From its continuing operations, the largest private sector coal producer in the U.S. posted a diluted loss of $8.08 per share, and adjusted diluted loss of $8.13 per share.
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“Longer term, supply reductions are underpinned by the sizable withdrawal of capital investment within the coal industry”, said Kellow. However, the positive results are expected to ease the pressure on the stock today.
USA coal miner, Peabody Energy, has announced a net loss attributable to common stockholders of US$304.7 million for 3Q15 – up from US$150.6 million in 3Q15.
The company sold 58.4 million short t in 3Q15 from 62.5 million short t over the same period in 2014.
Volume declines in the Illinois Basin were attributed to low natural gas prices, while volume declines in the West were due to a longwall move and less demand for export coal from its Twentymile mine in Colorado. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of $8.20 per share.
Peabody Energy (NYSE:BTU) has reported its earnings for the third quarter with revenues of $1.42 billion, down 17.5% from the year-over-year figure of 1.723 billion.
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In the third quarter, results have been better than they were in the previous quarter and costs have been slashed by 28% to $48.11 per ton.
