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Sep 30, 2022
Peabody Energy Q3 2022 Earnings Report
Peabody Energy reported strong Q3 2022 results, driven by solid performance across all business segments and benefiting from favorable coal prices.
Key Takeaways
Peabody Energy reported a net income of $375.1 million for Q3 2022, a significant improvement compared to the net loss of $44.2 million in the prior year quarter. The company generated strong operating cash flow and free cash flow, driven by solid performance across all business segments and favorable coal prices. Peabody has commenced redevelopment at North Goonyella.
Tons sold increased more than 4 million tons from the second quarter to 32.7 million tons.
Adjusted EBITDA of $439 million, a 50 percent increase compared to the prior year quarter.
Free Cash Flow of $461 million, the best result in 18 quarters, ending quarter with nearly $1.4 billion of Cash and cash equivalents.
Commenced redevelopment at North Goonyella.
Revenue by Segment
Forward Guidance
Peabody provided the following outlook for Q4 2022:
Positive Outlook
- Seaborne Thermal costs are expected to improve to approximately $40 per ton.
- PRB volume is expected to be approximately 23 million tons at an average price of $13.50 per ton and cost of $11.50 per ton.
- Other U.S. Thermal volume is expected to be approximately 4.7 million tons at an average price of $49 per ton
- Full year capital guidance has been increased to $210 million primarily due to North Goonyella redevelopment and deposits for longwall equipment at Shoal Creek.
Challenges Ahead
- Seaborne Thermal export volume is expected to be 2.4 million tons, less than previously thought primarily due to lower production from our 50 percent ownership of the Wambo Open-cut joint venture as a result of heavy rains in October.
- Seaborne Metallurgical export volume is now expected to be 2.0 million tons as a result of lower Shoal Creek production and heavy rains at the CMJV in October.
- Seaborne Metallurgical costs are expected to be approximately $125 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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