Peabody Energy Corp (BTUUQ, Financial) released its earnings report for the third quarter of 2023 on October 26, 2023. The company reported a net income attributable to common stockholders of $119.9 million, or $0.82 per diluted share, compared to $179.2 million, or $1.15 per diluted share in the second quarter. The company had an Adjusted EBITDA of $270.0 million in the third quarter of 2023 compared to $358.2 million in the prior quarter.
Financial Highlights
Peabody Energy Corp (BTUUQ, Financial) reported higher production levels at three of its four operating segments compared to the prior quarter. The company exceeded anticipated PRB volumes by 8 percent, shipping approximately 23 million tons in the quarter. The company also reported lower than anticipated costs per ton in three of its four operating segments during the quarter.
Peabody Energy Corp (BTUUQ, Financial) also reached an agreement to acquire a large portion of the Wards Well coal deposit, an underground premium hard coking coal resource immediately adjacent to its existing North Goonyella mine. This acquisition represents a strategic opportunity to extend the mine life of the North Goonyella mine by over 20 years.
Segment Performance
The seaborne thermal segment shipped 4.2 million tons, including 2.7 million export tons. The average realized export price was 29 percent lower than the prior quarter due to coal product mix and lower average seaborne thermal benchmark prices. The segment reported Adjusted EBITDA margins of 39 percent and Adjusted EBITDA of $115.5 million.
The seaborne met segment shipped 1.5 million tons at an average realized price of $162.02 per ton. The segment reported Adjusted EBITDA margins of 32 percent and Adjusted EBITDA of $78.6 million.
The PRB segment shipped 22.7 million tons at an average realized price of $13.79 per ton. The segment reported Adjusted EBITDA margins of 17 percent and Adjusted EBITDA of $54.1 million.
The other U.S. thermal segment shipped 4.2 million tons at an average realized price of $53.89 per ton. The segment reported Adjusted EBITDA margins of 22 percent and Adjusted EBITDA of $49.1 million.
Shareholder Return Program
From the start of 2023 through October 20, 2023, the Company has returned $307.4 million to shareholders, including a fixed dividend of $20.7 million and share repurchases of $286.7 million. The Company has repurchased 13.4 million shares, or 9.3% of shares outstanding.
Peabody Energy Corp (BTUUQ, Financial) is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. The company's commitment to sustainability underpins everything it does and shapes its strategy for the future.
Explore the complete 8-K earnings release (here) from Peabody Energy Corp for further details.
