Q2 EBITDA up 35% over 2009
July 21, 2010 — Peabody Energy reported a year-on-year rise in EBITDA of 35% to $404.4 million for Q2 2010. The St. Louis-based mining company also saw its income from continuing operations increase by $124.7 million to $214.7 million, with it diluted-earnings-per-share more than doubling from $0.32 in Q2 2009 to $0.76 this past quarter.
The company said that its Q2 2010 sales volume of 59.7 million tons was only slightly ahead of prior-year levels, and included a 28% increase in Australia shipments. However, revenues rose 24% to $1.66 billion, led by a $288.4 million increase in Australian revenues.
“Peabody delivered yet another quarter of outstanding results, with expanded margins and cash flows driven by both our Australia and US mining operations,” said Peabody Chairman and CEO Gregory H. Boyce. Australian EBITDA reached $223.6 million on higher volumes and a nearly 50% increase in realized prices.
“Our global platform is expected to continue to capitalize on rising volumes and prices, and the continuation of our strong operating performance. We expect second half results to be stronger than the first.”
Peabody is raising the midpoint of its 2010 earnings targets, with EBITDA now targeted to be $1.7 to $1.9 billion with adjusted earnings per share of $2.60 to $3.15, excluding currency remeasurement.
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