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Mar 31, 2021
Peabody Energy Q1 2021 Earnings Report
Peabody Energy reported first quarter 2021 results, noting operational and productivity improvements and successful refinancing activities.
Key Takeaways
Peabody Energy's first quarter 2021 results included revenues of $651.3 million, a net loss from continuing operations of $77.7 million, and Adjusted EBITDA of $61.1 million. The company focused on improving its seaborne metallurgical cost structure and capturing cash improvements.
Revenues totaled $651.3 million compared to $846.2 million in the prior year, impacted by lower volumes, pricing, and sales mix.
Loss from continuing operations, net of income taxes totaled $77.7 million compared to $129.3 million in the prior year.
Adjusted EBITDA totaled $61.1 million compared to $36.8 million in the prior year.
The company generated $71 million of cash from operating activities and ended the quarter with $623.7 million of cash, cash equivalents, and restricted cash.
Revenue by Segment
Forward Guidance
Peabody anticipates volumes and costs will progressively improve throughout the year as the company’s mines continued to safely operate throughout the quarter. Second quarter 2021 results are expected to be largely in line with the first quarter based on current pricing levels.
Positive Outlook
- PRB volumes remain largely in line with 2020 volumes, with more than 95 percent of 2021 tons currently priced at an average price of $10.98 per ton.
- Other U.S. thermal shipments are expected to be approximately 16 million tons, priced at an estimated average price of $39 per ton.
- Based on expected production levels, Peabody anticipates PRB and other U.S. thermal costs per ton to be largely in line with 2020 levels.
- For the full year, seaborne thermal volumes are expected to be approximately 17 million tons, including 7-8 million domestic tons.
- Due to productivity improvements and increased customer demand, CMJV volumes are expected to be higher than 2020 volumes.
Challenges Ahead
- U.S. thermal coal deliveries are largely dependent on general economic conditions, weather, natural gas prices and utility inventory levels.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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