NEW YORK, July 29, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Peabody
Energy Corporation (NYSE: BTU). Select highlights from the
internally released reports are being made available to the general
public (included below), with access to the entirety of the
research available to new members.
Today, membership is open to readers on a complementary basis at
the following URL: http://www.aciassociation.com/?c=BTU
Highlights from our BTU Report include:
- Top-Line View -- On July
28, 2015, Peabody Energy Corporation reported the results
for second quarter of 2015. Revenues for the period totaled
$1.34 billion compared with
$1.76 billion in the prior year
quarter as a result of 16% volume decline and lower realized
pricing. Sales volume was recorded at 51.9 million tons in the
quarter as compared to 61.7 million tons in Q2 2014. U.S. Mining
Operations contributed $822.3 million
to the total revenue, while the share of Australian Mining
Operations in total revenue totaled $505.9
million during the quarter.
- Operational Performance -- Adjusted EBITDA for
the quarter declined $126.1 million
from the prior period to $87.0
million, reflecting approximately $115 million in lower pricing, a $113.1 million negative hedging impact, nearly
$40 million in PRB weather impacts
and a $21.2 million restructuring
charge. U.S. Mining adjusted EBITDA declined $80.1 million to $211.5
million due to a 6.4 million ton volume decline and an 8%
decrease in average price per ton, while Australian Mining adjusted
EBITDA increased $50.5 million to
$55.8 million in the second quarter,
as approximately $160 million in cost
improvements offset $90 million in
lower pricing.
- A Quick Look at the Bottom-line -- Loss from
continuing operations came in at $1.01
billion or $3.71 per diluted
share as compared to loss of $72.0
million or $0.28 per diluted
share in the prior year quarter. The Company informed that diluted
loss per share from continuing operations includes a $3.06 per share impact related to asset
impairments. Further, adjusted diluted loss per share for the
period was $0.65 versus a loss of
$0.28 per diluted share in Q2
2014.
- Full-Year Outlook -- The Company updated its
guidance for full-year 2015. As per the new guidance, total sales
volume for 2015 is expected to be in the range of 225 - 245 million
tons. U.S. costs per ton are targeted to improve 3% to 5% in 2015
as a result of a higher percentage of PRB shipments, lower fuel
costs and ongoing cost containment. In contrast, U.S. revenues per
ton are targeted to decline 3% to 5% in 2015 as a result of change
in mix and roll off of higher sales contracts compared to 2014.
Further, Australian costs per ton are targeted to be nearly 20%
below 2014 levels due to cost reduction initiatives, sales mix, and
lower currency and fuel expenses.
To find out how this influences our rating on Peabody Energy
Corporation read the full report in its entirety here:
http://www.aciassociation.com/?c=BTU
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