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Sep 30, 2023
Peabody Energy Q3 2023 Earnings Report
Peabody Energy reported strong operational results with better-than-expected production and effective cost management in Q3 2023. The company progressed on strengthening its metallurgical platform with advancements at North Goonyella and an agreement to acquire an adjacent coal deposit.
Key Takeaways
Peabody Energy reported a net income attributable to common stockholders of $119.9 million, or $0.82 per diluted share, for the third quarter of 2023. The company's Adjusted EBITDA was $270.0 million. Peabody exceeded anticipated PRB volumes by 8 percent and reported lower than anticipated costs per ton in three of four operating segments.
Reported third quarter Adjusted EBITDA of $270 million and $989 million of Cash and Cash Equivalents at September 30, 2023.
Reported higher production levels at three of four operating segments compared to prior quarter.
Exceeded anticipated PRB volumes by 8 percent, shipping ~23 million tons in the quarter.
Reached an agreement to acquire a large portion of the Wards Well coal deposit, an underground premium hard coking coal resource immediately adjacent to our existing North Goonyella mine
Revenue by Segment
Forward Guidance
Peabody provided an outlook for the fourth quarter of 2023 regarding seaborne thermal and metallurgical volumes and costs, as well as U.S. Thermal (PRB and Other U.S. Thermal) volume, average price, and costs.
Positive Outlook
- Seaborne thermal volumes are expected to be 4.2 million tons, including 2.8 million export tons.
- 0.5 million export tons are priced at $161 per ton.
- Seaborne metallurgical volumes are expected to be 2.2 million tons.
- 0.2 million tons are priced at $164 per ton.
- PRB volume is expected to be approximately 21 million tons at an average price of $13.30 per ton and costs of approximately $11.55 per ton.
Challenges Ahead
- Approximately 1.5 million tons of high ash product and 0.8 million tons of Newcastle product are unpriced for seaborne thermal.
- Seaborne thermal costs are expected to be $45-$50 per ton for the quarter.
- The remaining unpriced seaborne metallurgical volumes are expected to achieve 65 to 70 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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