Completed $100
Million of Share Repurchases
Centurion Development Making Exceptional
Progress
ST.
LOUIS, Oct. 31, 2024 /PRNewswire/ -- Peabody
(NYSE: BTU) today reported net income attributable to common
stockholders of $101.3 million, or
$0.74 per diluted share, for the
third quarter of 2024, compared to $119.9
million, or $0.82 per diluted
share in the prior year quarter. Peabody had Adjusted
EBITDA1 of $224.8 million
in the third quarter of 2024.
"In the third quarter, we delivered strong operational and
safety performance across all segments and completed $100 million of share repurchases," said Peabody
President and Chief Executive Officer Jim
Grech. "We continue to execute on our strategy and recently
provided a comprehensive update on Centurion, repositioning Peabody
as a leading metallurgical coal producer."
Highlights
- Reported third quarter Adjusted EBITDA of $224.8 million and generated operating cash flow
of $359.9 million
- Centurion development rates continue to exceed expectations,
developing 2,700 meters in the third quarter compared to a plan of
1,200 meters. First development coal was washed in September and
first customer shipment is scheduled for the fourth quarter
- Powder River Basin volumes were better than expected at 22.1
million tons
- Seaborne Thermal production increased, adding approximately 300
thousand tons to saleable coal inventory during the quarter
- Completed $100 million of share
repurchases
- Declared a dividend on common stock of $0.075 per share on October 31, 2024
1 Adjusted EBITDA is a non-GAAP financial measure.
Adjusted EBITDA margin is equal to segment Adjusted EBITDA
(excluding insurance recoveries) divided by segment revenue.
Revenue per Ton and Adjusted EBITDA Margin per Ton are equal to
revenue by segment and Adjusted EBITDA by segment (excluding
insurance recoveries), 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 herein for a reconciliation of non-GAAP financial
measures.
Third Quarter Segment Performance
|
Seaborne
Thermal
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
Sept.
|
|
Jun.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Tons sold (in
millions)
|
4.1
|
|
4.1
|
|
4.2
|
|
12.2
|
|
11.8
|
|
Export
|
2.6
|
|
2.7
|
|
2.7
|
|
7.8
|
|
7.4
|
|
Domestic
|
1.5
|
|
1.4
|
|
1.5
|
|
4.4
|
|
4.4
|
|
Revenue per
Ton
|
$
76.21
|
|
$
74.43
|
|
$
71.38
|
|
$
73.99
|
|
$
89.06
|
|
Export - Avg.
Realized Price per Ton
|
105.51
|
|
98.43
|
|
99.55
|
|
101.13
|
|
127.67
|
|
Domestic - Avg.
Realized Price per Ton
|
25.36
|
|
26.69
|
|
20.92
|
|
26.11
|
|
23.23
|
|
Costs per
Ton
|
47.01
|
|
49.14
|
|
43.68
|
|
47.96
|
|
48.35
|
|
Adjusted EBITDA
Margin per Ton
|
$
29.20
|
|
$
25.29
|
|
$
27.70
|
|
$
26.03
|
|
$
40.71
|
|
Adjusted EBITDA (in
millions)
|
$
120.0
|
|
$
104.4
|
|
$
115.5
|
|
$
318.2
|
|
$
477.0
|
Peabody expected seaborne thermal volume of 4.0 million tons,
including 2.5 million export tons, at costs of $48 to $53 per ton.
Better than anticipated production and costs drove Adjusted EBITDA
margin per ton higher by 15 percent compared to the second quarter.
Higher production resulted in adding approximately 300 thousand
tons to saleable coal inventory during the quarter. The segment
reported Adjusted EBITDA margins of 38 percent and Adjusted EBITDA
of $120.0 million.
|
Seaborne
Metallurgical
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
Sept.
|
|
Jun.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Tons sold (in
millions)
|
1.7
|
|
2.0
|
|
1.5
|
|
5.1
|
|
4.8
|
|
Revenue per
Ton
|
$
144.60
|
|
$
149.29
|
|
$
162.02
|
|
$
154.31
|
|
$
189.50
|
|
Costs per
Ton
|
128.04
|
|
117.47
|
|
110.38
|
|
126.98
|
|
132.74
|
|
Adjusted EBITDA
Margin per Ton
|
$
16.56
|
|
$
31.82
|
|
$
51.64
|
|
$
27.33
|
|
$
56.76
|
|
Adjusted EBITDA,
Excluding Insurance Recovery (in millions)
|
$
27.8
|
|
$
62.8
|
|
$
78.6
|
|
$
138.9
|
|
$
271.9
|
|
Shoal Creek
Insurance Recovery (in millions)
|
$
—
|
|
$
80.8
|
|
$
—
|
|
$
80.8
|
|
$
—
|
|
Adjusted EBITDA (in
millions)
|
$
27.8
|
|
$
143.6
|
|
$
78.6
|
|
$
219.7
|
|
$
271.9
|
Peabody expected seaborne met volume of 1.7 million tons at
costs of $120 to $130 per ton. Third quarter shipments and costs
were in-line with expectations. We opportunistically withheld
nearly 90 thousand tons of shipments at Shoal Creek to avoid higher
alternate logistics costs and weak market conditions for spot
sales. The segment reported Adjusted EBITDA of $27.8 million and is positioned for a stronger
fourth quarter.
|
Powder River
Basin
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
Sept.
|
|
Jun.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Tons sold (in
millions)
|
22.1
|
|
15.8
|
|
22.7
|
|
56.6
|
|
63.6
|
|
Revenue per
Ton
|
$
13.84
|
|
$
14.02
|
|
$
13.79
|
|
$
13.82
|
|
$
13.80
|
|
Costs per
Ton
|
11.50
|
|
12.89
|
|
11.41
|
|
12.30
|
|
11.98
|
|
Adjusted EBITDA
Margin per Ton
|
$
2.34
|
|
$
1.13
|
|
$
2.38
|
|
$
1.52
|
|
$
1.82
|
|
Adjusted EBITDA (in
millions)
|
$
51.7
|
|
$
17.8
|
|
$
54.1
|
|
$
85.9
|
|
$
116.1
|
Peabody expected PRB volumes of 21.5 million tons at costs
of $11.50 to $12.50 per ton. Better than expected customer
nominations and continued focus on cost management increased
Adjusted EBITDA margins to $2.34 per
ton, more than double the second quarter. The segment reported
Adjusted EBITDA margins of 17 percent and Adjusted EBITDA of
$51.7 million.
|
Other U.S.
Thermal
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
Sept.
|
|
Jun.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Tons sold (in
millions)
|
4.0
|
|
3.7
|
|
4.2
|
|
10.9
|
|
12.5
|
|
Revenue per
Ton
|
$
53.52
|
|
$
55.21
|
|
$
53.89
|
|
$
55.92
|
|
$
54.12
|
|
Costs per
Ton
|
46.50
|
|
45.53
|
|
42.28
|
|
45.81
|
|
40.92
|
|
Adjusted EBITDA
Margin per Ton
|
$
7.02
|
|
$
9.68
|
|
$
11.61
|
|
$
10.11
|
|
$
13.20
|
|
Adjusted EBITDA (in
millions)
|
$
28.4
|
|
$
35.4
|
|
$
49.1
|
|
$
110.3
|
|
$
165.2
|
Peabody expected Other U.S. Thermal volume of 4.0 million tons
at costs of approximately $44 to
$48 per ton. Peabody delivered 4.0
million tons at costs of $46.50 per
ton, in-line with expectations. For the quarter, the segment
reported Adjusted EBITDA margins of 13 percent and Adjusted EBITDA
of $28.4 million.
Centurion Update
On October 14, 2024, Peabody
provided a comprehensive update on the Centurion premium hard
coking coal project (click here to view), estimating a net present
value of $1.6 billion with a 25
percent internal rate of return. The project is expected to produce
4.7 million tons annually at first quartile costs over a 25 plus
year mine life. Two continuous miner units are operational, first
development coal was produced in June, first coal was washed in
September and first customer shipment is scheduled for the fourth
quarter. Peabody has invested $250
million of the projected $489
million needed to reach longwall production in
March 2026. Centurion's benchmark
premium hard coking coal from the Bowen Basin is highly
attractive to customers in the Asian market, making Centurion a
cornerstone asset in Peabody's global coal portfolio.
Shareholder Return Program
During the third quarter of 2024, Peabody repurchased 4.5
million shares for a total of $100
million. The total repurchases for the year is 7.7 million
shares totaling $180.4 million. Since
recommencing the program in 2023, Peabody has repurchased 23.8
million shares for a total amount of $530.4
million, leaving $469.6
million remaining under its existing $1 billion share repurchase program.
The company declared a $0.075 per
share dividend on October 31,
2024.
|
Nine Months
Ended
|
|
Year
Ended
|
|
Sept.
|
|
Dec.
|
|
2024
|
|
2023
|
|
(Dollars in
millions)
|
|
Net Cash Provided by
Operating Activities:
|
$
486.7
|
|
$
1,035.5
|
|
- Net Cash Used
in Investing Activities
|
(389.6)
|
|
(342.6)
|
|
- Distributions
to Noncontrolling Interest
|
(34.8)
|
|
(59.0)
|
|
+/- Changes to
Restricted Cash and Collateral (1)
|
(24.7)
|
|
90.2
|
|
- Anticipated
Expenditures or Other Requirements
|
—
|
|
—
|
|
Available Free Cash
Flow (AFCF) (2)
|
$
37.6
|
|
$
724.1
|
|
|
|
|
|
Amount Allocated to
Shareholder Returns
|
$
127.9
|
|
$
470.7
|
|
|
|
|
|
(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 $143
million and an outflow of $200 million for the nine months ended
September 30,
2024 and the year ended December 31, 2023,
respectively.
|
|
(2) AFCF is a
non-GAAP financial measure defined as operating cash flow less
investing cash flow and distributions to noncontrolling
interests;
plus/minus changes to restricted cash and collateral 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. The Company's policy is to return at least 65% of annual
AFCF to
shareholders.
|
Fourth Quarter 2024 Outlook
Seaborne Thermal
- Volume is expected to be 4.1 million tons, including 2.5
million export tons. 0.4 million export tons are priced at
approximately $120 per ton, and 0.8
million tons of Newcastle product and 1.3 million tons of high ash
product are unpriced. Costs are anticipated to be $48-$53 per ton.
Full year volume guidance increased by 200 thousand tons to 16-16.4
million tons due to higher production at Wilpinjong.
Seaborne Metallurgical
- Volume is anticipated to be 2.3 million tons and is expected to
achieve 70 to 75 percent of the premium hard coking coal price
index. Costs are anticipated to be $120-$125 per
ton.
U.S. Thermal
- PRB volume is expected to be 21.2 million tons at an average
price of $13.50 per ton and costs of
approximately $11.50-$12.00 per ton.
- Other U.S. Thermal volume is expected to be 3.9 million tons at
an average price of $52.40 per ton
and costs of approximately $44-$48 per ton.
Full year costs have been increased $2 per ton to $43-$47 per ton as
Twentymile is experiencing challenging geological conditions
temporarily reducing production.
Capital Expenditures
- Full-year anticipated capital has been increased by
$50 million to $425 million primarily due to accelerated
development at Centurion and timing of spend at Wambo
Open-Cut.
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
ir@peabodyenergy.com
|
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
|
16 - 16.4
|
14.2
|
$69.98
|
$45.00 -
$50.00
|
|
Seaborne Thermal
(Export)
|
10 - 10.4
|
8.2
|
$102.05
|
NA
|
|
Seaborne Thermal
(Domestic)
|
6.0
|
6.0
|
$26.09
|
NA
|
|
Seaborne
Metallurgical
|
7.2 - 7.6
|
5.4
|
$151.00
|
$118.00 -
$128.00
|
|
PRB U.S.
Thermal
|
75 - 82
|
85
|
$13.70
|
$11.75 -
$12.50
|
|
Other U.S.
Thermal
|
14.5 - 15.5
|
15.2
|
$54.20
|
$43.00 -
$47.00
|
|
|
|
|
|
|
Other Annual
Financial Metrics ($ in millions)
|
|
|
2024 Full
Year
|
|
|
|
|
SG&A
|
$90
|
|
|
|
|
Total Capital
Expenditures
|
$425
|
|
|
|
|
Major Project Capital
Expenditures
|
$275
|
|
|
|
|
Sustaining Capital
Expenditures
|
$150
|
|
|
|
|
ARO Cash
Spend
|
$50
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Information
|
|
|
|
|
|
|
|
Seaborne
Thermal
|
~40% of unpriced export
volumes are expected to price on average at
Globalcoal "NEWC" levels and ~60% 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 70-75%
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 September 30,
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 Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the
Nine Months Ended Sept. 30, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions, Except
Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
|
Sept.
|
|
Jun.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Tons Sold
|
31.9
|
|
25.6
|
|
32.6
|
|
84.9
|
|
93.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
1,088.0
|
|
$
1,042.0
|
|
$
1,078.9
|
|
$
3,113.6
|
|
$
3,711.7
|
|
Operating Costs and
Expenses (1)
|
845.8
|
|
803.9
|
|
803.7
|
|
2,463.9
|
|
2,512.3
|
|
Depreciation, Depletion
and Amortization
|
84.7
|
|
82.9
|
|
82.3
|
|
247.4
|
|
239.2
|
|
Asset Retirement
Obligation Expenses
|
12.9
|
|
12.9
|
|
15.4
|
|
38.7
|
|
46.3
|
|
Selling and
Administrative Expenses
|
20.6
|
|
22.1
|
|
21.5
|
|
64.7
|
|
66.0
|
|
Restructuring
Charges
|
1.9
|
|
0.1
|
|
0.9
|
|
2.1
|
|
3.0
|
|
Other Operating
(Income) Loss:
|
|
|
|
|
|
|
|
|
|
|
Net Gain on
Disposals
|
(0.1)
|
|
(7.5)
|
|
(1.4)
|
|
(9.7)
|
|
(8.5)
|
|
Asset
Impairment
|
—
|
|
—
|
|
—
|
|
—
|
|
2.0
|
|
Provision for NARM and
Shoal Creek Losses
|
—
|
|
1.9
|
|
3.3
|
|
3.7
|
|
37.0
|
|
Shoal Creek Insurance
Recovery
|
—
|
|
(109.5)
|
|
—
|
|
(109.5)
|
|
—
|
|
Loss (Income) from
Equity Affiliates
|
2.1
|
|
1.3
|
|
(5.6)
|
|
7.1
|
|
(9.7)
|
|
Operating
Profit
|
120.1
|
|
233.9
|
|
158.8
|
|
405.2
|
|
824.1
|
|
Interest Expense, Net
of Capitalized Interest
|
9.7
|
|
10.7
|
|
13.8
|
|
35.1
|
|
45.5
|
|
Net Loss on Early Debt
Extinguishment
|
—
|
|
—
|
|
—
|
|
—
|
|
8.8
|
|
Interest
Income
|
(17.7)
|
|
(16.8)
|
|
(20.3)
|
|
(53.7)
|
|
(56.5)
|
|
Net Periodic Benefit
Credit, Excluding Service Cost
|
(10.1)
|
|
(10.2)
|
|
(10.0)
|
|
(30.4)
|
|
(29.4)
|
|
Income from Continuing
Operations Before Income Taxes
|
138.2
|
|
250.2
|
|
175.3
|
|
454.2
|
|
855.7
|
|
Income Tax
Provision
|
25.7
|
|
39.4
|
|
46.5
|
|
85.2
|
|
238.7
|
|
Income from Continuing
Operations, Net of Income Taxes
|
112.5
|
|
210.8
|
|
128.8
|
|
369.0
|
|
617.0
|
|
(Loss) Income from
Discontinued Operations, Net of Income Taxes
|
(1.0)
|
|
(1.6)
|
|
2.5
|
|
(3.3)
|
|
(0.1)
|
|
Net Income
|
111.5
|
|
209.2
|
|
131.3
|
|
365.7
|
|
616.9
|
|
Less: Net Income
Attributable to Noncontrolling Interests
|
10.2
|
|
9.8
|
|
11.4
|
|
25.4
|
|
49.3
|
|
Net Income Attributable
to Common Stockholders
|
$
101.3
|
|
$
199.4
|
|
$
119.9
|
|
$
340.3
|
|
$
567.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(2)
|
$
224.8
|
|
$
309.7
|
|
$
270.0
|
|
$
695.0
|
|
$
1,018.8
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS - Income
from Continuing Operations (3)(4)
|
$
0.74
|
|
$
1.43
|
|
$
0.80
|
|
$
2.47
|
|
$
3.68
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS - Net
Income Attributable to Common
Stockholders (3)
|
$
0.74
|
|
$
1.42
|
|
$
0.82
|
|
$
2.44
|
|
$
3.68
|
|
|
|
(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 141.6 million, 142.8 million and
149.9 million during the quarters ended September 30,
2024,
June 30, 2024 and September 30, 2023, respectively. Weighted
average diluted shares outstanding were 143.1 million and 156.7
million during the
nine months ended September 30, 2024 and 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 Sept. 30, 2024
and Dec. 31, 2023
|
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Sep. 30,
2024
|
|
Dec. 31,
2023
|
|
Cash and Cash
Equivalents
|
$
772.9
|
|
$
969.3
|
|
Accounts Receivable,
Net
|
304.2
|
|
389.7
|
|
Inventories,
Net
|
444.3
|
|
351.8
|
|
Other Current
Assets
|
286.6
|
|
308.9
|
|
Total Current
Assets
|
1,808.0
|
|
2,019.7
|
|
Property, Plant,
Equipment and Mine Development, Net
|
3,013.5
|
|
2,844.1
|
|
Operating Lease
Right-of-Use Assets
|
121.1
|
|
61.9
|
|
Restricted Cash and
Collateral
|
839.0
|
|
957.6
|
|
Investments and Other
Assets
|
85.3
|
|
78.8
|
|
Total
Assets
|
$
5,866.9
|
|
$
5,962.1
|
|
|
|
|
|
|
Current Portion of
Long-Term Debt
|
$
14.8
|
|
$
13.5
|
|
Accounts Payable and
Accrued Expenses
|
763.8
|
|
965.5
|
|
Total Current
Liabilities
|
778.6
|
|
979.0
|
|
Long-Term Debt, Less
Current Portion
|
323.7
|
|
320.7
|
|
Deferred Income
Taxes
|
17.8
|
|
28.6
|
|
Asset Retirement
Obligations, Less Current Portion
|
647.4
|
|
648.6
|
|
Accrued Postretirement
Benefit Costs
|
143.1
|
|
148.4
|
|
Operating Lease
Liabilities, Less Current Portion
|
94.6
|
|
47.7
|
|
Other Noncurrent
Liabilities
|
171.3
|
|
181.6
|
|
Total
Liabilities
|
2,176.5
|
|
2,354.6
|
|
|
|
|
|
|
Common Stock
|
1.9
|
|
1.9
|
|
Additional Paid-in
Capital
|
3,988.9
|
|
3,983.0
|
|
Treasury
Stock
|
(1,926.5)
|
|
(1,740.2)
|
|
Retained
Earnings
|
1,424.3
|
|
1,112.7
|
|
Accumulated Other
Comprehensive Income
|
150.7
|
|
189.6
|
|
Peabody Energy
Corporation Stockholders' Equity
|
3,639.3
|
|
3,547.0
|
|
Noncontrolling
Interests
|
51.1
|
|
60.5
|
|
Total Stockholders'
Equity
|
3,690.4
|
|
3,607.5
|
|
Total Liabilities and
Stockholders' Equity
|
$
5,866.9
|
|
$
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 Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the
Nine Months Ended Sept. 30, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
Sept.
|
|
Jun.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided By
Continuing Operations
|
$
361.4
|
|
$
9.7
|
|
$
87.5
|
|
$
491.4
|
|
$
832.7
|
|
Net Cash Used in
Discontinued Operations
|
(1.5)
|
|
(1.9)
|
|
(74.1)
|
|
(4.7)
|
|
(79.6)
|
|
Net Cash Provided
By Operating Activities
|
359.9
|
|
7.8
|
|
13.4
|
|
486.7
|
|
753.1
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
Additions to Property,
Plant, Equipment and Mine Development
|
(98.7)
|
|
(105.6)
|
|
(68.1)
|
|
(265.7)
|
|
(190.4)
|
|
Changes in Accrued
Expenses Related to Capital Expenditures
|
7.2
|
|
(6.9)
|
|
0.3
|
|
(6.5)
|
|
(5.1)
|
|
Wards Well
Acquisition
|
—
|
|
(143.8)
|
|
—
|
|
(143.8)
|
|
—
|
|
Insurance Proceeds
Attributable to Shoal Creek Equipment Losses
|
5.3
|
|
5.6
|
|
—
|
|
10.9
|
|
—
|
|
Proceeds from Disposal
of Assets, Net of Receivables
|
0.6
|
|
13.1
|
|
1.9
|
|
16.1
|
|
13.9
|
|
Contributions to Joint
Ventures
|
(176.6)
|
|
(170.7)
|
|
(202.6)
|
|
(550.1)
|
|
(573.4)
|
|
Distributions from
Joint Ventures
|
189.2
|
|
167.4
|
|
213.6
|
|
549.8
|
|
579.4
|
|
Other, Net
|
0.2
|
|
(0.7)
|
|
0.3
|
|
(0.3)
|
|
1.0
|
|
Net Cash Used In
Investing Activities
|
(72.8)
|
|
(241.6)
|
|
(54.6)
|
|
(389.6)
|
|
(174.6)
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
Repayments of Long-Term
Debt
|
(2.6)
|
|
(2.4)
|
|
(2.1)
|
|
(7.2)
|
|
(6.9)
|
|
Payment of Debt
Issuance and Other Deferred Financing Costs
|
—
|
|
(0.3)
|
|
—
|
|
(11.1)
|
|
(0.3)
|
|
Common Stock
Repurchases
|
(100.0)
|
|
—
|
|
(91.0)
|
|
(183.1)
|
|
(264.0)
|
|
Repurchase of Employee
Common Stock Relinquished for Tax Withholding
|
—
|
|
(0.7)
|
|
—
|
|
(4.1)
|
|
(13.7)
|
|
Dividends
Paid
|
(9.4)
|
|
(9.4)
|
|
(9.9)
|
|
(28.5)
|
|
(20.7)
|
|
Distributions to
Noncontrolling Interests
|
(16.3)
|
|
—
|
|
(36.1)
|
|
(34.8)
|
|
(58.9)
|
|
Net Cash Used In
Financing Activities
|
(128.3)
|
|
(12.8)
|
|
(139.1)
|
|
(268.8)
|
|
(364.5)
|
|
Net Change in Cash,
Cash Equivalents and Restricted Cash
|
158.8
|
|
(246.6)
|
|
(180.3)
|
|
(171.7)
|
|
214.0
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of
Period
|
1,319.7
|
|
1,566.3
|
|
1,811.9
|
|
1,650.2
|
|
1,417.6
|
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
$
1,478.5
|
|
$
1,319.7
|
|
$
1,631.6
|
|
$
1,478.5
|
|
$
1,631.6
|
|
|
|
|
|
|
|
|
|
|
|
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 Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the
Nine Months Ended Sept. 30, 2024 and 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
|
|
Nine Months
Ended
|
|
|
Sept.
|
|
Jun.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Continuing
Operations, Net of Income Taxes
|
$
112.5
|
|
$
210.8
|
|
$
128.8
|
|
$
369.0
|
|
$
617.0
|
|
Depreciation,
Depletion and Amortization
|
84.7
|
|
82.9
|
|
82.3
|
|
247.4
|
|
239.2
|
|
Asset Retirement
Obligation Expenses
|
12.9
|
|
12.9
|
|
15.4
|
|
38.7
|
|
46.3
|
|
Restructuring
Charges
|
1.9
|
|
0.1
|
|
0.9
|
|
2.1
|
|
3.0
|
|
Asset
Impairment
|
—
|
|
—
|
|
—
|
|
—
|
|
2.0
|
|
Provision for NARM and
Shoal Creek Losses
|
—
|
|
1.9
|
|
3.3
|
|
3.7
|
|
37.0
|
|
Shoal Creek Insurance
Recovery - Property Damage
|
—
|
|
(28.7)
|
|
—
|
|
(28.7)
|
|
—
|
|
Changes in
Amortization of Basis Difference Related to Equity
Affiliates
|
(0.4)
|
|
(0.3)
|
|
(0.5)
|
|
(1.1)
|
|
(1.2)
|
|
Interest Expense, Net
of Capitalized Interest
|
9.7
|
|
10.7
|
|
13.8
|
|
35.1
|
|
45.5
|
|
Net Loss on Early Debt
Extinguishment
|
—
|
|
—
|
|
—
|
|
—
|
|
8.8
|
|
Interest
Income
|
(17.7)
|
|
(16.8)
|
|
(20.3)
|
|
(53.7)
|
|
(56.5)
|
|
Unrealized Gains on
Derivative Contracts Related to Forecasted Sales
|
—
|
|
—
|
|
—
|
|
—
|
|
(159.0)
|
|
Unrealized (Gains)
Losses on Foreign Currency Option Contracts
|
(3.7)
|
|
(2.4)
|
|
0.5
|
|
(0.4)
|
|
(0.1)
|
|
Take-or-Pay
Contract-Based Intangible Recognition
|
(0.8)
|
|
(0.8)
|
|
(0.7)
|
|
(2.3)
|
|
(1.9)
|
|
Income Tax
Provision
|
25.7
|
|
39.4
|
|
46.5
|
|
85.2
|
|
238.7
|
|
Adjusted EBITDA
(1)
|
$
224.8
|
|
$
309.7
|
|
$
270.0
|
|
$
695.0
|
|
$
1,018.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs and
Expenses
|
$
845.8
|
|
$
803.9
|
|
$
803.7
|
|
$
2,463.9
|
|
$
2,512.3
|
|
Unrealized Gains
(Losses) on Foreign Currency Option Contracts
|
3.7
|
|
2.4
|
|
(0.5)
|
|
0.4
|
|
0.1
|
|
Take-or-Pay
Contract-Based Intangible Recognition
|
0.8
|
|
0.8
|
|
0.7
|
|
2.3
|
|
1.9
|
|
Net Periodic Benefit
Credit, Excluding Service Cost
|
(10.1)
|
|
(10.2)
|
|
(10.0)
|
|
(30.4)
|
|
(29.4)
|
|
Total Reporting Segment
Costs (2)
|
$
840.2
|
|
$
796.9
|
|
$
793.9
|
|
$
2,436.2
|
|
$
2,484.9
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the
Nine Months Ended Sept. 30, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
|
Sept.
|
|
Jun.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenue Summary (In
Millions)
|
|
|
|
|
|
|
|
|
|
|
Seaborne
Thermal
|
$
313.2
|
|
$
307.5
|
|
$
297.4
|
|
$
904.6
|
|
$
1,043.4
|
|
Seaborne
Metallurgical
|
242.5
|
|
294.3
|
|
247.0
|
|
783.8
|
|
907.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Powder River
Basin
|
305.3
|
|
221.9
|
|
313.0
|
|
781.3
|
|
878.0
|
|
Other U.S.
Thermal
|
216.7
|
|
202.0
|
|
228.2
|
|
610.3
|
|
677.5
|
|
Total U.S.
Thermal
|
522.0
|
|
423.9
|
|
541.2
|
|
1,391.6
|
|
1,555.5
|
|
Corporate and
Other
|
10.3
|
|
16.3
|
|
(6.7)
|
|
33.6
|
|
204.9
|
|
Total
|
$
1,088.0
|
|
$
1,042.0
|
|
$
1,078.9
|
|
$
3,113.6
|
|
$
3,711.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Reporting Segment
Costs Summary (In Millions) (1)
|
|
|
|
|
|
|
|
|
|
|
Seaborne
Thermal
|
$
193.2
|
|
$
203.1
|
|
$
181.9
|
|
$
586.4
|
|
$
566.4
|
|
Seaborne
Metallurgical
|
214.7
|
|
231.5
|
|
168.4
|
|
644.9
|
|
636.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Powder River
Basin
|
253.6
|
|
204.1
|
|
258.9
|
|
695.4
|
|
761.9
|
|
Other U.S.
Thermal
|
188.3
|
|
166.6
|
|
179.1
|
|
500.0
|
|
512.3
|
|
Total U.S.
Thermal
|
441.9
|
|
370.7
|
|
438.0
|
|
1,195.4
|
|
1,274.2
|
|
Corporate and
Other
|
(9.6)
|
|
(8.4)
|
|
5.6
|
|
9.5
|
|
8.3
|
|
Total
|
$
840.2
|
|
$
796.9
|
|
$
793.9
|
|
$
2,436.2
|
|
$
2,484.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Supplemental
Financial Data (In Millions)
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA -
Seaborne Thermal
|
$
120.0
|
|
$
104.4
|
|
$
115.5
|
|
$
318.2
|
|
$
477.0
|
|
Adjusted EBITDA -
Seaborne Metallurgical, Excluding Shoal Creek Insurance
Recovery
|
27.8
|
|
62.8
|
|
78.6
|
|
138.9
|
|
271.9
|
|
Shoal Creek Insurance
Recovery - Business Interruption
|
—
|
|
80.8
|
|
—
|
|
80.8
|
|
—
|
|
Adjusted EBITDA -
Seaborne Metallurgical
|
27.8
|
|
143.6
|
|
78.6
|
|
219.7
|
|
271.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA -
Powder River Basin
|
51.7
|
|
17.8
|
|
54.1
|
|
85.9
|
|
116.1
|
|
Adjusted EBITDA - Other
U.S. Thermal
|
28.4
|
|
35.4
|
|
49.1
|
|
110.3
|
|
165.2
|
|
Adjusted EBITDA - Total
U.S. Thermal
|
80.1
|
|
53.2
|
|
103.2
|
|
196.2
|
|
281.3
|
|
Middlemount
|
1.8
|
|
1.9
|
|
7.7
|
|
2.9
|
|
13.7
|
|
Resource Management
Results (2)
|
2.2
|
|
9.9
|
|
3.1
|
|
16.5
|
|
11.4
|
|
Selling and
Administrative Expenses
|
(20.6)
|
|
(22.1)
|
|
(21.5)
|
|
(64.7)
|
|
(66.0)
|
|
Other Operating Costs,
Net (3)
|
13.5
|
|
18.8
|
|
(16.6)
|
|
6.2
|
|
29.5
|
|
Adjusted EBITDA
(1)
|
$
224.8
|
|
$
309.7
|
|
$
270.0
|
|
$
695.0
|
|
$
1,018.8
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, coal resource and surface land
sales and property management costs and revenue.
|
|
(3)
|
Includes trading and
brokerage activities, costs associated with post-mining activities,
gains (losses) on certain asset disposals, minimum charges on
certain
transportation-related contracts, results from the Company's equity
method investment in R3 Renewables LLC, costs associated with
suspended operations
including the Centurion Mine, the impact of foreign currency
remeasurement, expenses related to the Company's other commercial
activities and revenue of
$19.2 million related to the Q1 2023 assignment of port and rail
capacity.
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Quarterly Report on
Form 10-Q for the quarter ended June 30,
2024. 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