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Jun 30, 2021
Peabody Energy Q2 2021 Earnings Report
Peabody Energy reported second quarter results with increased revenues and improved Adjusted EBITDA.
Key Takeaways
Peabody Energy's second quarter 2021 results showed revenues of $723.4 million and a net loss of $23.0 million. Adjusted EBITDA was $122.1 million. The company focused on expanding margins through operational improvements, cost controls, and debt reduction.
Revenues increased to $723.4 million due to higher volumes and improved seaborne thermal pricing.
Net loss from continuing operations was $23.0 million.
Adjusted EBITDA totaled $122.1 million, driven by higher seaborne thermal pricing and U.S. thermal volumes.
The company retired approximately $84 million of debt and reached agreements to retire an additional $50 million.
Revenue by Segment
Forward Guidance
Peabody anticipates coal deliveries will remain largely dependent on general economic conditions, weather, natural gas prices, utility inventory levels and rail performance.
Positive Outlook
- Essentially all projected volumes priced and committed for US Thermal Operations.
- Higher seaborne thermal volumes are expected in the second half as Wilpinjong and the Wambo JV complete development projects and reach projected production run rates.
- The CMJV is anticipated to continue to recognize cost and productivity improvements with full year sales volumes at the high end of guidance.
- Metropolitan is expected to ship approximately 0.8 million tons in the second half of 2021 as the longwall reaches planned production levels.
- The Shoal Creek prep plant upgrade project remains on schedule with completion expected in mid Q3.
Challenges Ahead
- Coal deliveries will remain largely dependent on general economic conditions, weather, natural gas prices, utility inventory levels and rail performance.
- Costs per ton for Seaborne Thermal Operations are expected to be $33.75 due to product mix, higher expected royalties, exchange rates and fuel prices.
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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