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Peabody Reports Results For Quarter Ended June 30, 2024

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Peabody (NYSE: BTU) reported net income of $199.4 million ($1.42 per diluted share) for Q2 2024, up from $179.2 million in Q2 2023. Adjusted EBITDA was $309.7 million, including $80.8 million from an insurance settlement. Key highlights:

- Achieved first development coal at Centurion project
- Increased Seaborne Thermal revenue and margins
- Reached $109.5 million insurance settlement for Shoal Creek
- Announced additional $100 million for share repurchases
- Declared $0.075 per share dividend

Peabody maintained strong cost discipline in U.S. Thermal operations and expects higher PRB volumes in H2 2024. The company has returned $480.1 million to shareholders through buybacks and dividends since restarting its return program.

Peabody (NYSE: BTU) ha riportato un utile netto di 199,4 milioni di dollari (1,42 dollari per azione diluita) per il secondo trimestre del 2024, in aumento rispetto ai 179,2 milioni di dollari del secondo trimestre del 2023. L'EBITDA rettificato è stato di 309,7 milioni di dollari, inclusi 80,8 milioni di dollari da un accordo assicurativo. Punti salienti:

- Raggiunto il primo carbone di sviluppo nel progetto Centurion
- Aumento dei ricavi e dei margini del carbone termico marittimo
- Raggiunto un accordo assicurativo di 109,5 milioni di dollari per Shoal Creek
- Annunciato un ulteriore programma di riacquisto di azioni da 100 milioni di dollari
- Dichiarato un dividendo di 0,075 dollari per azione

Peabody ha mantenuto una forte disciplina dei costi nelle operazioni termiche negli Stati Uniti e si aspetta volumi più elevati nel PRB nel secondo semestre del 2024. L'azienda ha restituito 480,1 milioni di dollari agli azionisti tramite riacquisti e dividendi da quando ha ripreso il suo programma di restituzione.

Peabody (NYSE: BTU) reportó ingresos netos de 199.4 millones de dólares (1.42 dólares por acción diluida) para el segundo trimestre de 2024, un aumento respecto a los 179.2 millones de dólares en el segundo trimestre de 2023. El EBITDA ajustado fue de 309.7 millones de dólares, incluyendo 80.8 millones de dólares de un acuerdo de seguros. Puntos destacados:

- Se logró el primer carbón de desarrollo en el proyecto Centurion
- Aumento de ingresos y márgenes de carbón térmico marítimo
- Se alcanzó un acuerdo de seguros de 109.5 millones de dólares para Shoal Creek
- Anuncio de 100 millones de dólares adicionales para la recompra de acciones
- Se declaró un dividendo de 0.075 dólares por acción

Peabody mantuvo una fuerte disciplina de costos en operaciones térmicas en EE. UU. y espera un mayor volumen en PRB en la segunda mitad de 2024. La compañía ha devuelto 480.1 millones de dólares a los accionistas a través de recompras y dividendos desde que reinició su programa de retornos.

피바디(Peabody; NYSE: BTU)는 2024년 2분기에 순이익 1억 9,940만 달러 (주당 희석 기준 1.42달러)를 보고했으며, 이는 2023년 2분기의 1억 7,920만 달러에서 증가한 수치입니다. 조정된 EBITDA는 3억 9,700만 달러로, 이 중 8,080만 달러는 보험 합의금입니다. 주요 내용:

- 센튜리온 프로젝트에서 첫 번째 개발 석탄 달성
- 해상 열수익 및 마진 증가
- 쇼얼 크릭에 대해 1억 9,500만 달러의 보험 합의 도달
- 추가로 1억 달러의 자사주 매입 발표
- 주당 0.075달러 배당금 선언

피바디는 미국 열 운영에서 강력한 비용 관리를 유지했으며, 2024년 하반기 PRB 물량 증가를 예상하고 있습니다. 회사는 반환 프로그램을 재개한 이후 자사주 매입과 배당금을 통해 주주에게 4억 8,010만 달러를 반환했습니다.

Peabody (NYSE: BTU) a annoncé un résultat net de 199,4 millions de dollars (1,42 dollar par action diluée) pour le 2e trimestre 2024, en hausse par rapport aux 179,2 millions de dollars du 2e trimestre 2023. L'EBITDA ajusté s'élevait à 309,7 millions de dollars, comprenant 80,8 millions de dollars provenant d'un règlement d'assurance. Points clés :

- Premier charbon de développement atteint au projet Centurion
- Augmentation des revenus et des marges du charbon thermique maritime
- Accord d'assurance de 109,5 millions de dollars pour Shoal Creek
- Annonce de 100 millions de dollars supplémentaires pour le rachat d'actions
- Dividende de 0,075 dollar par action déclaré

Peabody a maintenu une discipline de coût rigoureuse dans ses opérations thermiques aux États-Unis et s'attend à des volumes plus élevés au PRB au deuxième semestre 2024. L'entreprise a remis 480,1 millions de dollars aux actionnaires à travers des rachats d'actions et des dividendes depuis la reprise de son programme de retour.

Peabody (NYSE: BTU) berichtete von einem Nettoergebnis von 199,4 Millionen US-Dollar (1,42 US-Dollar pro verwässerter Aktie) für das 2. Quartal 2024, was einem Anstieg gegenüber 179,2 Millionen US-Dollar im 2. Quartal 2023 entspricht. Das bereinigte EBITDA betrug 309,7 Millionen US-Dollar, einschließlich 80,8 Millionen US-Dollar aus einer Versicherungsvereinbarung. Wichtige Höhepunkte:

- Erster Entwicklungskohle im Projekt Centurion erreicht
- Steigerung der Einnahmen und Margen im Seebodenwärmesektor
- 109,5 Millionen US-Dollar Versicherungszahlung für Shoal Creek erreicht
- Weitere 100 Millionen US-Dollar für Aktienrückkäufe angekündigt
- Dividende von 0,075 US-Dollar je Aktie erklärt

Peabody hielt eine strenge Kostenkontrolle in den thermischen US-Betrieben und erwartet höhere PRB-Volumina in der zweiten Hälfte von 2024. Das Unternehmen hat seit Wiederaufnahme seines Rückzahlungprogramms 480,1 Millionen US-Dollar an die Aktionäre durch Aktienrückkäufe und Dividenden zurückgegeben.

Positive
  • Net income increased to $199.4 million in Q2 2024 from $179.2 million in Q2 2023
  • Achieved first development coal at Centurion project, on track for Q4 2024 shipments
  • Reached $109.5 million insurance settlement for Shoal Creek
  • Announced additional $100 million for share repurchases
  • Increased Seaborne Thermal revenue and Adjusted EBITDA margin per ton
  • Maintained strong cost discipline at U.S. Thermal operations
Negative
  • Adjusted EBITDA decreased to $309.7 million in Q2 2024 from $358.2 million in Q2 2023
  • Lowered full-year Seaborne Metallurgical volume guidance by 600,000 tons due to geological challenges
  • Reduced full-year PRB volume guidance by 5 million tons
  • Increased expected costs for Seaborne Metallurgical segment to $118-$128 per ton

Peabody's Q2 2024 results demonstrate a mixed performance across its coal segments. The $199.4 million net income and $309.7 million Adjusted EBITDA reflect resilience in a challenging market. However, the Adjusted EBITDA includes a significant $80.8 million insurance settlement, masking potential underlying weaknesses.

The seaborne thermal segment showed improvement, with a 7.5% increase in Adjusted EBITDA margin per ton compared to Q1. This suggests better operational efficiency and potentially improved market conditions. The seaborne metallurgical segment benefited from increased shipments and lower costs, though the $80.8 million insurance recovery significantly boosted its performance.

The U.S. thermal segments faced challenges, with the Powder River Basin seeing reduced volumes and slightly higher costs. The Other U.S. Thermal segment maintained cost discipline but saw lower margins compared to the previous year.

The $100 million commitment for additional share repurchases signals management's confidence in future cash flows. However, investors should note that the company's Available Free Cash Flow (AFCF) for the first half of 2024 was negative $225.6 million, primarily due to high investing cash outflows.

The Centurion project's progress is a positive long-term factor, but it's also a significant capital expenditure that impacts current cash flows. The revised full-year guidance, particularly the reduced volume expectations for PRB and seaborne metallurgical segments, suggests ongoing operational challenges that may impact future results.

Peabody's Q2 results reflect the complex dynamics of the global coal market. The company's diverse portfolio across thermal and metallurgical coal, as well as its geographic spread, provides some insulation against regional market fluctuations.

The seaborne thermal segment's improved performance, with higher export volumes and better margins, suggests a potential strengthening in the international thermal coal market. This could be driven by increased energy demand in key Asian markets as economies recover post-pandemic.

However, the U.S. thermal coal market appears more challenging. The reduced volume guidance for the Powder River Basin segment (75-82 million tons, down 5 million tons) indicates continued pressure on domestic thermal coal demand, likely due to competition from natural gas and renewables.

The seaborne metallurgical coal segment's performance is encouraging, but the lowered full-year volume guidance (7.2-7.6 million tons, down 600,000 tons) due to geological challenges at CMJV highlights the operational risks inherent in mining.

The progress of the Centurion project is a key factor for long-term growth. With its expected premium hard coking coal production, it could position Peabody favorably in the metallurgical coal market, especially given the potential for infrastructure spending in major economies.

The company's share repurchase program and dividend payments demonstrate a commitment to shareholder returns, but the negative AFCF in the first half of 2024 raises questions about the sustainability of this approach if operational challenges persist.

Announced $100 Million for Additional Share Repurchases

Achieved First Development Coal at Centurion

ST. LOUIS, Aug. 1, 2024 /PRNewswire/ -- Peabody (NYSE: BTU) today reported net income attributable to common stockholders of $199.4 million, or $1.42 per diluted share, for the second quarter of 2024, compared to $179.2 million, or $1.15 per diluted share in the prior year quarter.  Peabody had Adjusted EBITDA1 of $309.7 million in the second quarter of 2024, which included $80.8 million from an insurance settlement compared to $358.2 million in the prior year quarter.

"Our operations performed safely, while achieving results in-line with expectations across all four segments.  With a strong outlook for free cash flow in the second half of 2024, we have committed $100 million for additional share buybacks," said Peabody President and Chief Executive Officer Jim Grech.  "Development at Centurion remains on plan, with initial underground development rates exceeding expectations.  We reached first development coal in the second quarter and expect to ship to customers beginning in the fourth quarter of 2024."

Highlights

  • Reported second quarter Adjusted EBITDA of $309.7 million

  • Achieved first development coal at Centurion; second continuous miner commissioned in July

  • Increased Seaborne Thermal revenue and Adjusted EBITDA margin per ton

  • Reached $109.5 million insurance settlement at Shoal Creek

  • Maintained strong cost discipline at U.S. Thermal operations

  • Announced an additional $100 million for share repurchases

  • Declared a dividend on common stock of $0.075 per share on August 1, 2024

_________________________________________

1 Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA margin is equal to segment Adjusted EBITDA (excluding insurance recoveries) divided by segment revenue. Revenue per Ton and Adjusted EBITDA Margin per Ton are equal to revenue by segment and Adjusted EBITDA by segment (excluding insurance recoveries), respectively, divided by segment tons sold. Costs per Ton is equal to Revenue per Ton less Adjusted EBITDA Margin per Ton. Management believes Costs per Ton and Adjusted EBITDA Margin per Ton best reflect controllable costs and operating results at the reporting segment level. We consider all measures reported on a per ton basis, as well as Adjusted EBITDA margin, to be operating/statistical measures. Please refer to the tables and related notes herein for a reconciliation of non-GAAP financial measures.


Second Quarter Segment Performance

Seaborne Thermal


Quarter Ended


Six Months Ended


Jun.


Mar.


Jun.


Jun.


Jun.


2024


2024


2023


2024


2023

Tons sold (in millions)

4.1


4.0


4.0


8.1


7.6

Export

2.7


2.5


2.6


5.2


4.7

Domestic

1.4


1.5


1.4


2.9


2.9

Revenue per Ton

$             74.43


$             71.24


$           100.59


$             72.86


$             98.81

Export - Avg. Realized Price per Ton

98.43


99.56


139.88


98.97


143.62

Domestic - Avg. Realized Price per Ton

26.69


26.33


23.76


26.50


24.44

Costs per Ton

49.14


47.71


50.88


48.44


50.94

Adjusted EBITDA Margin per Ton

$             25.29


$             23.53


$             49.71


$             24.42


$             47.87

Adjusted EBITDA (in millions)

$             104.4


$               93.8


$             197.5


$             198.2


$             361.5











Peabody expected seaborne thermal volume of 4.1 million tons, including 2.7 million export tons, at costs of $45 to $50 per ton.  Second quarter results were in-line with expectations, increasing segment Adjusted EBITDA margin per ton by 7.5 percent compared to the first quarter due to higher export tons.  The segment reported Adjusted EBITDA margins of 34 percent and Adjusted EBITDA of $104.4 million.

Seaborne Metallurgical


Quarter Ended


Six Months Ended


Jun.


Mar.


Jun.


Jun.


Jun.


2024


2024


2023


2024


2023

Tons sold (in millions)

2.0


1.4


2.0


3.4


3.3

Revenue per Ton

$           149.29


$           172.60


$           190.13


$           159.10


$           202.33

Costs per Ton

117.47


138.83


137.78


126.46


143.14

Adjusted EBITDA Margin per Ton

$             31.82


$             33.77


$             52.35


$             32.64


$             59.19

Adjusted EBITDA, Excluding Insurance Recovery
     (in millions)

$               62.8


$               48.3


$             102.5


$             111.1


$             193.3

Shoal Creek Insurance Recovery (in millions)

$               80.8


$                  —


$                  —


$               80.8


$                  —

Adjusted EBITDA (in millions)

$             143.6


$               48.3


$             102.5


$             191.9


$             193.3











Peabody expected seaborne met volume of 1.9 million tons at costs of $110 to $120 per ton.  Second quarter shipments were above expectations and increased 600 thousand tons compared to the first quarter following a successful longwall move at Metropolitan, which also significantly improved costs per ton.  Peabody successfully reached a $109.5 million settlement for property loss and business disruption sustained at Shoal Creek in 2023. Peabody has included $80.8 million in second quarter segment Adjusted EBITDA after previously reporting a $28.7 million provision for Shoal Creek Property losses.  The segment reported Adjusted EBITDA margins of 21 percent (excluding insurance recovery) and Adjusted EBITDA of $143.6 million.

Powder River Basin


Quarter Ended


Six Months Ended


Jun.


Mar.


Jun.


Jun.


Jun.


2024


2024


2023


2024


2023

Tons sold (in millions)

15.8


18.7


18.9


34.5


40.9

Revenue per Ton

$             14.02


$             13.62


$             13.71


$             13.80


$             13.80

Costs per Ton

12.89


12.74


12.33


12.81


12.28

Adjusted EBITDA Margin per Ton

$               1.13


$               0.88


$               1.38


$               0.99


$               1.52

Adjusted EBITDA (in millions)

$               17.8


$               16.4


$               26.2


$               34.2


$               62.0











Peabody expected PRB volume of 15.5 million tons at costs of $12.75 to $13.75 per ton.  The segment achieved costs at the low end of guidance due to continued cost containment measures.  Shipments increased as the quarter progressed, confirming expectations for higher volumes in the second half of the year.  The segment reported Adjusted EBITDA of $17.8 million.

Other U.S. Thermal


Quarter Ended


Six Months Ended


Jun.


Mar.


Jun.


Jun.


Jun.


2024


2024


2023


2024


2023

Tons sold (in millions)

3.7


3.2


3.8


6.9


8.3

Revenue per Ton

$             55.21


$             59.75


$             53.63


$             57.33


$             54.23

Costs per Ton

45.53


45.25


39.71


45.40


40.22

Adjusted EBITDA Margin per Ton

$               9.68


$             14.50


$             13.92


$             11.93


$             14.01

Adjusted EBITDA (in millions)

$               35.4


$               46.5


$               51.9


$               81.9


$             116.1











Peabody expected Other U.S. Thermal volume of 3.8 million tons at costs of approximately $44 to $48 per ton.  Peabody delivered 3.7 million tons at costs of $45.53 per ton, in-line with expectations.  The segment reported Adjusted EBITDA of $35.4 million.

Centurion Update

Our world class hard coking coal growth project in Australia continues to advance on time and on budget.  We produced the first development coal in the second quarter and commissioned the second continuous miner in July.  We expect to ship first coal in the fourth quarter of 2024 and remain on track to commence longwall production in the first quarter of 2026.  Approximately $200 million of the $489 million of capital expenditures to reach longwall production has been completed as of June 30, 2024. 

Centurion is expected to have a mine life in excess of 25 years and average annual longwall production of 4.7 million tons.  The benchmark premium hard coking coal from Centurion is expected to receive a premium price relative to other metallurgical coals.  

Shareholder Return Program

Since restarting our shareholder return program, the company has returned $480.1 million to shareholders through share repurchases of $430.4 million, or 13.4% of shares outstanding, and cumulative quarterly cash dividends of $49.7 million.  At June 30, Peabody had $569.6 million remaining under its existing $1.0 billion share repurchase program. 

On August 1, 2024, we committed an additional $100 million for share repurchases in 2024 following the continued successful advancement at Centurion, settlement of the Shoal Creek insurance claim and a favorable free cash flow outlook for the remainder of the year. 

The company declared a $0.075 per share dividend on August 1, 2024.


Six Months Ended


Year Ended


Jun.


Dec.


2024


2023


(Dollars in millions)

Net Cash Provided by Operating Activities:

$                      126.8


$                   1,035.5

  - Net Cash Used in Investing Activities

(316.8)


(342.6)

  - Distributions to Noncontrolling Interest

(18.5)


(59.0)

  +/- Changes to Restricted Cash and Collateral (1)

(17.1)


90.2

  - Anticipated Expenditures or Other Requirements

—


—

Available Free Cash Flow (AFCF) (2)

$                     (225.6)


$                      724.1





Amount Allocated to Shareholder Returns

$                      118.8


$                      470.7





(1) This amount is equal to the total change in Restricted Cash and Collateral on the balance sheet, excluding partially offsetting amounts
included in operating cash flow consisting of an inflow of $150 million and an outflow of $200 million for the six months ended June 30, 2024
and the year ended December 31, 2023, respectively.

(2) AFCF is a non-GAAP financial measure defined as operating cash flow less investing cash flow and distributions to noncontrolling interests;
plus/minus changes to restricted cash and collateral and other anticipated expenditures. Available Free Cash Flow is used by management as
a measure of our ability to generate excess cash flow from our business. The Company's policy is to return at least 65% of annual AFCF to
shareholders.


2024 Outlook   

Seaborne Thermal

  • Full year volume has been increased by 500 thousand tons to 15.7-16.2 million tons due to anticipated additional high ash coal production at Wilpinjong.
  • Third quarter volume is expected to be 4.0 million tons, including 2.5 million export tons. 600 thousand export tons are priced at $120.45 per ton, and 1.0 million tons of Newcastle product and 0.9 million tons of high ash product are unpriced. Costs are anticipated to be $48-$53 per ton.

Seaborne Metallurgical

  • Full year volume has been lowered by 600 thousand tons to 7.2-7.6 million tons primarily because of anticipated challenging geological conditions at the CMJV. As a result, full year costs are now expected to be $118-$128 per ton.
  • Third quarter volume is anticipated to be 1.7 million tons and is expected to achieve 70 to 80 percent of the premium hard coking coal price index. Costs are anticipated to be $120-$130 per ton.

U.S. Thermal

  • Full year PRB volume has been lowered 5 million tons to 75-82 million tons.
  • Third quarter PRB volume is expected to be 21.5 millions tons at an average price of $13.75 per ton and costs of approximately $11.50-$12.50 per ton.
  • Third quarter Other U.S. Thermal volume is expected to be 4.0 million tons at an average price of $54.10 per ton and costs of approximately $44-$48 per ton.

Today's earnings call is scheduled for 10 a.m. CT and can be accessed via the company's website at PeabodyEnergy.com.

Peabody (NYSE: BTU) is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel.  Our commitment to sustainability underpins everything we do and shapes our strategy for the future.  For further information, visit PeabodyEnergy.com. 

Contact:

Karla Kimrey
314.342.7890

Guidance Targets 


Segment Performance








2024 Full Year



Total Volume
(millions of short tons)

Priced Volume
(millions of short tons)

Priced Volume
Pricing per Short Ton

Average Cost per
Short Ton

Seaborne Thermal

15.7 - 16.2

12

$65.09

$45.00 - $50.00

Seaborne Thermal (Export)

9.8 - 10.3

6.2

$101.93

NA

Seaborne Thermal (Domestic)

5.9

5.9

$26.30

NA

Seaborne Metallurgical

7.2 - 7.6

3.7

$158.00

$118.00 - $128.00

PRB U.S. Thermal

75 - 82

85

$13.70

$11.75 - $12.50

Other U.S. Thermal

14.5 - 15.5

15.2

$54.20

$41.00 - $45.00






Other Annual Financial Metrics ($ in millions)



2024 Full Year




SG&A

$90




Total Capital Expenditures

$375




Major Project Capital Expenditures

$235




Sustaining Capital Expenditures

$140




ARO Cash Spend

$50










Supplemental Information







Seaborne Thermal

~50% of unpriced export volumes are expected to price on average at
Globalcoal "NEWC" levels and ~50% are expected to have a higher ash
content and price at 80-95% of API 5 price levels.



Seaborne Metallurgical

On average, Peabody's metallurgical sales are anticipated to price at 70-80%
of the premium hard-coking coal index price (FOB Australia).



PRB and Other U.S. Thermal

PRB and Other U.S. Thermal volumes reflect volumes priced at June 30, 2024.
Weighted average quality for the PRB segment 2024 volume is approximately
8670 BTU.


Certain forward-looking measures and metrics presented are non-GAAP financial and operating/statistical measures. Due to the volatility and variability of certain items needed to reconcile these measures to their nearest GAAP measure, no reconciliation can be provided without unreasonable cost or effort.

Condensed Consolidated Statements of Operations (Unaudited)





For the Quarters Ended Jun. 30, 2024, Mar. 31, 2024 and Jun. 30, 2023 and the Six
Months Ended Jun. 30, 2024 and 2023















(In Millions, Except Per Share Data)













Quarter Ended


Six Months Ended




Jun.


Mar.


Jun.


Jun.


Jun.




2024


2024


2023


2024


2023














Tons Sold

25.6


27.4


28.9


53.0


60.4














Revenue

$       1,042.0


$         983.6


$       1,268.8


$       2,025.6


$       2,632.8


Operating Costs and Expenses (1)

803.9


814.2


862.0


1,618.1


1,708.6


Depreciation, Depletion and Amortization

82.9


79.8


80.6


162.7


156.9


Asset Retirement Obligation Expenses

12.9


12.9


15.5


25.8


30.9


Selling and Administrative Expenses

22.1


22.0


21.7


44.1


44.5


Restructuring Charges

0.1


0.1


2.0


0.2


2.1


Other Operating (Income) Loss:











Net Gain on Disposals

(7.5)


(2.1)


(5.2)


(9.6)


(7.1)


Asset Impairment

—


—


—


—


2.0


Provision for NARM and Shoal Creek Losses

1.9


1.8


33.7


3.7


33.7


Shoal Creek Insurance Recovery

(109.5)


—


—


(109.5)


—


Loss (Income) from Equity Affiliates

1.3


3.7


(2.3)


5.0


(4.1)


Operating Profit

233.9


51.2


260.8


285.1


665.3


Interest Expense, Net of Capitalized Interest

10.7


14.7


13.3


25.4


31.7


Net Loss on Early Debt Extinguishment

—


—


2.0


—


8.8


Interest Income

(16.8)


(19.2)


(23.1)


(36.0)


(36.2)


Net Periodic Benefit Credit, Excluding Service Cost

(10.2)


(10.1)


(9.7)


(20.3)


(19.4)


Income from Continuing Operations Before Income Taxes

250.2


65.8


278.3


316.0


680.4


Income Tax Provision

39.4


20.1


74.2


59.5


192.2


Income from Continuing Operations, Net of Income Taxes

210.8


45.7


204.1


256.5


488.2


Loss from Discontinued Operations, Net of Income Taxes

(1.6)


(0.7)


(1.3)


(2.3)


(2.6)


Net Income

209.2


45.0


202.8


254.2


485.6


Less: Net Income Attributable to Noncontrolling Interests

9.8


5.4


23.6


15.2


37.9


Net Income Attributable to Common Stockholders

$         199.4


$           39.6


$         179.2


$         239.0


$         447.7














Adjusted EBITDA (2)

$         309.7


$         160.5


$         358.2


$         470.2


$         748.8













Diluted EPS - Income from Continuing Operations (3)(4)

$           1.43


$           0.30


$           1.16


$           1.72


$           2.85














Diluted EPS - Net Income Attributable to Common Stockholders (3)

$           1.42


$           0.29


$           1.15


$           1.70


$           2.83



(1)

Excludes items shown separately.

(2)

Adjusted EBITDA is a non-GAAP financial measure. Refer to the "Reconciliation of Non-GAAP Financial Measures" section in this document for
definitions and reconciliations to the most comparable measures under U.S. GAAP.

(3)

Weighted average diluted shares outstanding were 142.8 million, 144.9 million and 159.0 million during the quarters ended June 30, 2024, March
31, 2024 and June 30, 2023, respectively. Weighted average diluted shares outstanding were 143.8 million and 160.2 million during the six months 
ended June 30, 2024 and 2023, respectively. 

(4)

Reflects income from continuing operations, net of income taxes less net income attributable to noncontrolling interests.

This information is intended to be reviewed in conjunction with the company's filings with the SEC.

 

Condensed Consolidated Balance Sheets


As of Jun. 30, 2024 and Dec. 31, 2023






(Dollars In Millions)






(Unaudited)





Jun. 30, 2024


Dec. 31, 2023

Cash and Cash Equivalents

$             621.7


$             969.3

Accounts Receivable, Net

511.6


389.7

Inventories, Net

422.1


351.8

Other Current Assets

296.8


308.9

Total Current Assets

1,852.2


2,019.7

Property, Plant, Equipment and Mine Development, Net

3,003.1


2,844.1

Operating Lease Right-of-Use Assets

114.1


61.9

Restricted Cash and Collateral

825.1


957.6

Investments and Other Assets

83.8


78.8

Total Assets

$          5,878.3


$          5,962.1






Current Portion of Long-Term Debt

$               14.1


$               13.5

Accounts Payable and Accrued Expenses

729.1


965.5

Total Current Liabilities

743.2


979.0

Long-Term Debt, Less Current Portion

323.2


320.7

Deferred Income Taxes

47.3


28.6

Asset Retirement Obligations, Less Current Portion

645.9


648.6

Accrued Postretirement Benefit Costs

144.8


148.4

Operating Lease Liabilities, Less Current Portion

88.2


47.7

Other Noncurrent Liabilities

170.7


181.6

Total Liabilities

2,163.3


2,354.6






Common Stock

1.9


1.9

Additional Paid-in Capital

3,987.2


3,983.0

Treasury Stock

(1,825.5)


(1,740.2)

Retained Earnings

1,332.5


1,112.7

Accumulated Other Comprehensive Income

161.7


189.6

Peabody Energy Corporation Stockholders' Equity

3,657.8


3,547.0

Noncontrolling Interests

57.2


60.5

Total Stockholders' Equity

3,715.0


3,607.5

Total Liabilities and Stockholders' Equity

$          5,878.3


$          5,962.1






This information is intended to be reviewed in conjunction with the company's filings with the SEC.

 

Condensed Consolidated Statements of Cash Flows (Unaudited)


For the Quarters Ended Jun. 30, 2024, Mar. 31, 2024 and Jun. 30, 2023 and the Six
Months Ended Jun. 30, 2024 and 2023











(Dollars In Millions)











Quarter Ended


Six Months Ended


Jun.


Mar.


Jun.


Jun.


Jun.


2024


2024


2023


2024


2023

Cash Flows From Operating Activities










Net Cash Provided By Continuing Operations

$             9.7


$         120.3


$         355.8


$         130.0


$         745.2

Net Cash Used in Discontinued Operations

(1.9)


(1.3)


(2.4)


(3.2)


(5.5)

Net Cash Provided By Operating Activities

7.8


119.0


353.4


126.8


739.7

Cash Flows From Investing Activities










Additions to Property, Plant, Equipment and Mine Development

(105.6)


(61.4)


(66.6)


(167.0)


(122.3)

Changes in Accrued Expenses Related to Capital Expenditures

(6.9)


(6.8)


(3.8)


(13.7)


(5.4)

Wards Well Acquisition

(143.8)


—


—


(143.8)


—

Insurance Proceeds Attributable to Shoal Creek Equipment Losses

5.6


—


—


5.6


—

Proceeds from Disposal of Assets, Net of Receivables

13.1


2.4


9.1


15.5


12.0

Contributions to Joint Ventures

(170.7)


(202.8)


(164.6)


(373.5)


(370.8)

Distributions from Joint Ventures

167.4


193.2


163.8


360.6


365.8

Other, Net

(0.7)


0.2


0.6


(0.5)


0.7

Net Cash Used In Investing Activities

(241.6)


(75.2)


(61.5)


(316.8)


(120.0)

Cash Flows From Financing Activities










Repayments of Long-Term Debt

(2.4)


(2.2)


(2.1)


(4.6)


(4.8)

Payment of Debt Issuance and Other Deferred Financing Costs

(0.3)


(10.8)


—


(11.1)


(0.3)

Common Stock Repurchases

—


(83.1)


(173.0)


(83.1)


(173.0)

Repurchase of Employee Common Stock Relinquished for Tax Withholding

(0.7)


(3.4)


(0.5)


(4.1)


(13.7)

Dividends Paid

(9.4)


(9.7)


(10.8)


(19.1)


(10.8)

Distributions to Noncontrolling Interests

—


(18.5)


—


(18.5)


(22.8)

Net Cash Used In Financing Activities

(12.8)


(127.7)


(186.4)


(140.5)


(225.4)

Net Change in Cash, Cash Equivalents and Restricted Cash

(246.6)


(83.9)


105.5


(330.5)


394.3

Cash, Cash Equivalents and Restricted Cash at Beginning of Period

1,566.3


1,650.2


1,706.4


1,650.2


1,417.6

Cash, Cash Equivalents and Restricted Cash at End of Period

$       1,319.7


$       1,566.3


$       1,811.9


$       1,319.7


$       1,811.9











This information is intended to be reviewed in conjunction with the company's filings with the SEC.

 

Reconciliation of Non-GAAP Financial Measures (Unaudited)



For the Quarters Ended Jun. 30, 2024, Mar. 31, 2024 and Jun. 30, 2023 and the Six
Months Ended Jun. 30, 2024 and 2023













(Dollars In Millions)






















Note: Management believes that non-GAAP performance measures are used by investors to measure our operating performance. These
measures are not intended to serve as alternatives to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures
presented by other companies.












Quarter Ended


Six Months Ended




Jun.


Mar.


Jun.


Jun.


Jun.




2024


2024


2023


2024


2023














Income from Continuing Operations, Net of Income Taxes

$         210.8


$           45.7


$         204.1


$         256.5


$         488.2


Depreciation, Depletion and Amortization

82.9


79.8


80.6


162.7


156.9


Asset Retirement Obligation Expenses

12.9


12.9


15.5


25.8


30.9


Restructuring Charges

0.1


0.1


2.0


0.2


2.1


Asset Impairment

—


—


—


—


2.0


Provision for NARM and Shoal Creek Losses

1.9


1.8


33.7


3.7


33.7


Shoal Creek Insurance Recovery - Property Damage

(28.7)


—


—


(28.7)


—


Changes in Amortization of Basis Difference Related to Equity
     Affiliates

(0.3)


(0.4)


(0.4)


(0.7)


(0.7)


Interest Expense, Net of Capitalized Interest

10.7


14.7


13.3


25.4


31.7


Net Loss on Early Debt Extinguishment

—


—


2.0


—


8.8


Interest Income

(16.8)


(19.2)


(23.1)


(36.0)


(36.2)


Unrealized Gains on Derivative Contracts Related to
      Forecasted Sales

—


—


(40.3)


—


(159.0)


Unrealized (Gains) Losses on Foreign Currency Option
     Contracts

(2.4)


5.7


(2.8)


3.3


(0.6)


Take-or-Pay Contract-Based Intangible Recognition

(0.8)


(0.7)


(0.6)


(1.5)


(1.2)


Income Tax Provision

39.4


20.1


74.2


59.5


192.2


Adjusted EBITDA (1)

$         309.7


$         160.5


$         358.2


$         470.2


$         748.8














Operating Costs and Expenses

$         803.9


$         814.2


$         862.0


$       1,618.1


$       1,708.6


Unrealized Gains (Losses) on Foreign Currency Option
     Contracts

2.4


(5.7)


2.8


(3.3)


0.6


Take-or-Pay Contract-Based Intangible Recognition

0.8


0.7


0.6


1.5


1.2


Net Periodic Benefit Credit, Excluding Service Cost

(10.2)


(10.1)


(9.7)


(20.3)


(19.4)


Total Reporting Segment Costs (2)

$         796.9


$         799.1


$         855.7


$       1,596.0


$       1,691.0



(1)

Adjusted EBITDA is defined as income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation
expenses and depreciation, depletion and amortization. Adjusted EBITDA is also adjusted for the discrete items that management excluded in
analyzing each of our segment's operating performance, as displayed in the reconciliation above. Adjusted EBITDA is used by management as the
primary metric to measure each of our segment's operating performance and allocate resources.

(2)

Total Reporting Segment Costs is defined as operating costs and expenses adjusted for the discrete items that management excluded in analyzing
each of our segment's operating performance, as displayed in the reconciliation above. Total Reporting Segment Costs is used by management as
a component of a metric to measure each of our segment's operating performance.

This information is intended to be reviewed in conjunction with the company's filings with the SEC.

 

Supplemental Financial Data (Unaudited)


For the Quarters Ended Jun. 30, 2024, Mar. 31, 2024 and Jun. 30, 2023 and the Six
Months Ended Jun. 30, 2024 and 2023














Quarter Ended


Six Months Ended




Jun.


Mar.


Jun.


Jun.


Jun.




2024


2024


2023


2024


2023


Revenue Summary (In Millions)











Seaborne Thermal

$         307.5


$         283.9


$         399.5


$         591.4


$         746.0


Seaborne Metallurgical

294.3


247.0


372.5


541.3


660.9














Powder River Basin

221.9


254.1


259.7


476.0


565.0


Other U.S. Thermal

202.0


191.6


199.9


393.6


449.3


Total U.S. Thermal

423.9


445.7


459.6


869.6


1,014.3


Corporate and Other

16.3


7.0


37.2


23.3


211.6


Total

$       1,042.0


$         983.6


$       1,268.8


$       2,025.6


$       2,632.8














Total Reporting Segment Costs Summary (In Millions) (1)











Seaborne Thermal

$         203.1


$         190.1


$         202.0


$         393.2


$         384.5


Seaborne Metallurgical

231.5


198.7


270.0


430.2


467.6














Powder River Basin

204.1


237.7


233.5


441.8


503.0


Other U.S. Thermal

166.6


145.1


148.0


311.7


333.2


Total U.S. Thermal

370.7


382.8


381.5


753.5


836.2


Corporate and Other

(8.4)


27.5


2.2


19.1


2.7


Total

$         796.9


$         799.1


$         855.7


$       1,596.0


$       1,691.0














Other Supplemental Financial Data (In Millions)











Adjusted EBITDA - Seaborne Thermal

$         104.4


$           93.8


$         197.5


$         198.2


$         361.5


Adjusted EBITDA - Seaborne Metallurgical, Excluding Shoal
Creek Insurance Recovery

62.8


48.3


102.5


111.1


193.3


Shoal Creek Insurance Recovery - Business Interruption

80.8


—


—


80.8


—


Adjusted EBITDA - Seaborne Metallurgical

143.6


48.3


102.5


191.9


193.3














Adjusted EBITDA - Powder River Basin

17.8


16.4


26.2


34.2


62.0


Adjusted EBITDA - Other U.S. Thermal

35.4


46.5


51.9


81.9


116.1


Adjusted EBITDA - Total U.S. Thermal

53.2


62.9


78.1


116.1


178.1


Middlemount

1.9


(0.8)


3.7


1.1


6.0


Resource Management Results (2)

9.9


4.4


6.0


14.3


8.3


Selling and Administrative Expenses

(22.1)


(22.0)


(21.7)


(44.1)


(44.5)


Other Operating Costs, Net (3)

18.8


(26.1)


(7.9)


(7.3)


46.1


Adjusted EBITDA (1)

$         309.7


$         160.5


$         358.2


$         470.2


$         748.8



(1)

Total Reporting Segment Costs and Adjusted EBITDA are non-GAAP financial measures. Refer to the "Reconciliation of Non-GAAP Financial Measures"
section in this document for definitions and reconciliations to the most comparable measures under U.S. GAAP.

(2)

Includes gains (losses) on certain surplus coal reserve and surface land sales and property management costs and revenue.

(3)

Includes trading and brokerage activities, costs associated with post-mining activities, minimum charges on certain transportation-related contracts, costs
associated with suspended operations including the Centurion Mine and revenue of $19.2 million related to the Q1 2023 assignment of port and rail capacity.

This information is intended to be reviewed in conjunction with the company's filings with the SEC.


Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management's or the Board's current expectations or predictions of future conditions, events, or results. All statements that address operating performance, events, or developments that may occur in the future are forward-looking statements, including statements regarding the shareholder return framework, execution of the Company's operating plans, market conditions for the Company's products, reclamation obligations, financial outlook, potential acquisitions and strategic investments, and liquidity requirements. All forward-looking statements speak only as of the date they are made and reflect Peabody's good faith beliefs, assumptions, and expectations, but they are not guarantees of future performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond Peabody's control, that are described in Peabody's periodic reports filed with the SEC including its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023 and other factors that Peabody may describe from time to time in other filings with the SEC. You may get such filings for free at Peabody's website at www.peabodyenergy.com. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

Peabody. (PRNewsFoto/Peabody Energy)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/peabody-reports-results-for-quarter-ended-june-30-2024-302211663.html

SOURCE Peabody

FAQ

What was Peabody's net income for Q2 2024?

Peabody reported net income of $199.4 million, or $1.42 per diluted share, for Q2 2024.

How much did Peabody announce for additional share repurchases?

Peabody announced an additional $100 million for share repurchases.

What was the amount of the insurance settlement for Shoal Creek?

Peabody reached a $109.5 million insurance settlement for Shoal Creek.

When does Peabody expect to ship first coal from the Centurion project?

Peabody expects to ship first coal from Centurion in the fourth quarter of 2024.

What dividend did Peabody declare on August 1, 2024?

Peabody declared a dividend of $0.075 per share on August 1, 2024.

Stock BTU logo
Peabody Energy Corporation

NYSE:BTU

BTU Rankings

#1676 Ranked by Market Cap
#1663 Ranked by Dividends

BTU Latest News

Aug 1, 2024
Peabody Board Declares Dividend on Common Stock
Jul 16, 2024
Peabody to Announce Results for the Quarter Ended June 30, 2024
May 2, 2024
Peabody Reports Results For Quarter Ended March 31, 2024
May 2, 2024
Peabody Board Declares Dividend on Common Stock
Apr 16, 2024
Peabody Announces Completion of Wards Well Acquisition

BTU Stock Data

2.86B
125.90M
0.49%
92.9%
13.69%
Thermal Coal
Bituminous Coal & Lignite Surface Mining
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United States of America
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