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Mar 31, 2024
Peabody Energy Q1 2024 Earnings Report
Peabody Energy's financial performance declined in Q1 2024 compared to the previous year, but the company reaffirmed its full-year guidance and completed the strategic Wards Well acquisition.
Key Takeaways
Peabody Energy reported a net income of $39.6 million for Q1 2024, a decrease from $268.5 million in the prior year quarter. Adjusted EBITDA was $160.5 million, also lower than the $390.6 million in the previous year. The company reaffirmed its full-year guidance and completed the acquisition of Wards Well.
Reported first quarter Adjusted EBITDA of $160.5 million and generated operating cash flow from continuing operations of $120.3 million.
Repurchased 3.2 million shares, or 3% of shares outstanding, for $80.4 million.
Acquired a large portion of the Wards Well coal deposit immediately adjacent to the company's Centurion Mine complex.
Centurion remains on track for development coal in the second quarter of 2024 and longwall production in the first quarter of 2026 with capital expenditures in line with previous guidance.
Revenue by Segment
Forward Guidance
Peabody Energy provided guidance for the second quarter of 2024.
Positive Outlook
- Seaborne Thermal volumes are expected to be 4.1 million tons, including 2.7 million export tons.
- 0.4 million export tons are priced at $146 per ton.
- Seaborne Metallurgical volumes are expected to be 1.9 million tons and are expected to achieve 65 to 70 percent of the premium hard coking coal price index.
- PRB volume is expected to be approximately 15.5 million tons at an average price of $13.80 per ton.
- Other U.S. Thermal volume is expected to be approximately 3.8 million tons at an average price of $54.80 per ton.
Challenges Ahead
- 1.0 million tons of Newcastle product and 1.3 million tons of high ash product are unpriced for Seaborne Thermal.
- Seaborne Thermal costs are anticipated to be $45-$50 per ton.
- Seaborne Metallurgical costs are anticipated to be $110-$120 per ton.
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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