Peabody Energy reported a revenue of $671.0 million, a net loss of $67.2 million attributable to common stockholders, and an adjusted EBITDA of $95.4 million for Q3 2020. The company drove strong cost performance within their thermal segments, including record-low PRB costs per ton.
Third quarter revenues declined 39 percent year-over-year to $671.0 million.
Operating costs and expenses also fell by 39 percent, reflecting cost-saving initiatives and lower volumes.
The company reached a standstill agreement with its surety bond providers for the company’s $1.6 billion surety program.
Peabody expects to continue discussions with its revolving credit lenders and 2022 noteholders to effectuate a holistic transaction.
Fourth quarter seaborne volumes are expected to improve modestly, while U.S. thermal volumes are expected to decline slightly compared to the third quarter. Seaborne met costs are anticipated to rise primarily due to a planned longwall move at Metropolitan and changes in product mix, while seaborne thermal costs are expected to be largely in line with the third quarter.
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