Peabody Energy Turns To Profit In Q2; Results Miss View - Quick Facts

(RTTNews) - Peabody Energy Corp. (BTU) on Tuesday reported a turnaround to profit in the second quarter on higher revenues and metallurgical coal sales volumes. However, both earnings per share and revenue for the quarter missed analysts' estimates.

Net income attributable to common stockholders for the quarter rose to $113.7 million or $0.90 per share, compared to net loss of $20.2 million or $0.21 per share in the year-ago period.

Revenues for the quarter increased 4 percent over the prior year to $1.31 billion from $1.26 billion in the same period last year, driven by a 20 percent increase in Australian met and thermal sales volumes.

This offset the impact of lower U.S. volumes and $48.1 million on unrealized long-dated Newcastle hedge losses as the forward price of seaborne thermal coal sharply increased as of the end of the quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.03 per share for the quarter on revenues of $1.36 billion. Analysts' estimates typically exclude special items.