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Jun 30, 2022
Peabody Energy Q2 2022 Earnings Report
Peabody Energy reported net income attributable to common stockholders of $409.5 million, or $2.54 per diluted share, for the second quarter of 2022.
Key Takeaways
Peabody Energy reported a strong second quarter in 2022, with revenue increasing by over 80% to $1,322 million compared to the prior year quarter, driven by higher realized prices in every segment. The company delivered Free Cash Flow of over $340 million and Adjusted EBITDA of $578 million. Cash exceeds debt balance for the first time as a public company.
Adjusted EBITDA of $578 million, the highest quarterly result in more than a decade, as a result of record seaborne pricing.
$342 million of Free Cash Flow and a cash and cash equivalents balance that exceeds total long-term debt by $74 million.
Shipped first metallurgical coal from Moorvale South, completing project which upgrades and diversifies product quality at the CMJV.
Strengthened the balance sheet with $51 million of additional senior secured debt reductions and a further $116 million that settled subsequent to June 30, 2022.
Revenue by Segment
Forward Guidance
Peabody has revised its full year expectations to reflect continuing challenges, including severe July rains in Australia impacting third quarter production, sales, and costs.
Challenges Ahead
- Full year seaborne thermal volume has been lowered by 1.0-1.3 million tons due to impacts on productivity from rain and COVID absenteeism.
- Full year seaborne thermal cost guidance has been increased $8 per ton to reflect higher sales price sensitive costs, higher fuel costs and continuation of rain impacts on production.
- Full year seaborne metallurgical cost guidance has been increased $15 per ton to primarily reflect higher royalty costs and higher fuel cost.
- PRB volume has been lowered 5-8 million tons due to increasingly weak rail performance and uncertainty of improvement to meet current year customer nominations.
- Full year PRB cost guidance has been increased $1.25-$1.50 per ton to reflect continuing high fuel price, general inflationary pressures, and the anticipated lower volume.
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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