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Jun 30, 2023
Peabody Energy Q2 2023 Earnings Report
Peabody Energy reported mixed results for Q2 2023, with net income impacted by losses at NARM and Shoal Creek offset by strong seaborne portfolio performance.
Key Takeaways
Peabody Energy reported a net income of $179.2 million for Q2 2023, with Adjusted EBITDA of $358.2 million. The company returned $262 million to shareholders through share repurchases and dividends. Despite market volatility, the diverse operational platform allowed the company to successfully execute its plan, driven by a strong seaborne portfolio.
Net income attributable to common stockholders was $179.2 million, or $1.15 per diluted share.
Adjusted EBITDA for the second quarter was $358.2 million.
Returned $262 million to shareholders through share repurchases and dividends.
Seaborne metallurgical volumes exceeded expectations by 18 percent, with 2.0 million tons shipped.
Revenue by Segment
Forward Guidance
Peabody Energy anticipates increased seaborne thermal volumes and provides cost and pricing expectations for Q3 2023 across its segments.
Positive Outlook
- Seaborne thermal volumes are expected to be 4.2 million tons, including 2.7 million export tons.
- 0.3 million export tons are priced at $181 per ton.
- PRB volume is expected to be approximately 21 million tons at an average price of $13.80 per ton and costs of approximately $11.75 per ton.
- Other U.S. Thermal volume is expected to be approximately 4.2 million tons at an average price of $50.50 per ton.
- Seaborne met volumes are expected to be 1.5 million tons.
Challenges Ahead
- Approximately 1.4 million tons of high ash product and 1.0 million tons of Newcastle product are unpriced for seaborne thermal.
- Seaborne thermal costs are expected to be $45-$50 per ton.
- The remaining unpriced seaborne met volumes are expected to achieve 70 to 80 percent of the premium hard coking coal price index.
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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