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Peabody Reports Results For Quarter Ended September 30, 2024

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Peabody (BTU) reported Q3 2024 net income of $101.3 million ($0.74 per diluted share), compared to $119.9 million ($0.82 per diluted share) in Q3 2023. The company achieved Adjusted EBITDA of $224.8 million and generated operating cash flow of $359.9 million. Key highlights include completing $100 million in share repurchases, exceptional progress in Centurion development with 2,700 meters developed vs. planned 1,200 meters, and Powder River Basin volumes of 22.1 million tons. The company declared a dividend of $0.075 per share and provided an update on the Centurion project, which has an estimated NPV of $1.6 billion with a 25% internal rate of return.

Peabody (BTU) ha riportato un reddito netto nel terzo trimestre del 2024 di 101,3 milioni di dollari (0,74 dollari per azione diluita), rispetto a 119,9 milioni di dollari (0,82 dollari per azione diluita) nel terzo trimestre del 2023. L'azienda ha raggiunto un EBITDA rettificato di 224,8 milioni di dollari e ha generato un flusso di cassa operativo di 359,9 milioni di dollari. Tra i punti salienti ci sono stati il completamento di 100 milioni di dollari in riacquisti di azioni, un progresso eccezionale nello sviluppo di Centurion con 2.700 metri sviluppati contro i 1.200 metri pianificati, e volumi del Powder River Basin di 22,1 milioni di tonnellate. L'azienda ha dichiarato un dividendo di 0,075 dollari per azione e ha fornito un aggiornamento sul progetto Centurion, che ha un NPV stimato di 1,6 miliardi di dollari con un tasso di rendimento interno del 25%.

Peabody (BTU) reportó un ingreso neto en el tercer trimestre de 2024 de 101.3 millones de dólares (0.74 dólares por acción diluida), comparado con 119.9 millones de dólares (0.82 dólares por acción diluida) en el tercer trimestre de 2023. La compañía logró un EBITDA ajustado de 224.8 millones de dólares y generó un flujo de caja operativo de 359.9 millones de dólares. Los aspectos más destacados incluyen haber completado 100 millones en recompra de acciones, un progreso excepcional en el desarrollo de Centurion con 2,700 metros desarrollados en comparación con los 1,200 metros planeados, y volúmenes en la Cuenca de Powder River de 22.1 millones de toneladas. La compañía declaró un dividendo de 0.075 dólares por acción y proporcionó una actualización sobre el proyecto Centurion, que tiene un NPV estimado de 1.6 mil millones de dólares con una tasa interna de rendimiento del 25%.

피바디 (BTU)는 2024년도 3분기 순이익이 1억 130만 달러(희석 주당 0.74달러)로, 2023년도 3분기 1억 1990만 달러(희석 주당 0.82달러)와 비교되었다고 보고했다. 회사는 조정 EBITDA 2억 2480만 달러를 달성했고, 운영 현금 흐름 3억 5990만 달러를 생성했다. 주요 하이라이트로는 1억 달러의 자사주 매입 완료, 계획된 1200미터에 비해 2700미터가 개발되는 등 센튜리온 개발에서의 뛰어난 진전을 포함하며, 파우더 리버 분지에서의 물량은 2210만 톤에 달했다. 회사는 주당 0.075달러의 배당금을 선언했으며, 16억 달러의 NPV를 가진 센튜리온 프로젝트에 대한 업데이트를 제공했다. 이 프로젝트는 25%의 내부 수익률을 예상하고 있다.

Peabody (BTU) a annoncé un revenu net de 101,3 millions de dollars (0,74 dollar par action diluée) pour le troisième trimestre 2024, contre 119,9 millions de dollars (0,82 dollar par action diluée) pour le troisième trimestre 2023. L'entreprise a atteint un EBITDA ajusté de 224,8 millions de dollars et a généré un flux de trésorerie opérationnel de 359,9 millions de dollars. Parmi les points forts, on note la réalisation de 100 millions de dollars en rachat d'actions, des progrès exceptionnels dans le développement de Centurion avec 2 700 mètres développés contre 1 200 mètres prévus, et des volumes dans le bassin de Powder River de 22,1 millions de tonnes. L'entreprise a déclaré un dividende de 0,075 dollar par action et a fourni une mise à jour sur le projet Centurion, qui a un VAN estimé à 1,6 milliard de dollars avec un taux de rendement interne de 25 %.

Peabody (BTU) meldete für das 3. Quartal 2024 einen Nettogewinn von 101,3 Millionen Dollar (0,74 Dollar pro verwässerter Aktie), verglichen mit 119,9 Millionen Dollar (0,82 Dollar pro verwässerter Aktie) im 3. Quartal 2023. Das Unternehmen erreichte ein bereinigtes EBITDA von 224,8 Millionen Dollar und generierte einen operativen Cashflow von 359,9 Millionen Dollar. Zu den wichtigsten Highlights gehören der Abschluss von Aktienrückkäufen in Höhe von 100 Millionen Dollar, außergewöhnliche Fortschritte beim Centurion-Projekt mit 2.700 entwickelten Metern im Vergleich zu den geplanten 1.200 Metern sowie ein Volumen von 22,1 Millionen Tonnen im Powder River Basin. Das Unternehmen erklärte eine Dividende von 0,075 Dollar pro Aktie und gab ein Update zum Centurion-Projekt, das einen geschätzten NPV von 1,6 Milliarden Dollar mit einer internen Rendite von 25 % hat.

Positive
  • Completed $100 million in share repurchases during Q3
  • Generated strong operating cash flow of $359.9 million
  • Centurion development exceeded expectations by 125%
  • Powder River Basin volumes exceeded expectations at 22.1 million tons
  • Seaborne Thermal production increased by 300,000 tons
Negative
  • Net income decreased from $119.9M in Q3 2023 to $101.3M in Q3 2024
  • Seaborne Metallurgical Adjusted EBITDA declined from $78.6M to $27.8M year-over-year
  • Other U.S. Thermal Adjusted EBITDA decreased from $49.1M to $28.4M year-over-year

Insights

The Q3 2024 results show mixed performance with notable financial metrics: $101.3M net income ($0.74/share), down from $119.9M year-over-year and Adjusted EBITDA of $224.8M. Key positives include strong operating cash flow of $359.9M and completion of $100M share repurchases.

The Centurion project is exceeding development expectations, with $1.6B estimated NPV and 25% IRR. The company has invested $250M of $489M needed for longwall production by March 2026. Segment performance shows resilience in Seaborne Thermal with 38% EBITDA margins, while PRB volumes outperformed at 22.1M tons.

The shareholder return program remains robust with $469.6M remaining in the buyback program and continued quarterly dividends of $0.075 per share.

The coal market dynamics are reflected in Peabody's segment performance. Seaborne thermal prices show improvement with export realized prices increasing to $105.51 per ton. The strategic positioning in metallurgical coal through Centurion will transform Peabody into a leading met coal producer, diversifying revenue streams and potentially commanding premium pricing in Asian markets.

The guidance update indicates management's confidence in operational execution, with increased full-year volume targets for Seaborne Thermal. Capital expenditure revision to $425M reflects accelerated development strategy, signaling strong growth prospects despite near-term cost pressures in some segments.

Completed $100 Million of Share Repurchases

Centurion Development Making Exceptional Progress

ST. LOUIS, Oct. 31, 2024 /PRNewswire/ -- Peabody (NYSE: BTU) today reported net income attributable to common stockholders of $101.3 million, or $0.74 per diluted share, for the third quarter of 2024, compared to $119.9 million, or $0.82 per diluted share in the prior year quarter. Peabody had Adjusted EBITDA1 of $224.8 million in the third quarter of 2024.

"In the third quarter, we delivered strong operational and safety performance across all segments and completed $100 million of share repurchases," said Peabody President and Chief Executive Officer Jim Grech. "We continue to execute on our strategy and recently provided a comprehensive update on Centurion, repositioning Peabody as a leading metallurgical coal producer."

Highlights

  • Reported third quarter Adjusted EBITDA of $224.8 million and generated operating cash flow of $359.9 million
  • Centurion development rates continue to exceed expectations, developing 2,700 meters in the third quarter compared to a plan of 1,200 meters. First development coal was washed in September and first customer shipment is scheduled for the fourth quarter
  • Powder River Basin volumes were better than expected at 22.1 million tons
  • Seaborne Thermal production increased, adding approximately 300 thousand tons to saleable coal inventory during the quarter
  • Completed $100 million of share repurchases
  • Declared a dividend on common stock of $0.075 per share on October 31, 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.

Third Quarter Segment Performance 

Seaborne Thermal


Quarter Ended


Nine Months Ended


Sept.


Jun.


Sept.


Sept.


Sept.


2024


2024


2023


2024


2023

Tons sold (in millions)

4.1


4.1


4.2


12.2


11.8

Export

2.6


2.7


2.7


7.8


7.4

Domestic

1.5


1.4


1.5


4.4


4.4

Revenue per Ton

$             76.21


$             74.43


$             71.38


$             73.99


$             89.06

Export - Avg. Realized Price per Ton

105.51


98.43


99.55


101.13


127.67

Domestic - Avg. Realized Price per Ton

25.36


26.69


20.92


26.11


23.23

Costs per Ton

47.01


49.14


43.68


47.96


48.35

Adjusted EBITDA Margin per Ton

$             29.20


$             25.29


$             27.70


$             26.03


$             40.71

Adjusted EBITDA (in millions)

$             120.0


$             104.4


$             115.5


$             318.2


$             477.0

 

Peabody expected seaborne thermal volume of 4.0 million tons, including 2.5 million export tons, at costs of $48 to $53 per ton. Better than anticipated production and costs drove Adjusted EBITDA margin per ton higher by 15 percent compared to the second quarter. Higher production resulted in adding approximately 300 thousand tons to saleable coal inventory during the quarter. The segment reported Adjusted EBITDA margins of 38 percent and Adjusted EBITDA of $120.0 million.

Seaborne Metallurgical


Quarter Ended


Nine Months Ended


Sept.


Jun.


Sept.


Sept.


Sept.


2024


2024


2023


2024


2023

Tons sold (in millions)

1.7


2.0


1.5


5.1


4.8

Revenue per Ton

$           144.60


$           149.29


$           162.02


$           154.31


$           189.50

Costs per Ton

128.04


117.47


110.38


126.98


132.74

Adjusted EBITDA Margin per Ton

$             16.56


$             31.82


$             51.64


$             27.33


$             56.76

Adjusted EBITDA, Excluding Insurance Recovery (in millions)

$               27.8


$               62.8


$               78.6


$             138.9


$             271.9

Shoal Creek Insurance Recovery (in millions)

$                  —


$               80.8


$                  —


$               80.8


$                  —

Adjusted EBITDA (in millions)

$               27.8


$             143.6


$               78.6


$             219.7


$             271.9

 

Peabody expected seaborne met volume of 1.7 million tons at costs of $120 to $130 per ton. Third quarter shipments and costs were in-line with expectations. We opportunistically withheld nearly 90 thousand tons of shipments at Shoal Creek to avoid higher alternate logistics costs and weak market conditions for spot sales. The segment reported Adjusted EBITDA of $27.8 million and is positioned for a stronger fourth quarter.

Powder River Basin


Quarter Ended


Nine Months Ended


Sept.


Jun.


Sept.


Sept.


Sept.


2024


2024


2023


2024


2023

Tons sold (in millions)

22.1


15.8


22.7


56.6


63.6

Revenue per Ton

$             13.84


$             14.02


$             13.79


$             13.82


$             13.80

Costs per Ton

11.50


12.89


11.41


12.30


11.98

Adjusted EBITDA Margin per Ton

$               2.34


$               1.13


$               2.38


$               1.52


$               1.82

Adjusted EBITDA (in millions)

$               51.7


$               17.8


$               54.1


$               85.9


$             116.1

 

Peabody expected PRB volumes of 21.5 million tons at costs of $11.50 to $12.50 per ton. Better than expected customer nominations and continued focus on cost management increased Adjusted EBITDA margins to $2.34 per ton, more than double the second quarter. The segment reported Adjusted EBITDA margins of 17 percent and Adjusted EBITDA of $51.7 million.

Other U.S. Thermal


Quarter Ended


Nine Months Ended


Sept.


Jun.


Sept.


Sept.


Sept.


2024


2024


2023


2024


2023

Tons sold (in millions)

4.0


3.7


4.2


10.9


12.5

Revenue per Ton

$             53.52


$             55.21


$             53.89


$             55.92


$             54.12

Costs per Ton

46.50


45.53


42.28


45.81


40.92

Adjusted EBITDA Margin per Ton

$               7.02


$               9.68


$             11.61


$             10.11


$             13.20

Adjusted EBITDA (in millions)

$               28.4


$               35.4


$               49.1


$             110.3


$             165.2

 

Peabody expected Other U.S. Thermal volume of 4.0 million tons at costs of approximately $44 to $48 per ton. Peabody delivered 4.0 million tons at costs of $46.50 per ton, in-line with expectations. For the quarter, the segment reported Adjusted EBITDA margins of 13 percent and Adjusted EBITDA of $28.4 million.

Centurion Update

On October 14, 2024, Peabody provided a comprehensive update on the Centurion premium hard coking coal project (click here to view), estimating a net present value of $1.6 billion with a 25 percent internal rate of return. The project is expected to produce 4.7 million tons annually at first quartile costs over a 25 plus year mine life. Two continuous miner units are operational, first development coal was produced in June, first coal was washed in September and first customer shipment is scheduled for the fourth quarter. Peabody has invested $250 million of the projected $489 million needed to reach longwall production in March 2026. Centurion's benchmark premium hard coking coal from the Bowen Basin is highly attractive to customers in the Asian market, making Centurion a cornerstone asset in Peabody's global coal portfolio. 

Shareholder Return Program

During the third quarter of 2024, Peabody repurchased 4.5 million shares for a total of $100 million. The total repurchases for the year is 7.7 million shares totaling $180.4 million. Since recommencing the program in 2023, Peabody has repurchased 23.8 million shares for a total amount of $530.4 million, leaving $469.6 million remaining under its existing $1 billion share repurchase program.

The company declared a $0.075 per share dividend on October 31, 2024.


Nine Months Ended


Year Ended


Sept.


Dec.


2024


2023


(Dollars in millions)

Net Cash Provided by Operating Activities:

$                      486.7


$                   1,035.5

  - Net Cash Used in Investing Activities

(389.6)


(342.6)

  - Distributions to Noncontrolling Interest

(34.8)


(59.0)

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

(24.7)


90.2

  - Anticipated Expenditures or Other Requirements

—


—

Available Free Cash Flow (AFCF) (2)

$                        37.6


$                      724.1





Amount Allocated to Shareholder Returns

$                      127.9


$                      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 $143 million and an outflow of $200 million for the nine months ended September 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.

 

Fourth Quarter 2024 Outlook   

Seaborne Thermal

  • Volume is expected to be 4.1 million tons, including 2.5 million export tons. 0.4 million export tons are priced at approximately $120 per ton, and 0.8 million tons of Newcastle product and 1.3 million tons of high ash product are unpriced. Costs are anticipated to be $48-$53 per ton. Full year volume guidance increased by 200 thousand tons to 16-16.4 million tons due to higher production at Wilpinjong.

Seaborne Metallurgical

  • Volume is anticipated to be 2.3 million tons and is expected to achieve 70 to 75 percent of the premium hard coking coal price index. Costs are anticipated to be $120-$125 per ton.

U.S. Thermal

  • PRB volume is expected to be 21.2 million tons at an average price of $13.50 per ton and costs of approximately $11.50-$12.00 per ton.
  • Other U.S. Thermal volume is expected to be 3.9 million tons at an average price of $52.40 per ton and costs of approximately $44-$48 per ton. Full year costs have been increased $2 per ton to $43-$47 per ton as Twentymile is experiencing challenging geological conditions temporarily reducing production.

Capital Expenditures

  • Full-year anticipated capital has been increased by $50 million to $425 million primarily due to accelerated development at Centurion and timing of spend at Wambo Open-Cut.

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
ir@peabodyenergy.com

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

16 - 16.4

14.2

$69.98

$45.00 - $50.00

Seaborne Thermal (Export)

10 - 10.4

8.2

$102.05

NA

Seaborne Thermal (Domestic)

6.0

6.0

$26.09

NA

Seaborne Metallurgical

7.2 - 7.6

5.4

$151.00

$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

$43.00 - $47.00






Other Annual Financial Metrics ($ in millions)



2024 Full Year




SG&A

$90




Total Capital Expenditures

$425




Major Project Capital Expenditures

$275




Sustaining Capital Expenditures

$150




ARO Cash Spend

$50










Supplemental Information







Seaborne Thermal

~40% of unpriced export volumes are expected to price on average at
Globalcoal "NEWC" levels and ~60% 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 70-75%
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 September 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 Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the
Nine Months Ended Sept. 30, 2024 and 2023













(In Millions, Except Per Share Data)












Quarter Ended


Nine Months Ended



Sept.


Jun.


Sept.


Sept.


Sept.



2024


2024


2023


2024


2023












Tons Sold

31.9


25.6


32.6


84.9


93.0












Revenue

$       1,088.0


$       1,042.0


$       1,078.9


$       3,113.6


$       3,711.7

Operating Costs and Expenses (1)

845.8


803.9


803.7


2,463.9


2,512.3

Depreciation, Depletion and Amortization

84.7


82.9


82.3


247.4


239.2

Asset Retirement Obligation Expenses

12.9


12.9


15.4


38.7


46.3

Selling and Administrative Expenses

20.6


22.1


21.5


64.7


66.0

Restructuring Charges

1.9


0.1


0.9


2.1


3.0

Other Operating (Income) Loss:










Net Gain on Disposals

(0.1)


(7.5)


(1.4)


(9.7)


(8.5)

Asset Impairment

—


—


—


—


2.0

Provision for NARM and Shoal Creek Losses

—


1.9


3.3


3.7


37.0

Shoal Creek Insurance Recovery

—


(109.5)


—


(109.5)


—

Loss (Income) from Equity Affiliates

2.1


1.3


(5.6)


7.1


(9.7)

Operating Profit

120.1


233.9


158.8


405.2


824.1

Interest Expense, Net of Capitalized Interest

9.7


10.7


13.8


35.1


45.5

Net Loss on Early Debt Extinguishment

—


—


—


—


8.8

Interest Income

(17.7)


(16.8)


(20.3)


(53.7)


(56.5)

Net Periodic Benefit Credit, Excluding Service Cost

(10.1)


(10.2)


(10.0)


(30.4)


(29.4)

Income from Continuing Operations Before Income Taxes

138.2


250.2


175.3


454.2


855.7

Income Tax Provision

25.7


39.4


46.5


85.2


238.7

Income from Continuing Operations, Net of Income Taxes

112.5


210.8


128.8


369.0


617.0

(Loss) Income from Discontinued Operations, Net of Income Taxes

(1.0)


(1.6)


2.5


(3.3)


(0.1)

Net Income

111.5


209.2


131.3


365.7


616.9

Less: Net Income Attributable to Noncontrolling Interests

10.2


9.8


11.4


25.4


49.3

Net Income Attributable to Common Stockholders

$         101.3


$         199.4


$         119.9


$         340.3


$         567.6












Adjusted EBITDA (2)

$         224.8


$         309.7


$         270.0


$         695.0


$       1,018.8











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

$           0.74


$           1.43


$           0.80


$           2.47


$           3.68












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

$           0.74


$           1.42


$           0.82


$           2.44


$           3.68



(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 141.6 million, 142.8 million and 149.9 million during the quarters ended September 30, 2024,
June 30, 2024 and September 30, 2023, respectively. Weighted average diluted shares outstanding were 143.1 million and 156.7 million during the
nine months ended September 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 Sept. 30, 2024 and Dec. 31, 2023






(Dollars In Millions)






(Unaudited)





Sep. 30, 2024


Dec. 31, 2023

Cash and Cash Equivalents

$             772.9


$             969.3

Accounts Receivable, Net

304.2


389.7

Inventories, Net

444.3


351.8

Other Current Assets

286.6


308.9

Total Current Assets

1,808.0


2,019.7

Property, Plant, Equipment and Mine Development, Net

3,013.5


2,844.1

Operating Lease Right-of-Use Assets

121.1


61.9

Restricted Cash and Collateral

839.0


957.6

Investments and Other Assets

85.3


78.8

Total Assets

$          5,866.9


$          5,962.1






Current Portion of Long-Term Debt

$               14.8


$               13.5

Accounts Payable and Accrued Expenses

763.8


965.5

Total Current Liabilities

778.6


979.0

Long-Term Debt, Less Current Portion

323.7


320.7

Deferred Income Taxes

17.8


28.6

Asset Retirement Obligations, Less Current Portion

647.4


648.6

Accrued Postretirement Benefit Costs

143.1


148.4

Operating Lease Liabilities, Less Current Portion

94.6


47.7

Other Noncurrent Liabilities

171.3


181.6

Total Liabilities

2,176.5


2,354.6






Common Stock

1.9


1.9

Additional Paid-in Capital

3,988.9


3,983.0

Treasury Stock

(1,926.5)


(1,740.2)

Retained Earnings

1,424.3


1,112.7

Accumulated Other Comprehensive Income

150.7


189.6

Peabody Energy Corporation Stockholders' Equity

3,639.3


3,547.0

Noncontrolling Interests

51.1


60.5

Total Stockholders' Equity

3,690.4


3,607.5

Total Liabilities and Stockholders' Equity

$          5,866.9


$          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 Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the
Nine Months Ended Sept. 30, 2024 and 2023











(Dollars In Millions)











Quarter Ended


Nine Months Ended


Sept.


Jun.


Sept.


Sept.


Sept.


2024


2024


2023


2024


2023

Cash Flows From Operating Activities










Net Cash Provided By Continuing Operations

$         361.4


$             9.7


$           87.5


$         491.4


$         832.7

Net Cash Used in Discontinued Operations

(1.5)


(1.9)


(74.1)


(4.7)


(79.6)

Net Cash Provided By Operating Activities

359.9


7.8


13.4


486.7


753.1

Cash Flows From Investing Activities










Additions to Property, Plant, Equipment and Mine Development

(98.7)


(105.6)


(68.1)


(265.7)


(190.4)

Changes in Accrued Expenses Related to Capital Expenditures

7.2


(6.9)


0.3


(6.5)


(5.1)

Wards Well Acquisition

—


(143.8)


—


(143.8)


—

Insurance Proceeds Attributable to Shoal Creek Equipment Losses

5.3


5.6


—


10.9


—

Proceeds from Disposal of Assets, Net of Receivables

0.6


13.1


1.9


16.1


13.9

Contributions to Joint Ventures

(176.6)


(170.7)


(202.6)


(550.1)


(573.4)

Distributions from Joint Ventures

189.2


167.4


213.6


549.8


579.4

Other, Net

0.2


(0.7)


0.3


(0.3)


1.0

Net Cash Used In Investing Activities

(72.8)


(241.6)


(54.6)


(389.6)


(174.6)

Cash Flows From Financing Activities










Repayments of Long-Term Debt

(2.6)


(2.4)


(2.1)


(7.2)


(6.9)

Payment of Debt Issuance and Other Deferred Financing Costs

—


(0.3)


—


(11.1)


(0.3)

Common Stock Repurchases

(100.0)


—


(91.0)


(183.1)


(264.0)

Repurchase of Employee Common Stock Relinquished for Tax Withholding

—


(0.7)


—


(4.1)


(13.7)

Dividends Paid

(9.4)


(9.4)


(9.9)


(28.5)


(20.7)

Distributions to Noncontrolling Interests

(16.3)


—


(36.1)


(34.8)


(58.9)

Net Cash Used In Financing Activities

(128.3)


(12.8)


(139.1)


(268.8)


(364.5)

Net Change in Cash, Cash Equivalents and Restricted Cash

158.8


(246.6)


(180.3)


(171.7)


214.0

Cash, Cash Equivalents and Restricted Cash at Beginning of Period

1,319.7


1,566.3


1,811.9


1,650.2


1,417.6

Cash, Cash Equivalents and Restricted Cash at End of Period

$       1,478.5


$       1,319.7


$       1,631.6


$       1,478.5


$       1,631.6











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 Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the
Nine Months Ended Sept. 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


Nine Months Ended



Sept.


Jun.


Sept.


Sept.


Sept.



2024


2024


2023


2024


2023












Income from Continuing Operations, Net of Income Taxes

$         112.5


$         210.8


$         128.8


$         369.0


$         617.0

Depreciation, Depletion and Amortization

84.7


82.9


82.3


247.4


239.2

Asset Retirement Obligation Expenses

12.9


12.9


15.4


38.7


46.3

Restructuring Charges

1.9


0.1


0.9


2.1


3.0

Asset Impairment

—


—


—


—


2.0

Provision for NARM and Shoal Creek Losses

—


1.9


3.3


3.7


37.0

Shoal Creek Insurance Recovery - Property Damage

—


(28.7)


—


(28.7)


—

Changes in Amortization of Basis Difference Related to Equity Affiliates

(0.4)


(0.3)


(0.5)


(1.1)


(1.2)

Interest Expense, Net of Capitalized Interest

9.7


10.7


13.8


35.1


45.5

Net Loss on Early Debt Extinguishment

—


—


—


—


8.8

Interest Income

(17.7)


(16.8)


(20.3)


(53.7)


(56.5)

Unrealized Gains on Derivative Contracts Related to Forecasted Sales

—


—


—


—


(159.0)

Unrealized (Gains) Losses on Foreign Currency Option Contracts

(3.7)


(2.4)


0.5


(0.4)


(0.1)

Take-or-Pay Contract-Based Intangible Recognition

(0.8)


(0.8)


(0.7)


(2.3)


(1.9)

Income Tax Provision

25.7


39.4


46.5


85.2


238.7

Adjusted EBITDA (1)

$         224.8


$         309.7


$         270.0


$         695.0


$       1,018.8












Operating Costs and Expenses

$         845.8


$         803.9


$         803.7


$       2,463.9


$       2,512.3

Unrealized Gains (Losses) on Foreign Currency Option Contracts

3.7


2.4


(0.5)


0.4


0.1

Take-or-Pay Contract-Based Intangible Recognition

0.8


0.8


0.7


2.3


1.9

Net Periodic Benefit Credit, Excluding Service Cost

(10.1)


(10.2)


(10.0)


(30.4)


(29.4)

Total Reporting Segment Costs (2)

$         840.2


$         796.9


$         793.9


$       2,436.2


$       2,484.9












(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 Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the
Nine Months Ended Sept. 30, 2024 and 2023












Quarter Ended


Nine Months Ended



Sept.


Jun.


Sept.


Sept.


Sept.



2024


2024


2023


2024


2023

Revenue Summary (In Millions)










Seaborne Thermal

$         313.2


$         307.5


$         297.4


$         904.6


$       1,043.4

Seaborne Metallurgical

242.5


294.3


247.0


783.8


907.9












Powder River Basin

305.3


221.9


313.0


781.3


878.0

Other U.S. Thermal

216.7


202.0


228.2


610.3


677.5

Total U.S. Thermal

522.0


423.9


541.2


1,391.6


1,555.5

Corporate and Other

10.3


16.3


(6.7)


33.6


204.9

Total

$       1,088.0


$       1,042.0


$       1,078.9


$       3,113.6


$       3,711.7












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










Seaborne Thermal

$         193.2


$         203.1


$         181.9


$         586.4


$         566.4

Seaborne Metallurgical

214.7


231.5


168.4


644.9


636.0












Powder River Basin

253.6


204.1


258.9


695.4


761.9

Other U.S. Thermal

188.3


166.6


179.1


500.0


512.3

Total U.S. Thermal

441.9


370.7


438.0


1,195.4


1,274.2

Corporate and Other

(9.6)


(8.4)


5.6


9.5


8.3

Total

$         840.2


$         796.9


$         793.9


$       2,436.2


$       2,484.9












Other Supplemental Financial Data (In Millions)










Adjusted EBITDA - Seaborne Thermal

$         120.0


$         104.4


$         115.5


$         318.2


$         477.0

Adjusted EBITDA - Seaborne Metallurgical, Excluding Shoal Creek Insurance Recovery

27.8


62.8


78.6


138.9


271.9

Shoal Creek Insurance Recovery - Business Interruption

—


80.8


—


80.8


—

Adjusted EBITDA - Seaborne Metallurgical

27.8


143.6


78.6


219.7


271.9












Adjusted EBITDA - Powder River Basin

51.7


17.8


54.1


85.9


116.1

Adjusted EBITDA - Other U.S. Thermal

28.4


35.4


49.1


110.3


165.2

Adjusted EBITDA - Total U.S. Thermal

80.1


53.2


103.2


196.2


281.3

Middlemount

1.8


1.9


7.7


2.9


13.7

Resource Management Results (2)

2.2


9.9


3.1


16.5


11.4

Selling and Administrative Expenses

(20.6)


(22.1)


(21.5)


(64.7)


(66.0)

Other Operating Costs, Net (3)

13.5


18.8


(16.6)


6.2


29.5

Adjusted EBITDA (1)

$         224.8


$         309.7


$         270.0


$         695.0


$       1,018.8












(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, coal resource and surface land sales and property management costs and revenue.

(3)

Includes trading and brokerage activities, costs associated with post-mining activities, gains (losses) on certain asset disposals, minimum charges on certain
transportation-related contracts, results from the Company's equity method investment in R3 Renewables LLC, costs associated with suspended operations
including the Centurion Mine, the impact of foreign currency remeasurement, expenses related to the Company's other commercial activities 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. 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-september-30-2024-302292337.html

SOURCE Peabody

FAQ

What was Peabody's (BTU) net income for Q3 2024?

Peabody reported net income of $101.3 million, or $0.74 per diluted share, for Q3 2024.

How much did Peabody (BTU) spend on share repurchases in Q3 2024?

Peabody completed $100 million in share repurchases, buying back 4.5 million shares during Q3 2024.

What is the expected production capacity of Peabody's (BTU) Centurion project?

The Centurion project is expected to produce 4.7 million tons annually at first quartile costs over a 25+ year mine life.

What dividend did Peabody (BTU) declare on October 31, 2024?

Peabody declared a dividend of $0.075 per share on October 31, 2024.

Stock BTU logo
Peabody Energy Corporation

NYSE:BTU

BTU Rankings

#1753 Ranked by Market Cap
#1604 Ranked by Dividends

BTU Latest News

Dec 16, 2024
Peabody Announces First Coal Shipment from Centurion Mine
Nov 25, 2024
Peabody to Acquire Tier 1 Australian Metallurgical Coal Assets from Anglo American
Nov 21, 2024
RWE and Peabody Partner to Develop Solar and Energy Storage Pipeline on Repurposed, Reclaimed Mine Lands
Oct 31, 2024
Peabody Board Declares Dividend on Common Stock
Oct 17, 2024
Peabody to Announce Results for the Quarter Ended September 30, 2024

BTU Stock Data

2.62B
120.89M
0.5%
94.68%
11.24%
Thermal Coal
Bituminous Coal & Lignite Surface Mining
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United States of America
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