Repurchased $80.4
million of Shares in the Quarter
Completed Strategic Wards Well Acquisition
at Centurion
ST.
LOUIS, May 2, 2024 /PRNewswire/ -- Peabody (NYSE:
BTU) today reported net income attributable to common stockholders
of $39.6 million, or $0.29 per diluted share, for the first quarter of
2024, compared to $268.5 million, or
$1.68 per diluted share in the prior
year quarter. Peabody had Adjusted EBITDA1 of
$160.5 million in the first quarter
of 2024 compared to $390.6 million in
the prior year quarter.
"We are reaffirming our full year guidance as the previously
announced production challenges in the first quarter are behind
us," said Peabody President and Chief Executive Officer
Jim Grech. "We continue to
take steps to further weight our long-term cash flows to
metallurgical coal, and the Wards Well acquisition extends the mine
life of Centurion to 25+ years and substantially increases the
expected long-term value from our premier hard coking coal growth
project."
Highlights
- Reported first quarter Adjusted EBITDA of $160.5 million and generated operating cash flow
from continuing operations of $120.3
million
- Repurchased 3.2 million shares, or 3% of shares outstanding,
for $80.4 million
- Acquired a large portion of the Wards Well coal deposit
immediately adjacent to the company's Centurion Mine complex
- Centurion remains on track for development coal in the second
quarter of 2024 and longwall production in the first quarter of
2026 with capital expenditures in line with previous guidance
- Shoal Creek continued to exceed production expectations
- Achieved a $105 million release
of U.S. reclamation bonds
- Closed on a new $320 million
revolving credit facility
- Declared a dividend on common stock of $0.075 per share on May 2,
2024
|
1 Adjusted
EBITDA is a non-GAAP financial measure. Adjusted EBITDA margin is
equal to segment Adjusted EBITDA divided by segment revenue.
Revenue per Ton and Adjusted EBITDA Margin per Ton are equal to
revenue by segment and Adjusted EBITDA by segment, respectively,
divided by segment tons sold. Costs per Ton is equal to Revenue per
Ton less Adjusted EBITDA Margin per Ton. Management believes Costs
per Ton and Adjusted EBITDA Margin per Ton best reflect
controllable costs and operating results at the reporting segment
level. We consider all measures reported on a per ton basis, as
well as Adjusted EBITDA margin, to be operating/statistical
measures. Please refer to the tables and related notes in this
press release for a reconciliation and definition of non-GAAP
financial measures.
|
First Quarter Segment Performance
|
Seaborne
Thermal
|
|
Quarter
Ended
|
|
Mar.
|
|
Dec.
|
|
Mar.
|
|
2024
|
|
2023
|
|
2023
|
|
Tons sold (in
millions)
|
4.0
|
|
3.7
|
|
3.6
|
|
Export
|
2.5
|
|
2.6
|
|
2.1
|
|
Domestic
|
1.5
|
|
1.1
|
|
1.5
|
|
Revenue per
Ton
|
$
71.24
|
|
$
76.22
|
|
$
96.82
|
|
Export - Avg.
Realized Price per Ton
|
99.56
|
|
97.20
|
|
148.34
|
|
Domestic - Avg.
Realized Price per Ton
|
26.33
|
|
30.26
|
|
25.05
|
|
Costs per
Ton
|
47.71
|
|
49.71
|
|
51.01
|
|
Adjusted EBITDA
Margin per Ton
|
$
23.53
|
|
$
26.51
|
|
$
45.81
|
|
Adjusted EBITDA (in
millions)
|
$
93.8
|
|
$
99.8
|
|
$
164.0
|
Peabody expected seaborne thermal volume of 3.9 million tons,
including 2.5 million export tons, and costs of $48.00 to $53.00
per ton. First quarter shipments were higher than
anticipated, while average realized prices and costs per ton were
lower than expected due to higher production from Wilpinjong mostly
offset by an extended longwall ramp-up at Wambo. The segment
reported Adjusted EBITDA margins of 33 percent and Adjusted EBITDA
of $93.8 million.
|
Seaborne
Metallurgical
|
|
Quarter
Ended
|
|
Mar.
|
|
Dec.
|
|
Mar.
|
|
2024
|
|
2023
|
|
2023
|
|
Tons sold (in
millions)
|
1.4
|
|
2.1
|
|
1.3
|
|
Revenue per
Ton
|
$
172.60
|
|
$
186.74
|
|
$
220.60
|
|
Costs per
Ton
|
138.83
|
|
107.89
|
|
151.13
|
|
Adjusted EBITDA
Margin per Ton
|
$
33.77
|
|
$
78.85
|
|
$
69.47
|
|
Adjusted EBITDA (in
millions)
|
$
48.3
|
|
$
166.2
|
|
$
90.8
|
Peabody expected seaborne met volume of 1.4 million tons and
costs of $130.00 to $140.00 per ton. First quarter shipments
and costs per ton were in line with expectations and included the
impacts of a longwall move at Metropolitan and unfavorable mine
sequencing at the CMJV. Revenue per ton was impacted by lower
HVA and PCI to HCC price relativities and mining of lower quality
coal at the CMJV. The segment reported Adjusted EBITDA
margins of 20 percent and Adjusted EBITDA of $48.3 million.
|
Powder River
Basin
|
|
Quarter
Ended
|
|
Mar.
|
|
Dec.
|
|
Mar.
|
|
2024
|
|
2023
|
|
2023
|
|
Tons sold (in
millions)
|
18.7
|
|
23.6
|
|
22.0
|
|
Revenue per
Ton
|
$
13.62
|
|
$
13.58
|
|
$
13.89
|
|
Costs per
Ton
|
12.74
|
|
11.98
|
|
12.26
|
|
Adjusted EBITDA
Margin per Ton
|
$
0.88
|
|
$
1.60
|
|
$
1.63
|
|
Adjusted EBITDA (in
millions)
|
$
16.4
|
|
$
37.6
|
|
$
35.8
|
Peabody expected PRB volume of 21 million tons and costs of
$11.75 to $12.50 per ton. First quarter volume and
costs per ton were unfavorable to expectations as unseasonably warm
winter weather and continued low natural gas prices led to lower
customer shipments. The segment reported Adjusted EBITDA of
$16.4 million.
|
Other U.S.
Thermal
|
|
Quarter
Ended
|
|
Mar.
|
|
Dec.
|
|
Mar.
|
|
2024
|
|
2023
|
|
2023
|
|
Tons sold (in
millions)
|
3.2
|
|
3.7
|
|
4.5
|
|
Revenue per
Ton
|
$
59.75
|
|
$
57.00
|
|
$
54.73
|
|
Costs per
Ton
|
45.25
|
|
45.57
|
|
40.65
|
|
Adjusted EBITDA
Margin per Ton
|
$
14.50
|
|
$
11.43
|
|
$
14.08
|
|
Adjusted EBITDA (in
millions)
|
$
46.5
|
|
$
42.3
|
|
$
64.2
|
Peabody expected other U.S. thermal volume of 3.6 million tons
and costs of $41.00 to $45.00 per ton. First quarter volume was
less than anticipated as unseasonably warm winter weather and
continued low natural gas prices led to lower customer
shipments. Revenue per ton was higher than anticipated due to
sales contract cancellation settlements, resulting in higher
segment margins. The segment reported Adjusted EBITDA margins
of 24 percent and Adjusted EBITDA of $46.5
million.
Shareholder Return Program
Since restarting the shareholder return program in 2023, the
company has returned $470.7 million
to shareholders through share repurchases of $430.4 million, or 13.4% of shares outstanding,
and cumulative quarterly cash dividends of $40.3 million. First quarter 2024 results
included $80.4 million of share
repurchases and $9.7 million of cash
dividends.
At March 31, Peabody had
$569.6 million remaining under its
existing $1.0 billion share
repurchase program.
The company declared a $0.075 per
share dividend on May 2, 2024.
|
Quarter
Ended
|
|
Year
Ended
|
|
Mar.
|
|
Dec.
|
|
2024
|
|
2023
|
|
(Dollars in
millions)
|
|
Net Cash Provided by
Operating Activities:
|
$
119.0
|
|
$
1,035.5
|
|
- Net Cash Used
in Investing Activities
|
(75.2)
|
|
(342.6)
|
|
- Distributions
to Noncontrolling Interest
|
(18.5)
|
|
(59.0)
|
|
+/- Changes to
Restricted Cash and Collateral (1)
|
(29.7)
|
|
90.2
|
|
- Anticipated
Expenditures or Other Requirements
|
—
|
|
—
|
|
Available Free Cash
Flow (AFCF) (2)
|
$
(4.4)
|
|
$
724.1
|
|
|
|
|
|
|
(1) This amount is
equal to the total change in Restricted Cash and Collateral on the
balance sheet, excluding partially offsetting amounts included in
operating cash flow consisting of an inflow of $151 million and an
outflow of $200 million for the quarter ended March 31, 2024 and
the year ended December 31, 2023, respectively, and the $660
million one-time funding related to the surety program during the
year ended December 31, 2023.
|
|
|
(2) AFCF is a
non-GAAP financial measure defined as operating cash flow minus
investing cash flow and distributions to noncontrolling interests;
plus/minus changes to restricted cash and collateral (excluding
one-time effects of the 2023 surety agreement amendment) and other
anticipated expenditures. Available Free Cash Flow is used by
management as a measure of our ability to generate excess cash flow
from our business operations. The Company's policy is to return at
least 65% of annual AFCF to shareholders.
|
Second Quarter 2024 Outlook
Seaborne Thermal
- Volumes are expected to be 4.1 million tons, including 2.7
million export tons. 0.4 million export tons are priced at
$146 per ton, and 1.0 million tons of
Newcastle product and 1.3 million tons of high ash product are
unpriced.
- Costs are anticipated to be $45-$50 per
ton.
Seaborne Metallurgical
- Volumes are expected to be 1.9 million tons and are expected to
achieve 65 to 70 percent of the premium hard coking coal price
index.
- Costs are anticipated to be $110-$120 per
ton.
U.S. Thermal
- PRB volume is expected to be approximately 15.5 million tons at
an average price of $13.80 per ton
and costs of approximately $12.75-$13.75 per
ton.
- Other U.S. Thermal volume is expected to be approximately 3.8
million tons at an average price of $54.80 per ton and costs of approximately
$44-$48
per ton.
Today's earnings call is scheduled for 10
a.m. CT and can be accessed via the company's website at
PeabodyEnergy.com.
Peabody (NYSE: BTU) is a leading coal producer, providing
essential products for the production of affordable, reliable
energy and steel. Our commitment to sustainability underpins
everything we do and shapes our strategy for the future. For
further information, visit PeabodyEnergy.com.
Contact:
Karla Kimrey
314.342.7890
|
Guidance
Targets
|
|
|
Segment
Performance
|
|
|
|
|
|
|
|
2024 Full
Year
|
|
|
Total Volume
(millions of short
tons)
|
Priced Volume
(millions of short tons)
|
Priced Volume
Pricing per Short Ton
|
Average Cost per
Short Ton
|
|
Seaborne
Thermal
|
15 - 16
|
8.7
|
$52.75
|
$45.00 -
$50.00
|
|
Seaborne Thermal
(Export)
|
9 - 11
|
2.8
|
$106.35
|
NA
|
|
Seaborne Thermal
(Domestic)
|
5.8
|
5.9
|
$26.70
|
NA
|
|
Seaborne
Metallurgical
|
7.5 - 8.5
|
1.4
|
$172.60
|
$110.00 -
$120.00
|
|
PRB U.S.
Thermal
|
80 - 87
|
85
|
$13.70
|
$11.75 -
$12.50
|
|
Other U.S.
Thermal
|
14.5 - 15.5
|
15.2
|
$54.20
|
$41.00 -
$45.00
|
|
|
|
|
|
|
Other Annual
Financial Metrics ($ in millions)
|
|
|
2024 Full
Year
|
|
|
|
|
SG&A
|
$90
|
|
|
|
|
Total Capital
Expenditures
|
$375
|
|
|
|
|
Major Project Capital
Expenditures
|
$235
|
|
|
|
|
Sustaining Capital
Expenditures
|
$140
|
|
|
|
|
Wards Well
Acquisition
|
$134
|
|
|
|
|
ARO Cash
Spend
|
$50
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Information
|
|
|
|
|
|
|
|
Seaborne
Thermal
|
~50% of unpriced export
volumes are expected to price on average at Globalcoal "NEWC"
levels and ~50% are expected to have a higher ash
content and price at 80-95% of API 5 price levels.
|
|
|
|
Seaborne
Metallurgical
|
On average, Peabody's
metallurgical sales are anticipated to price at 65-70% of the
premium hard-coking coal index price (FOB Australia).
|
|
|
|
PRB and Other U.S.
Thermal
|
PRB and Other U.S.
Thermal volumes reflect volumes priced at March 31, 2024. Weighted
average quality for the PRB segment 2024 volume
is approximately 8670 BTU.
|
Certain forward-looking measures and metrics presented are
non-GAAP financial and operating/statistical measures. Due to the
volatility and variability of certain items needed to reconcile
these measures to their nearest GAAP measure, no reconciliation can
be provided without unreasonable cost or effort.
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
|
|
|
For the Quarters
Ended Mar. 31, 2024, Dec. 31, 2023 and Mar. 31, 2023
|
|
|
|
|
|
|
|
|
|
(In Millions, Except
Per Share Data)
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Mar.
|
|
Dec.
|
|
Mar.
|
|
|
2024
|
|
2023
|
|
2023
|
|
|
|
|
|
|
|
|
Tons Sold
|
27.4
|
|
33.2
|
|
31.5
|
|
|
|
|
|
|
|
|
Revenue
|
$
983.6
|
|
$
1,235.0
|
|
$
1,364.0
|
|
Operating Costs and
Expenses (1)
|
814.2
|
|
872.8
|
|
846.6
|
|
Depreciation, Depletion
and Amortization
|
79.8
|
|
82.2
|
|
76.3
|
|
Asset Retirement
Obligation Expenses
|
12.9
|
|
4.2
|
|
15.4
|
|
Selling and
Administrative Expenses
|
22.0
|
|
24.7
|
|
22.8
|
|
Restructuring
Charges
|
0.1
|
|
0.3
|
|
0.1
|
|
Other Operating
(Income) Loss:
|
|
|
|
|
|
|
Net Gain on
Disposals
|
(2.1)
|
|
(6.5)
|
|
(1.9)
|
|
Asset
Impairment
|
—
|
|
—
|
|
2.0
|
|
Provision for NARM
Loss
|
1.8
|
|
3.9
|
|
—
|
|
Loss (Income) from
Equity Affiliates
|
3.7
|
|
2.8
|
|
(1.8)
|
|
Operating
Profit
|
51.2
|
|
250.6
|
|
404.5
|
|
Interest
Expense
|
14.7
|
|
14.3
|
|
18.4
|
|
Net Loss on Early Debt
Extinguishment
|
—
|
|
—
|
|
6.8
|
|
Interest
Income
|
(19.2)
|
|
(20.3)
|
|
(13.1)
|
|
Net Periodic Benefit
Credit, Excluding Service Cost
|
(10.1)
|
|
(12.2)
|
|
(9.7)
|
|
Net Mark-to-Market
Adjustment on Actuarially Determined Liabilities
|
—
|
|
(0.3)
|
|
—
|
|
Income from Continuing
Operations Before Income Taxes
|
65.8
|
|
269.1
|
|
402.1
|
|
Income Tax
Provision
|
20.1
|
|
70.1
|
|
118.0
|
|
Income from Continuing
Operations, Net of Income Taxes
|
45.7
|
|
199.0
|
|
284.1
|
|
Loss from Discontinued
Operations, Net of Income Taxes
|
(0.7)
|
|
(0.3)
|
|
(1.3)
|
|
Net Income
|
45.0
|
|
198.7
|
|
282.8
|
|
Less: Net Income
Attributable to Noncontrolling Interests
|
5.4
|
|
6.7
|
|
14.3
|
|
Net Income Attributable
to Common Stockholders
|
$
39.6
|
|
$
192.0
|
|
$
268.5
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(2)
|
$
160.5
|
|
$
345.1
|
|
$
390.6
|
|
|
|
|
|
|
|
Diluted EPS - Income
from Continuing Operations (3)(4)
|
$
0.30
|
|
$
1.33
|
|
$
1.69
|
|
|
|
|
|
|
|
|
Diluted EPS - Net
Income Attributable to Common
Stockholders (3)
|
$
0.29
|
|
$
1.33
|
|
$
1.68
|
|
|
|
|
|
|
|
|
(1)
|
Excludes items shown
separately.
|
|
(2)
|
Adjusted EBITDA is a
non-GAAP financial measure. Refer to the "Reconciliation of
Non-GAAP Financial Measures" section in this document for
definitions and reconciliations to the most comparable measures
under U.S. GAAP.
|
|
(3)
|
Weighted average
diluted shares outstanding were 144.9 million, 147.2 million and
161.4 million during the quarters ended March 31, 2024,
December 31, 2023 and March 31, 2023, respectively.
|
|
(4)
|
Reflects income from
continuing operations, net of income taxes less net income
attributable to noncontrolling interests.
|
|
|
|
|
|
|
|
|
This information is
intended to be reviewed in conjunction with the company's filings
with the SEC.
|
|
Condensed
Consolidated Balance Sheets
|
|
|
As of Mar. 31, 2024
and Dec. 31, 2023
|
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Mar. 31,
2024
|
|
Dec. 31,
2023
|
|
Cash and Cash
Equivalents
|
$
855.7
|
|
$
969.3
|
|
Accounts Receivable,
Net
|
343.1
|
|
389.7
|
|
Inventories,
Net
|
404.3
|
|
351.8
|
|
Other Current
Assets
|
298.4
|
|
308.9
|
|
Total Current
Assets
|
1,901.5
|
|
2,019.7
|
|
Property, Plant,
Equipment and Mine Development, Net
|
2,830.2
|
|
2,844.1
|
|
Operating Lease
Right-of-Use Assets
|
78.6
|
|
61.9
|
|
Restricted Cash and
Collateral
|
836.0
|
|
957.6
|
|
Investments and Other
Assets
|
82.1
|
|
78.8
|
|
Total
Assets
|
$
5,728.4
|
|
$
5,962.1
|
|
|
|
|
|
|
Current Portion of
Long-Term Debt
|
$
14.4
|
|
$
13.5
|
|
Accounts Payable and
Accrued Expenses
|
790.6
|
|
965.5
|
|
Total Current
Liabilities
|
805.0
|
|
979.0
|
|
Long-Term Debt, Less
Current Portion
|
323.3
|
|
320.7
|
|
Deferred Income
Taxes
|
37.2
|
|
28.6
|
|
Asset Retirement
Obligations, Less Current Portion
|
649.0
|
|
648.6
|
|
Accrued Postretirement
Benefit Costs
|
146.3
|
|
148.4
|
|
Operating Lease
Liabilities, Less Current Portion
|
61.5
|
|
47.7
|
|
Other Noncurrent
Liabilities
|
179.5
|
|
181.6
|
|
Total
Liabilities
|
2,201.8
|
|
2,354.6
|
|
|
|
|
|
|
Common Stock
|
1.9
|
|
1.9
|
|
Additional Paid-in
Capital
|
3,985.1
|
|
3,983.0
|
|
Treasury
Stock
|
(1,824.8)
|
|
(1,740.2)
|
|
Retained
Earnings
|
1,142.5
|
|
1,112.7
|
|
Accumulated Other
Comprehensive Income
|
174.5
|
|
189.6
|
|
Peabody Energy
Corporation Stockholders' Equity
|
3,479.2
|
|
3,547.0
|
|
Noncontrolling
Interests
|
47.4
|
|
60.5
|
|
Total Stockholders'
Equity
|
3,526.6
|
|
3,607.5
|
|
Total Liabilities and
Stockholders' Equity
|
$
5,728.4
|
|
$
5,962.1
|
|
|
|
|
|
|
This information is
intended to be reviewed in conjunction with the company's filings
with the SEC.
|
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
For the Quarters
Ended Mar. 31, 2024, Dec. 31, 2023 and Mar. 31, 2023
|
|
|
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
Quarter
Ended
|
|
Mar.
|
|
Dec.
|
|
Mar.
|
|
2024
|
|
2023
|
|
2023
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
|
|
Net Cash Provided By
Continuing Operations
|
$
120.3
|
|
$
283.6
|
|
$
389.4
|
|
Net Cash Used in
Discontinued Operations
|
(1.3)
|
|
(1.2)
|
|
(3.1)
|
|
Net Cash Provided
By Operating Activities
|
119.0
|
|
282.4
|
|
386.3
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
|
Additions to Property,
Plant, Equipment and Mine Development
|
(61.4)
|
|
(157.9)
|
|
(55.7)
|
|
Changes in Accrued
Expenses Related to Capital Expenditures
|
(6.8)
|
|
8.0
|
|
(1.6)
|
|
Proceeds from Disposal
of Assets, Net of Receivables
|
2.4
|
|
8.9
|
|
2.9
|
|
Contributions to Joint
Ventures
|
(202.8)
|
|
(168.2)
|
|
(206.2)
|
|
Distributions from
Joint Ventures
|
193.2
|
|
142.3
|
|
202.0
|
|
Advances to Related
Parties
|
—
|
|
(0.4)
|
|
—
|
|
Other, Net
|
0.2
|
|
(0.7)
|
|
0.1
|
|
Net Cash Used In
Investing Activities
|
(75.2)
|
|
(168.0)
|
|
(58.5)
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
|
Repayments of Long-Term
Debt
|
(2.2)
|
|
(2.1)
|
|
(2.7)
|
|
Payment of Debt
Issuance and Other Deferred Financing Costs
|
(10.8)
|
|
—
|
|
(0.3)
|
|
Common Stock
Repurchases
|
(83.1)
|
|
(83.7)
|
|
—
|
|
Repurchase of Employee
Common Stock Relinquished for Tax Withholding
|
(3.4)
|
|
—
|
|
(13.2)
|
|
Dividends
Paid
|
(9.7)
|
|
(9.9)
|
|
—
|
|
Distributions to
Noncontrolling Interests
|
(18.5)
|
|
(0.1)
|
|
(22.8)
|
|
Net Cash Used In
Financing Activities
|
(127.7)
|
|
(95.8)
|
|
(39.0)
|
|
Net Change in Cash,
Cash Equivalents and Restricted Cash
|
(83.9)
|
|
18.6
|
|
288.8
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of
Period
|
1,650.2
|
|
1,631.6
|
|
1,417.6
|
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
$
1,566.3
|
|
$
1,650.2
|
|
$
1,706.4
|
|
|
|
|
|
|
|
This information is
intended to be reviewed in conjunction with the company's filings
with the SEC.
|
|
Reconciliation of
Non-GAAP Financial Measures (Unaudited)
|
|
|
|
For the Quarters
Ended Mar. 31, 2024, Dec. 31, 2023 and Mar. 31, 2023
|
|
|
|
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Management
believes that non-GAAP performance measures are used by investors
to measure our operating performance. These
measures are not intended to serve as alternatives to U.S. GAAP
measures of performance and may not be comparable to
similarly-titled
measures presented by other companies.
|
|
|
|
|
|
Quarter
Ended
|
|
|
Mar.
|
|
Dec.
|
|
Mar.
|
|
|
2024
|
|
2023
|
|
2023
|
|
|
|
|
|
|
|
|
Income from Continuing
Operations, Net of Income Taxes
|
$
45.7
|
|
$
199.0
|
|
$
284.1
|
|
Depreciation,
Depletion and Amortization
|
79.8
|
|
82.2
|
|
76.3
|
|
Asset Retirement
Obligation Expenses
|
12.9
|
|
4.2
|
|
15.4
|
|
Restructuring
Charges
|
0.1
|
|
0.3
|
|
0.1
|
|
Asset
Impairment
|
—
|
|
—
|
|
2.0
|
|
Provision for NARM
Loss
|
1.8
|
|
3.9
|
|
—
|
|
Changes in
Amortization of Basis Difference Related to Equity
Affiliates
|
(0.4)
|
|
(0.4)
|
|
(0.3)
|
|
Interest
Expense
|
14.7
|
|
14.3
|
|
18.4
|
|
Net Loss on Early Debt
Extinguishment
|
—
|
|
—
|
|
6.8
|
|
Interest
Income
|
(19.2)
|
|
(20.3)
|
|
(13.1)
|
|
Net Mark-to-Market
Adjustment on Actuarially Determined Liabilities
|
—
|
|
(0.3)
|
|
—
|
|
Unrealized Gains on
Derivative Contracts Related to Forecasted Sales
|
—
|
|
—
|
|
(118.7)
|
|
Unrealized Losses
(Gains) on Foreign Currency Option Contracts
|
5.7
|
|
(7.3)
|
|
2.2
|
|
Take-or-Pay
Contract-Based Intangible Recognition
|
(0.7)
|
|
(0.6)
|
|
(0.6)
|
|
Income Tax
Provision
|
20.1
|
|
70.1
|
|
118.0
|
|
Adjusted EBITDA
(1)
|
$
160.5
|
|
$
345.1
|
|
$
390.6
|
|
|
|
|
|
|
|
|
Operating Costs and
Expenses
|
$
814.2
|
|
$
872.8
|
|
$
846.6
|
|
Unrealized (Losses)
Gains on Foreign Currency Option Contracts
|
(5.7)
|
|
7.3
|
|
(2.2)
|
|
Take-or-Pay
Contract-Based Intangible Recognition
|
0.7
|
|
0.6
|
|
0.6
|
|
Net Periodic Benefit
Credit, Excluding Service Cost
|
(10.1)
|
|
(12.2)
|
|
(9.7)
|
|
Total Reporting Segment
Costs (2)
|
$
799.1
|
|
$
868.5
|
|
$
835.3
|
|
|
|
|
|
|
|
|
(1)
|
Adjusted EBITDA is
defined as income from continuing operations before deducting net
interest expense, income taxes, asset retirement obligation
expenses and depreciation, depletion and amortization. Adjusted
EBITDA is also adjusted for the discrete items that management
excluded in analyzing each of our segment's operating performance,
as displayed in the reconciliation above. Adjusted EBITDA is used
by management as the primary metric to measure each of our
segment's operating performance and allocate resources.
|
|
(2)
|
Total Reporting Segment
Costs is defined as operating costs and expenses adjusted for the
discrete items that management excluded in analyzing each of our
segment's operating performance, as displayed in the reconciliation
above. Total Reporting Segment Costs is used by management as a
component of a metric to measure each of our segment's operating
performance.
|
|
|
|
|
|
|
|
|
This information is
intended to be reviewed in conjunction with the company's filings
with the SEC.
|
|
Supplemental
Financial Data (Unaudited)
|
|
|
|
|
For the Quarters
Ended Mar. 31, 2024, Dec. 31, 2023 and Mar. 31, 2023
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Mar.
|
|
Dec.
|
|
Mar.
|
|
|
2024
|
|
2023
|
|
2023
|
|
|
|
|
|
|
|
|
Revenue Summary (In
Millions)
|
|
|
|
|
|
|
Seaborne
Thermal
|
$
283.9
|
|
$
286.3
|
|
$
346.5
|
|
Seaborne
Metallurgical
|
247.0
|
|
394.0
|
|
288.4
|
|
|
|
|
|
|
|
|
Powder River
Basin
|
254.1
|
|
320.1
|
|
305.3
|
|
Other U.S.
Thermal
|
191.6
|
|
210.7
|
|
249.4
|
|
Total U.S.
Thermal
|
445.7
|
|
530.8
|
|
554.7
|
|
Corporate and
Other
|
7.0
|
|
23.9
|
|
174.4
|
|
Total
|
$
983.6
|
|
$
1,235.0
|
|
$
1,364.0
|
|
|
|
|
|
|
|
|
Total Reporting Segment
Costs Summary (In Millions) (1)
|
|
|
|
|
|
|
Seaborne
Thermal
|
$
190.1
|
|
$
186.5
|
|
$
182.5
|
|
Seaborne
Metallurgical
|
198.7
|
|
227.8
|
|
197.6
|
|
|
|
|
|
|
|
|
Powder River
Basin
|
237.7
|
|
282.5
|
|
269.5
|
|
Other U.S.
Thermal
|
145.1
|
|
168.4
|
|
185.2
|
|
Total U.S.
Thermal
|
382.8
|
|
450.9
|
|
454.7
|
|
Corporate and
Other
|
27.5
|
|
3.3
|
|
0.5
|
|
Total
|
$
799.1
|
|
$
868.5
|
|
$
835.3
|
|
|
|
|
|
|
|
|
Other Supplemental
Financial Data (In Millions)
|
|
|
|
|
|
|
Adjusted EBITDA -
Seaborne Thermal
|
$
93.8
|
|
$
99.8
|
|
$
164.0
|
|
Adjusted EBITDA -
Seaborne Metallurgical
|
48.3
|
|
166.2
|
|
90.8
|
|
|
|
|
|
|
|
|
Adjusted EBITDA -
Powder River Basin
|
16.4
|
|
37.6
|
|
35.8
|
|
Adjusted EBITDA - Other
U.S. Thermal
|
46.5
|
|
42.3
|
|
64.2
|
|
Adjusted EBITDA - Total
U.S. Thermal
|
62.9
|
|
79.9
|
|
100.0
|
|
Middlemount
|
(0.8)
|
|
(0.5)
|
|
2.3
|
|
Resource Management
Results (2)
|
4.4
|
|
9.6
|
|
2.3
|
|
Selling and
Administrative Expenses
|
(22.0)
|
|
(24.7)
|
|
(22.8)
|
|
Other Operating Costs,
Net (3)
|
(26.1)
|
|
14.8
|
|
54.0
|
|
Adjusted EBITDA
(1)
|
$
160.5
|
|
$
345.1
|
|
$
390.6
|
|
|
|
|
|
|
|
|
(1)
|
Total Reporting Segment
Costs and Adjusted EBITDA are non-GAAP financial measures. Refer to
the "Reconciliation of Non-GAAP Financial Measures" section in this
document for definitions and reconciliations to the most comparable
measures under U.S. GAAP.
|
|
(2)
|
Includes gains (losses)
on certain surplus coal reserve and surface land sales and property
management costs and revenue.
|
|
(3)
|
Includes trading and
brokerage activities, costs associated with post-mining activities,
minimum charges on certain transportation-related contracts, costs
associated with suspended operations including the Centurion Mine
and revenue of $19.2 million related to the assignment of port and
rail capacity during the quarter ended March 31, 2023.
|
|
|
|
|
|
|
|
|
This information is
intended to be reviewed in conjunction with the company's filings
with the SEC.
|
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the securities laws. Forward-looking statements can
be identified by the fact that they do not relate strictly to
historical or current facts. They often include words or variation
of words such as "expects," "anticipates," "intends," "plans,"
"believes," "seeks," "estimates," "projects," "forecasts,"
"targets," "would," "will," "should," "goal," "could" or "may" or
other similar expressions. Forward-looking statements provide
management's or the Board's current expectations or predictions of
future conditions, events, or results. All statements that address
operating performance, events, or developments that may occur in
the future are forward-looking statements, including statements
regarding the shareholder return framework, execution of the
Company's operating plans, market conditions for the Company's
products, reclamation obligations, financial outlook, potential
acquisitions and strategic investments, and liquidity requirements.
All forward-looking statements speak only as of the date they are
made and reflect Peabody's good faith beliefs, assumptions, and
expectations, but they are not guarantees of future performance or
events. Furthermore, Peabody disclaims any obligation to publicly
update or revise any forward-looking statement, except as required
by law. By their nature, forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking statements.
Factors that might cause such differences include, but are not
limited to, a variety of economic, competitive, and regulatory
factors, many of which are beyond Peabody's control, that are
described in Peabody's periodic reports filed with the SEC
including its Annual Report on Form 10-K for the fiscal year
ended Dec. 31, 2023 and other factors
that Peabody may describe from time to time in other filings with
the SEC. You may get such filings for free at Peabody's website at
www.peabodyenergy.com. You should understand that it is not
possible to predict or identify all such factors and, consequently,
you should not consider any such list to be a complete set of all
potential risks or uncertainties.
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SOURCE Peabody