEO, Colin Marshall. “After very low shipments in April and May, we started to see improved shipments in June and are optimistic this trend will continue during the second half of the year.”

Cloud Peak also benefited from contract buyouts from three customers and the impact of reduced reclamation cost assumptions on its asset retirement obligations. The company’s operations remained cashflow negative, however, losing US$11.6 million compared to US$17.1 million last year.

Total revenue in 2Q16 was US$174.2 million, compared to US$244.1 million last year, on production of 11.9 million short t. Year-to-date production stands at 24.9 million short t – down from 35.8 million short t last year.

Edited by .

Read the article online at: https://www.worldcoal.com/coal/29072016/cloud-peak-announces-2q16-profit-2016-2113/

You might also like

EMI

Electrification in Mining virtual conference

Join us on 16 April 2024 for Global Mining Review's first Electrification in Mining event is an interactive virtual conference, focusing on electrification as the future of sustainable mining and exploring the innovative approaches and technologies being developed to facilitate its implementation.

Register for FREE »

 
 
 

Embed article link: (copy the HTML code below):