Peabody(US:BTU)2025-11-07 11:35Sales and Production - Peabody sold 118.0 million tons of coal in 2024, with 16 active coal mining operations as of September 30, 2025[115]. - Total tons sold increased by 2% to 32.5 million tons for the three months ended September 30, 2025, compared to 31.9 million tons in the same period of 2024[131]. - Seaborne Metallurgical tons sold increased by 24% to 2.1 million tons for the three months ended September 30, 2025, compared to 1.7 million tons in the same period of 2024[131]. - The company had approximately 99 million tons of U.S. thermal coal priced and committed for 2025, including 86 million tons of PRB coal and 13 million tons of other U.S. thermal coal[238]. - Estimated full year 2025 thermal coal sales volumes from the Seaborne Thermal segment are projected to be between 15.1 million to 15.4 million tons[238]. - Estimated full year 2025 metallurgical coal sales from the Seaborne Metallurgical segment are projected to be between 8.3 million to 8.5 million tons[238]. Financial Performance - Adjusted EBITDA for the three months ended September 30, 2025 decreased by $125.3 million year-over-year, and by $358.2 million for the nine months[130]. - The decrease in net income from continuing operations for the three and nine months ended September 30, 2025 was $179.1 million and $422.9 million, respectively, primarily due to lower seaborne coal pricing[129]. - Total revenue decreased by 7% to $1,012.1 million for the three months ended September 30, 2025, compared to $1,088.0 million in the same period of 2024[134]. - Overall, the company's total Adjusted EBITDA decreased by $358.2 million (52%) to $336.8 million for the nine months ended September 30, 2025, compared to the prior year[147]. - Adjusted EBITDA for Q3 2025 was $99.5 million, a decrease of 56% from $224.8 million in Q3 2024[158]. - Net loss from continuing operations for Q3 2025 was $(66.6) million, compared to a profit of $112.5 million in Q3 2024, representing a 159% decrease[167]. - Diluted EPS for the three months ended September 30, 2025, was $(0.58), a decrease of 178% compared to $0.74 in 2024[169]. - Total revenue for the nine months ended September 30, 2025, was $2.8 billion, compared to $2.9 billion in 2024, a decrease of 3.4%[176]. Segment Performance - Revenue for Seaborne Thermal decreased by 23% to $242.7 million for the three months ended September 30, 2025, compared to $313.2 million in the same period of 2024[134]. - Adjusted EBITDA for Seaborne Thermal decreased by $79.0 million (66%) to $41.0 million for the three months ended September 30, 2025, compared to the same period in the prior year[147]. - Adjusted EBITDA for Seaborne Metallurgical was flat at $27.8 million for the three months ended September 30, 2025, with lower realized prices offsetting favorable operational costs[149]. - Adjusted EBITDA for Powder River Basin increased by $42.5 million during the nine months ended September 30, 2025, driven by favorable volume and higher realized prices[152]. - Other U.S. Thermal segment revenue decreased by 11% to $192.0 million for the three months ended September 30, 2025, compared to $216.7 million in the same period of 2024[138]. Costs and Expenses - Total segment costs increased by 6% to $887.4 million for the three months ended September 30, 2025, compared to $840.2 million in the same period of 2024[140]. - Corporate and Other Adjusted EBITDA decreased by $24.8 million (800%) to $(27.9) million for the three months ended September 30, 2025, driven by unfavorable variances in Middlemount's results and higher selling and administrative expenses[155]. - The company incurred costs of $54.0 million and $75.2 million related to the terminated Anglo acquisition for the three and nine months ended September 30, 2025, respectively[129]. - Depreciation, depletion, and amortization expense increased by 18% to $100.0 million in Q3 2025 compared to $84.7 million in Q3 2024[158]. - Cash paid for interest amounted to $35.0 million during the nine months ended September 30, 2025, compared to $32.6 million in the prior year[215]. Regulatory and Environmental Factors - The SEC adopted final rules on March 6, 2024, requiring public companies to disclose climate-related risks that could materially impact their business, but implementation was stayed pending judicial review[189]. - The EPA proposed to rescind the 2009 endangerment finding regarding GHG emissions and repeal vehicle rules based on GHG emissions on August 1, 2025[182]. - The Company continues to monitor litigation related to "climate superfund" laws filed by the U.S. Department of Justice against several states, which could impact the coal mining industry[186]. - The Company is facing potential additional security requirements for self-insuring black lung liabilities due to regulatory changes[178]. Liquidity and Capital Expenditures - As of September 30, 2025, the Company's cash and cash equivalents totaled $603.3 million, with approximately $377 million held by U.S. subsidiaries and $215 million by Australian subsidiaries[201]. - The Company's available liquidity decreased from $1,072.5 million as of December 31, 2024 to $951.2 million as of September 30, 2025, with cash and cash equivalents at $603.3 million and revolving credit facility availability at $270.7 million[202]. - The Company expects capital expenditures of approximately $420 million for 2025[212]. - Total indebtedness as of September 30, 2025 was $337.3 million, with long-term debt at $321.8 million[214]. Other Financial Metrics - Interest income decreased by 21% to $13.9 million in Q3 2025, driven by lower average cash balances[163]. - The company recorded a $109.5 million insurance recovery related to Shoal Creek losses, with $28.7 million recognized in Adjusted EBITDA for the nine months ended September 30, 2024[162]. - The maximum aggregate collateral amount was $519.2 million as of September 30, 2025, consisting of $392.8 million in trust accounts and $126.4 million in letters of credit[205]. - The restricted cash and collateral balance increased by $41.2 million during the nine months ended September 30, 2025, due to an increase in bonding requirements and foreign currency rate changes[231].