Peabody(BTU)2024-08-01 11:59Financial Performance - Peabody reported net income of $199.4 million, or $1.42 per diluted share, for Q2 2024, up from $179.2 million, or $1.15 per diluted share, in Q2 2023[1]. - Adjusted EBITDA for Q2 2024 was $309.7 million, including $80.8 million from an insurance settlement, compared to $358.2 million in Q2 2023[1]. - For the quarter ended June 30, 2024, total revenue was $1,042.0 million, an increase from $983.6 million in the previous quarter[22]. - The company reported a total adjusted EBITDA of $309.7 million for the quarter, significantly higher than $160.5 million in the same quarter last year, representing an increase of approximately 92.8%[22]. - Adjusted EBITDA for June 2024 was $39.4 million, compared to $20.1 million in March 2024 and $74.2 million in June 2023[21]. Segment Performance - Seaborne Thermal segment sold 4.1 million tons in Q2 2024, with revenue per ton increasing to $74.43 from $71.24 in Q1 2024[2]. - Seaborne Metallurgical segment achieved Adjusted EBITDA of $143.6 million in Q2 2024, with tons sold increasing to 2.0 million from 1.4 million in Q1 2024[3]. - Powder River Basin segment reported Adjusted EBITDA of $17.8 million in Q2 2024, with tons sold decreasing to 15.8 million from 18.7 million in Q1 2024[5]. - Other U.S. Thermal segment delivered 3.7 million tons at costs of $45.53 per ton, resulting in Adjusted EBITDA of $35.4 million[6]. - Adjusted EBITDA for Seaborne Thermal was $104.4 million, up from $93.8 million in the previous quarter, reflecting a growth of approximately 7%[22]. - Seaborne Metallurgical adjusted EBITDA, excluding Shoal Creek insurance recovery, was $62.8 million, compared to $48.3 million in the previous quarter, marking a growth of about 30%[22]. - The Powder River Basin adjusted EBITDA was $17.8 million, slightly up from $16.4 million in the previous quarter, showing a modest increase of about 8.5%[22]. Shareholder Returns - Peabody announced an additional $100 million for share repurchases, bringing total shareholder returns to $480.1 million since the program's restart[9]. - The company declared a dividend of $0.075 per share on August 1, 2024[9]. Guidance and Projections - Full year seaborne thermal volume guidance increased to 15.7-16.2 million tons, with Q3 volume expected at 4.0 million tons[11]. - Full year volume for Seaborne Metallurgical has been lowered by 600 thousand tons to a range of 7.2-7.6 million tons due to anticipated geological challenges[12]. - Third quarter volume for Seaborne Metallurgical is expected to be 1.7 million tons, achieving 70 to 80 percent of the premium hard coking coal price index, with costs anticipated at $120-$130 per ton[12]. - Full year PRB volume has been reduced by 5 million tons to a range of 75-82 million tons[13]. - Third quarter PRB volume is expected to be 21.5 million tons at an average price of $13.75 per ton, with costs around $11.50-$12.50 per ton[13]. Cash Flow and Assets - Cash and cash equivalents as of June 30, 2024, are $621.7 million, down from $969.3 million as of December 31, 2023[19]. - Total assets as of June 30, 2024, are reported at $5,878.3 million, a decrease from $5,962.1 million as of December 31, 2023[19]. - Net cash provided by operating activities for June 2024 was $7.8 million, a decrease from $119.0 million in March 2024 and $353.4 million in June 2023[20]. - The company reported a net cash used in investing activities of $241.6 million for June 2024, compared to $75.2 million in March 2024 and $61.5 million in June 2023[20]. - The net change in cash, cash equivalents, and restricted cash at the end of the period was $1,319.7 million, down from $1,566.3 million at the beginning of the period[20]. Strategic Initiatives - Centurion project is on track, with first development coal produced and expected shipments to begin in Q4 2024[7]. - The company anticipates continued growth in market conditions for its products, with a focus on strategic investments and potential acquisitions in the future[23]. - The company plans to enhance its operational performance and shareholder return framework, reflecting its commitment to long-term growth[23].