Peabody(BTU) - 2025 Q1 - Quarterly Report

Production and Sales - Peabody produced and sold 118.1 million and 118.0 million tons of coal, respectively, from continuing operations in 2024[115] - Total tons sold increased by 1.5 million tons, or 5%, from 27.4 million tons in Q1 2024 to 28.9 million tons in Q1 2025[131] - Seaborne Metallurgical tons sold increased by 0.4 million tons, or 29%, from 1.4 million tons in Q1 2024 to 1.8 million tons in Q1 2025[131] - The Centurion Mine is expected to begin producing continuous miner coal early in Q3 2025, targeting combined production of 500 thousand tons for 2025[124] - The company has approximately 91 million tons of U.S. thermal coal priced and committed for 2025, including 77 million tons of PRB coal and 14 million tons of other U.S. thermal coal[214] - Estimated full year 2025 thermal coal sales volumes from the Seaborne Thermal segment are projected to be between 14.2 million to 15.2 million tons[214] - Estimated full year 2025 metallurgical coal sales from the Seaborne Metallurgical segment are projected to be between 8.0 million to 9.0 million tons[214] Financial Performance - Adjusted EBITDA for the three months ended March 31, 2025, reflected a year-over-year decrease of $16.5 million[130] - Total revenue for the three months ended March 31, 2025, was$983.6 million, a decrease of $46.6 million or 5$18.8 million or 7% to $265.1 million, primarily due to unfavorable realized prices[133] - Seaborne Metallurgical segment revenue decreased by$26.9 million or 11% to $220.1 million, also due to unfavorable realized prices[134] - Powder River Basin segment revenue increased by$21.5 million or 8% to $275.6 million, driven by favorable volume and realized prices[134] - Adjusted EBITDA for the company decreased by$16.5 million or 10% to $144.0 million for the three months ended March 31, 2025[140] - Income from continuing operations, net of income taxes, was$38.3 million in Q1 2025, down 16% from $45.7 million in Q1 2024[150] - Net income attributable to common stockholders decreased by 13$34.4 million in Q1 2025 from $39.6 million in Q1 2024[150] - Diluted EPS attributable to common stockholders for Q1 2025 was$0.27, a decrease of 10% from $0.30 in Q1 2024[151] Costs and Expenses - Total segment costs for the three months ended March 31, 2025, were$799.1 million, a decrease of $31.8 million or 4$9.2 million or 5% to $190.1 million, attributed to lower labor and operational costs[136] - Total Segment Costs for Q1 2025 were$767.3 million, down from $799.1 million in Q1 2024, reflecting a decrease of 4$60.64, down from $71.24 in Q1 2024, a decrease of 15$696.5 million, with approximately $389 million held by U.S. subsidiaries and$296 million by Australian subsidiaries[176] - The company's available liquidity increased to $1,087.0 million as of March 31, 2025, up from$1,072.5 million as of December 31, 2024[177] - Net cash provided by operating activities for the three months ended March 31, 2025, was $119.9 million, comparable to$119.0 million in the same period of 2024[201] - The Company had $270.7 million of availability under the 2024 Credit Agreement as of March 31, 2025[185] - The Company entered into a bridge loan facility of up to$2.075 billion to finance the planned acquisition of multiple coal mines[194] - Cash paid for interest related to the Company's indebtedness was $9.9 million for the three months ended March 31, 2025[189] - The Company was compliant with all relevant covenants under its debt and finance agreements at March 31, 2025[199] Regulatory and Legal Matters - The company is subject to regulatory changes that could impact its operations, including updates to self-insurance requirements for black lung liabilities[157] - The company continues to monitor changes in environmental regulations that may affect the coal mining industry[159] - The company is involved in ongoing legal matters related to stormwater discharge violations, resulting in a total fine of$0.1 million and additional costs of $0.2 million[171] Other Financial Metrics - Interest expense, net of capitalized interest, decreased by 22$11.5 million in Q1 2025 from $14.7 million in Q1 2024[146] - The income tax provision decreased by 76$4.9 million in Q1 2025 from $20.1 million in Q1 2024, primarily due to lower expected pretax income[149] - The restricted cash and collateral balance increased by$5.5 million during the three months ended March 31, 2025, totaling $815.3 million[207] - As of March 31, 2025, the Company had total asset retirement obligations of$725.4 million[208] - The Company's reclamation bonding requirements were supported by approximately $710 million of restricted cash and other balances[209] - The accounts receivable securitization program provides up to$225.0 million of funding capacity, with $60.4 million of letters of credit outstanding under the program as of March 31, 2025[197] Market and Economic Factors - The company reported a 3$10 per barrel change in the price of crude oil would increase or decrease the Company's annual diesel fuel costs by approximately $23 million[218] - A one percentage point decrease in interest rates would result in a decrease of approximately$14 million to interest income for the next twelve months[221]