Peabody Energy Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Records Impairment Charges; Provides Earnings Guidance for the First Quarter Ending March 31, 2015 and for the Full Year of 2015
January 27, 2015 at 06:31 pm IST
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Peabody Energy Corp. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported revenues of $1,684.5 million compared to $1,742.8 million a year ago. Operating loss was $207 million compared to $552.2 million a year ago. Loss from continuing operations before income taxes was $308.5 million compared to $649.8 million a year ago. Loss from continuing operations, net of income taxes was $478.8 million or $1.79 per diluted share compared to $401.1 million or $1.52 per diluted share a year ago. Net loss attributable to common stockholders was $514.6 million or $1.92 per diluted share compared to $565.7 million or $2.12 per diluted share a year ago. Adjusted EBITDA was $207.7 million compared to $200.8 million a year ago. Adjusted loss from continuing operations was $323.2 million compared to adjusted income from continuing operations of $6 million a year ago. Operating cash flows was $86.5 million compared to $178.4 million a year ago. Acquisitions of property, plant and equipment was $86.9 million compared to $99.7 million a year ago.
For the year, the company reported revenues of $6,792.2 million compared to $7,013.7 million a year ago. Operating loss was $135.1 million compared to $324.8 million a year ago. Loss from continuing operations before income taxes was $547.9 million compared to $734.3 million a year ago. Loss from continuing operations, net of income taxes was $749.1 million or $2.83 per diluted share compared to $286 million or $1.12 per diluted share a year ago. Net loss attributable to common stockholders was $787 million or $2.94 per diluted share compared to $524.9 million or $1.97 per diluted share a year ago. Adjusted EBITDA was $814 million compared to $1,047.2 million a year ago. Adjusted diluted LPS was $2.27 compared to EPS $0.34 a year ago. Adjusted income from continuing operations was $597.4 million compared to $104.5 million a year ago. Operating cash flow was $336.6 million compared to $722.4 million a year ago. Acquisitions of property, plant and equipment was $276.7 million compared to $276.8 million a year ago. 2014 revenues totaled $6.79 billion compared with $7.01 billion in the prior year primarily due to sharply lower realized pricing in Australia.
The company recorded asset impairment of $154.4 million against $506.8 million a year ago.
For the first quarter 2015, the company expects, Adjusted EBITDA of $160 million to $200 million and Adjusted Diluted EPS of $0.39 to $0.32. A Compared with the fourth quarter of 2014, first quarter 2015 targets reflect the above mentioned annual guidance, lower seaborne thermal coal pricing, expected lower Resource Management contributions and two Australian longwall moves.
For the full-year 2015, the company target: Australian costs per ton are expected to benefit from further cost containment efforts that offset normal inflation pressures. U.S. costs per ton targets reflect cost reduction efforts and increased Western shipments, offset by higher overburden ratios; U.S. revenues per ton are expected to decline primarily due to lower Midwest pricing and a change in Western volume mix. Higher Southern Powder River Basin deliveries will be partly offset by reduced Colorado volumes, which are expected to be approximately 4 million tons per year; and Capital spending is primarily allocated to sustaining capital items. Specific projects include the Gateway North extension to replace production from the existing operation, the Wolf Creek development in Colorado, and continued investment in safety and productivity improvement activities. The company expects capital expenditures in range of $180-$200 million.
Peabody Energy Corporation is a coal producer, providing essential products for the production of reliable energy and steel. The Company owns interests in coal mining operations located in the United States and Australia, including interests in Middlemount Coal Pty Ltd. It markets and brokers coal from other coal producers, trades coal and freight-related contracts. The Companyâs segments include Seaborne Thermal Mining, Seaborne Metallurgical Mining, Powder River Basin Mining, Other U.S. Thermal Mining and Corporate and Other. The Seaborne Thermal Mining segmentâs operations consist of mines in New South Wales, Australia. The mines in that segment utilize both surface and underground extraction processes to mine low-sulfur, high Btu thermal coal. The Seaborne Metallurgical Mining segmentâs operations consist of mines in Queensland, Australia, one in New South Wales, Australia and one in Alabama, United States. The Company owns the southern portion of the Wards Well tenement.
Peabody Energy Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Records Impairment Charges; Provides Earnings Guidance for the First Quarter Ending March 31, 2015 and for the Full Year of 2015