第99.1展示文本
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| 媒體發佈 | ||||||||
Peabody報告2024年9月30日結束的季度結果
完成了10000萬美元的股票回購
勝捷企業發展取得了異常的進展
聖路易斯，2024年10月31日 – Peabody（紐交所：BTU）今天報告，2024年第三季度歸屬於普通股股東的淨利潤爲10130萬美元，每股稀釋收益爲0.74美元，與去年同期11990萬美元，每股稀釋收益爲0.82美元相比。Peabody在2024年第三季度的調整後的EBITDA爲1 22480萬美元。
「在第三季度，我們在所有板塊上實現了強勁的運營和安全表現，並完成了10000萬美元的股份回購，」 Peabody總裁兼首席執行官Jim Grech說。「我們繼續執行我們的策略，並最近對Centurion進行了全面更新，將Peabody重新定位爲領先的冶金煤生產商。」
亮點
•報告的第三季度調整後EBITDA爲22480萬美元，併產生營運現金流爲35990萬美元。
•勝捷企業的開發速度繼續超過了預期，在第三季度開發了2,700米，相比計劃 1,200米。首批煤炭於9月份清洗，首批客戶貨物計劃於第四季度發貨
•Powder River盆地的貨運量爲2210萬噸，超出預期。
•海運煤炭產量增加，使可銷售煤炭庫存在本季度增加約30萬噸
•已完成10000萬美元的股票回購
•2024年10月31日宣佈每股普通股派息0.075美元
1 調整後的EBITDA是一項非普遍公認會計准則的財務指標。調整後的EBITDA利潤率等於分部調整後的EBITDA（不包括保險理賠款）除以分部營業收入。每噸營業收入和每噸調整後的EBITDA利潤率分別等於按分部營業收入和調整後的EBITDA（不包括保險理賠款）除以分部銷售噸數計算。每噸成本等於每噸營業收入減去每噸調整後的EBITDA利潤率。管理層認爲每噸成本和每噸調整後的EBITDA利潤率最能反映報告部門層面的可控成本和運營結果。我們認爲所有以每噸爲基礎報告的數據，以及調整後的EBITDA利潤率，都是經營/統計指標。請參閱此處的表格和相關說明，以彙總非普通會計準則財務措施。
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第三季度業務表現
| 海運熱能 | |||||||||||||||||||||||||||||
| 季度結束 | 九個月結束 | ||||||||||||||||||||||||||||
| 九月。 | 6月 | 九月。 | 九月。 | 九月。 | |||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
| 銷售噸數（百萬噸） | 4.1 | 4.1 | 4.2 | 12.2 | 11.8 | ||||||||||||||||||||||||
| 2.6 | 2.7 | 2.7 | 7.8 | 7.4 | |||||||||||||||||||||||||
| 國內 | 1.5 | 1.4 | 1.5 | 4.4 | 4.4 | ||||||||||||||||||||||||
| 每噸營業收入 | $ | 76.21 | $ | 74.43 | $ | 71.38 | $ | 73.99 | $ | 89.06 | |||||||||||||||||||
| 出口-每噸平均實現價格 | 105.51 | 98.43 | 99.55 | 101.13 | 127.67 | ||||||||||||||||||||||||
| 國內-每噸平均實現價格 | 25.36 | 26.69 | 20.92 | 26.11 | 23.23 | ||||||||||||||||||||||||
| 每噸成本 | 47.01 | 49.14 | 43.68 | 47.96 | 48.35 | ||||||||||||||||||||||||
| 調整後EBITDA每噸利潤率 | $ | 29.20 | $ | 25.29 | $ | 27.70 | $ | 26.03 | $ | 40.71 | |||||||||||||||||||
| 調整後的EBITDA（百萬美元） | $ | 120.0 | $ | 104.4 | $ | 115.5 | $ | 318.2 | $ | 477.0 | |||||||||||||||||||
Peabody預計海運熱量爲400萬噸，包括250萬噸出口，成本爲每噸48至53美元。產量和成本超出預期，推動了 每噸調整後EBITDA利潤率比第二季度高出15％。產量增加導致在本季度可售煤庫存增加了約30萬噸。該部門報告的調整後EBITDA利潤率爲38％ 和調整後的EBITDA爲12000萬美元。
| 海運冶金 | |||||||||||||||||||||||||||||
| 季度結束 | 九個月結束 | ||||||||||||||||||||||||||||
| 九月。 | 6月 | 九月。 | 九月。 | 九月。 | |||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
| 銷售噸數（百萬噸） | 1.7 | 2.0 | 1.5 | 5.1 | 4.8 | ||||||||||||||||||||||||
| 每噸營業收入 | $ | 144.60 | $ | 149.29 | $ | 162.02 | $ | 154.31 | $ | 189.50 | |||||||||||||||||||
| 每噸成本 | 128.04 | 117.47 | 110.38 | 126.98 | 132.74 | ||||||||||||||||||||||||
| 每噸調整後的EBITDA利潤率 | $ | 16.56 | $ | 31.82 | $ | 51.64 | $ | 27.33 | $ | 56.76 | |||||||||||||||||||
| 調整後的EBITDA，不含保險賠款（百萬美元） | $ | 27.8 | $ | 62.8 | $ | 78.6 | $ | 138.9 | $ | 271.9 | |||||||||||||||||||
| Shoal Creek保險賠款（百萬美元） | $ | — | $ | 80.8 | $ | — | $ | 80.8 | $ | — | |||||||||||||||||||
| 調整後的EBITDA（百萬美元） | $ | 27.8 | $ | 143.6 | $ | 78.6 | $ | 219.7 | $ | 271.9 | |||||||||||||||||||
Peabody預計海運金屬成交量爲170萬噸，每噸成本爲120美元至130美元。 第三季度發貨量和成本符合預期。我們機會主義地在Shoal Creek減少了近9萬噸的發貨量，以避免更高的備用物流成本和現貨銷售的疲弱市場狀況。該部門報告 調整後的EBITDA爲2780萬美元，並且爲更強勁的第四季度做好了準備。
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| 粉河盆地 | |||||||||||||||||||||||||||||
| 季度結束 | 九個月結束 | ||||||||||||||||||||||||||||
| 九月。 | 6月 | 九月。 | 九月。 | 九月。 | |||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
| 銷售噸數（以百萬計） | 22.1 | 15.8 | 22.7 | 56.6 | 63.6 | ||||||||||||||||||||||||
| 每噸收入 | $ | 13.84 | $ | 14.02 | $ | 13.79 | $ | 13.82 | $ | 13.80 | |||||||||||||||||||
| 每噸成本 | 11.50 | 12.89 | 11.41 | 12.30 | 11.98 | ||||||||||||||||||||||||
| 每噸調整後的EBITDA利潤率 | $ | 2.34 | $ | 1.13 | $ | 2.38 | $ | 1.52 | $ | 1.82 | |||||||||||||||||||
| 調整後的EBITDA（以百萬計） | $ | 51.7 | $ | 17.8 | $ | 54.1 | $ | 85.9 | $ | 116.1 | |||||||||||||||||||
皮博迪預計PRb產量達2150萬噸，成本爲每噸11.50至12.50美元。 客戶提名超出預期，繼續專注成本管理使調整後的EBITDA利潤率達到每噸2.34美元，是第二季度的兩倍多。 該部門報告的調整後的EBITDA利潤率爲17％，調整後的EBITDA爲5170萬美元。
| 其他美國熱 | |||||||||||||||||||||||||||||
| 季度結束 | 九個月結束 | ||||||||||||||||||||||||||||
| 九月。 | 6月 | 九月。 | 九月。 | 九月。 | |||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
| 銷售噸數（百萬噸） | 4.0 | 3.7 | 4.2 | 10.9 | 12.5 | ||||||||||||||||||||||||
| 每噸營業收入 | $ | 53.52 | $ | 55.21 | $ | 53.89 | $ | 55.92 | $ | 54.12 | |||||||||||||||||||
| 每噸成本 | 46.50 | 45.53 | 42.28 | 45.81 | 40.92 | ||||||||||||||||||||||||
| 調整後EBITDA每噸利潤率 | $ | 7.02 | $ | 9.68 | $ | 11.61 | $ | 10.11 | $ | 13.20 | |||||||||||||||||||
| 調整後的EBITDA（百萬美元） | $ | 28.4 | $ | 35.4 | $ | 49.1 | $ | 110.3 | $ | 165.2 | |||||||||||||||||||
皮博迪預計，美國其他熱量產量爲400萬噸，成本約爲每噸44至48美元。 皮博迪交付了400萬噸，成本爲每噸46.50美元，符合預期。 在本季度，t該板塊公佈了調整後的息稅折舊攤銷前利潤上起始值爲 13%，A調整後的息稅折舊攤銷前利潤爲2840萬美元。
勝捷企業更新
2024 年 10 月 14 日，皮博迪提供了有關 Centurion 優質硬焦煤項目的全面最新情況（點擊 這裏 供參考），估計淨現值爲16億美元，內部回報率爲25％。該項目預計在25年以上的礦山壽命內每年生產470萬噸，成本爲第一四分位數。兩臺連續採礦機組投入運行，首先開發煤炭開採機組6月份生產了第一批煤炭，9月份洗選了第一批煤炭，第一批客戶定於第四季度發貨。在2026年3月實現長壁生產所需的預計4.89億美元中，皮博迪已經投資了2.5億美元。Centurion來自鮑恩盆地的基準優質硬焦煤對亞洲市場的客戶極具吸引力，使Centurion成爲皮博迪全球煤炭投資組合中的基石資產。
3
股東回報計劃
2024年第三季度，Peabody回購了450萬股，總計10000萬美元。 全年回購總量爲770萬股，共計1億8040萬美元。自2023年重新啓動該計劃以來，Peabody已回購了2380萬股，總金額爲5億3040萬美元，在其現有的10億股回購計劃下還剩餘4億9600萬美元。
The company declared a $0.075 per share dividend on October 31, 2024.
| Nine Months Ended | Year Ended | ||||||||||
| Sept. | Dec. | ||||||||||
| 2024 | 2023 | ||||||||||
| (Dollars in millions) | |||||||||||
| Net Cash Provided by Operating Activities: | $ | 486.7 | $ | 1,035.5 | |||||||
| - Net Cash Used in Investing Activities | (389.6) | (342.6) | |||||||||
| - Distributions to Noncontrolling Interest | (34.8) | (59.0) | |||||||||
+/- Changes to Restricted Cash and Collateral (1) | (24.7) | 90.2 | |||||||||
| - Anticipated Expenditures or Other Requirements | — | — | |||||||||
Available Free Cash Flow (AFCF) (2) | $ | 37.6 | $ | 724.1 | |||||||
| Amount Allocated to Shareholder Returns | $ | 127.9 | $ | 470.7 | |||||||
| (1) This amount is equal to the total change in Restricted Cash and Collateral on the balance sheet, excluding partially offsetting amounts included in operating cash flow consisting of an inflow of $143 million and an outflow of $200 million for the nine months ended September 30, 2024 and the year ended December 31, 2023, respectively. | |||||||||||
| (2) AFCF is a non-GAAP financial measure defined as operating cash flow less investing cash flow and distributions to noncontrolling interests; plus/minus changes to restricted cash and collateral and other anticipated expenditures. Available Free Cash Flow is used by management as a measure of our ability to generate excess cash flow from our business. The Company’s policy is to return at least 65% of annual AFCF to shareholders. | |||||||||||
Fourth Quarter 2024 Outlook
Seaborne Thermal
•Volume is expected to be 4.1 million tons, including 2.5 million export tons. 0.4 million export tons are priced at approximately $120 per ton, and 0.8 million tons of Newcastle product and 1.3 million tons of high ash product are unpriced. Costs are anticipated to be $48-$53 per ton. Full year volume guidance increased by 200 thousand tons to 16-16.4 million tons due to higher production at Wilpinjong.
Seaborne Metallurgical
•Volume is anticipated to be 2.3 million tons and is expected to achieve 70 to 75 percent of the premium hard coking coal price index. Costs are anticipated to be $120-$125 per ton.
U.S. Thermal
•PRB volume is expected to be 21.2 million tons at an average price of $13.50 per ton and costs of approximately $11.50-$12.00 per ton.
•Other U.S. Thermal volume is expected to be 3.9 million tons at an average price of $52.40 per ton and costs of approximately $44-$48 per ton. Full year costs have been increased $2 per ton to $43-$47 per ton as Twentymile is experiencing challenging geological conditions temporarily reducing production.
Capital Expenditures
•Full-year anticipated capital has been increased by $50 million to $425 million primarily due to accelerated development at Centurion and timing of spend at Wambo Open-Cut.
4
Today’s earnings call is scheduled for 10 a.m. CT and can be accessed via the company’s website at PeabodyEnergy.com.
Peabody (NYSE: BTU) is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future. For further information, visit PeabodyEnergy.com.
Contact:
Karla Kimrey
ir@peabodyenergy.com
ir@peabodyenergy.com
5
Guidance Targets
| Segment Performance | |||||||||||||||||
| 2024 Full Year | |||||||||||||||||
| Total Volume (millions of short tons) | Priced Volume (millions of short tons) | Priced Volume Pricing per Short Ton | Average Cost per Short Ton | ||||||||||||||
| Seaborne Thermal | 16 - 16.4 | 14.2 | $69.98 | $45.00 - $50.00 | |||||||||||||
| Seaborne Thermal (Export) | 10 - 10.4 | 8.2 | $102.05 | NA | |||||||||||||
| Seaborne Thermal (Domestic) | 6.0 | 6.0 | $26.09 | NA | |||||||||||||
| Seaborne Metallurgical | 7.2 - 7.6 | 5.4 | $151.00 | $118.00 - $128.00 | |||||||||||||
| PRB U.S. Thermal | 75 - 82 | 85 | $13.70 | $11.75 - $12.50 | |||||||||||||
| Other U.S. Thermal | 14.5 - 15.5 | 15.2 | $54.20 | $43.00 - $47.00 | |||||||||||||
Other Annual Financial Metrics ($ in millions) | |||||||||||||||||
| 2024 Full Year | |||||||||||||||||
| SG&A | $90 | ||||||||||||||||
| Total Capital Expenditures | $425 | ||||||||||||||||
| Major Project Capital Expenditures | $275 | ||||||||||||||||
| Sustaining Capital Expenditures | $150 | ||||||||||||||||
| ARO Cash Spend | $50 | ||||||||||||||||
| Supplemental Information | |||||||||||||||||
| Seaborne Thermal | ~40% of unpriced export volumes are expected to price on average at Globalcoal “NEWC” levels and ~60% are expected to have a higher ash content and price at 80-95% of API 5 price levels. | ||||||||||||||||
| Seaborne Metallurgical | On average, Peabody's metallurgical sales are anticipated to price at 70-75% of the premium hard-coking coal index price (FOB Australia). | ||||||||||||||||
| PRB and Other U.S. Thermal | PRB and Other U.S. Thermal volumes reflect volumes priced at September 30, 2024. Weighted average quality for the PRB segment 2024 volume is approximately 8670 BTU. | ||||||||||||||||
Certain forward-looking measures and metrics presented are non-GAAP financial and operating/statistical measures. Due to the volatility and variability of certain items needed to reconcile these measures to their nearest GAAP measure, no reconciliation can be provided without unreasonable cost or effort.
6
| Condensed Consolidated Statements of Operations (Unaudited) | | |||||||||||||||||||||||||||||||
| For the Quarters Ended Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the Nine Months Ended Sept. 30, 2024 and 2023 | ||||||||||||||||||||||||||||||||
| (In Millions, Except Per Share Data) | ||||||||||||||||||||||||||||||||
| Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| Sept. | Jun. | Sept. | Sept. | Sept. | ||||||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||
| Tons Sold | 31.9 | 25.6 | 32.6 | 84.9 | 93.0 | |||||||||||||||||||||||||||
| Revenue | $ | 1,088.0 | $ | 1,042.0 | $ | 1,078.9 | $ | 3,113.6 | $ | 3,711.7 | ||||||||||||||||||||||
Operating Costs and Expenses (1) | 845.8 | 803.9 | 803.7 | 2,463.9 | 2,512.3 | |||||||||||||||||||||||||||
| Depreciation, Depletion and Amortization | 84.7 | 82.9 | 82.3 | 247.4 | 239.2 | |||||||||||||||||||||||||||
| Asset Retirement Obligation Expenses | 12.9 | 12.9 | 15.4 | 38.7 | 46.3 | |||||||||||||||||||||||||||
| Selling and Administrative Expenses | 20.6 | 22.1 | 21.5 | 64.7 | 66.0 | |||||||||||||||||||||||||||
| Restructuring Charges | 1.9 | 0.1 | 0.9 | 2.1 | 3.0 | |||||||||||||||||||||||||||
| Other Operating (Income) Loss: | ||||||||||||||||||||||||||||||||
| Net Gain on Disposals | (0.1) | (7.5) | (1.4) | (9.7) | (8.5) | |||||||||||||||||||||||||||
| Asset Impairment | — | — | — | — | 2.0 | |||||||||||||||||||||||||||
| Provision for NARM and Shoal Creek Losses | — | 1.9 | 3.3 | 3.7 | 37.0 | |||||||||||||||||||||||||||
| Shoal Creek Insurance Recovery | — | (109.5) | — | (109.5) | — | |||||||||||||||||||||||||||
| Loss (Income) from Equity Affiliates | 2.1 | 1.3 | (5.6) | 7.1 | (9.7) | |||||||||||||||||||||||||||
| Operating Profit | 120.1 | 233.9 | 158.8 | 405.2 | 824.1 | |||||||||||||||||||||||||||
| Interest Expense, Net of Capitalized Interest | 9.7 | 10.7 | 13.8 | 35.1 | 45.5 | |||||||||||||||||||||||||||
| Net Loss on Early Debt Extinguishment | — | — | — | — | 8.8 | |||||||||||||||||||||||||||
| Interest Income | (17.7) | (16.8) | (20.3) | (53.7) | (56.5) | |||||||||||||||||||||||||||
| Net Periodic Benefit Credit, Excluding Service Cost | (10.1) | (10.2) | (10.0) | (30.4) | (29.4) | |||||||||||||||||||||||||||
| Income from Continuing Operations Before Income Taxes | 138.2 | 250.2 | 175.3 | 454.2 | 855.7 | |||||||||||||||||||||||||||
| Income Tax Provision | 25.7 | 39.4 | 46.5 | 85.2 | 238.7 | |||||||||||||||||||||||||||
| Income from Continuing Operations, Net of Income Taxes | 112.5 | 210.8 | 128.8 | 369.0 | 617.0 | |||||||||||||||||||||||||||
| (Loss) Income from Discontinued Operations, Net of Income Taxes | (1.0) | (1.6) | 2.5 | (3.3) | (0.1) | |||||||||||||||||||||||||||
| Net Income | 111.5 | 209.2 | 131.3 | 365.7 | 616.9 | |||||||||||||||||||||||||||
| Less: Net Income Attributable to Noncontrolling Interests | 10.2 | 9.8 | 11.4 | 25.4 | 49.3 | |||||||||||||||||||||||||||
| Net Income Attributable to Common Stockholders | $ | 101.3 | $ | 199.4 | $ | 119.9 | $ | 340.3 | $ | 567.6 | ||||||||||||||||||||||
Adjusted EBITDA (2) | $ | 224.8 | $ | 309.7 | $ | 270.0 | $ | 695.0 | $ | 1,018.8 | ||||||||||||||||||||||
Diluted EPS - Income from Continuing Operations (3)(4) | $ | 0.74 | $ | 1.43 | $ | 0.80 | $ | 2.47 | $ | 3.68 | ||||||||||||||||||||||
Diluted EPS - Net Income Attributable to Common Stockholders (3) | $ | 0.74 | $ | 1.42 | $ | 0.82 | $ | 2.44 | $ | 3.68 | ||||||||||||||||||||||
| (1) | Excludes items shown separately. | |||||||||||||||||||||||||||||||
| (2) | Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Reconciliation of Non-GAAP Financial Measures” section in this document for definitions and reconciliations to the most comparable measures under U.S. GAAP. | |||||||||||||||||||||||||||||||
| (3) | Weighted average diluted shares outstanding were 141.6 million, 142.8 million and 149.9 million during the quarters ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively. Weighted average diluted shares outstanding were 143.1 million and 156.7 million during the nine months ended September 30, 2024 and 2023, respectively. | |||||||||||||||||||||||||||||||
| (4) | Reflects income from continuing operations, net of income taxes less net income attributable to noncontrolling interests. | |||||||||||||||||||||||||||||||
| This information is intended to be reviewed in conjunction with the company's filings with the SEC. | ||||||||||||||||||||||||||||||||
7
| Condensed Consolidated Balance Sheets | | |||||||||||||
| As of Sept. 30, 2024 and Dec. 31, 2023 | ||||||||||||||
| (Dollars In Millions) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Sep. 30, 2024 | Dec. 31, 2023 | |||||||||||||
Cash and Cash Equivalents | $ | 772.9 | $ | 969.3 | ||||||||||
Accounts Receivable, Net | 304.2 | 389.7 | ||||||||||||
| Inventories, Net | 444.3 | 351.8 | ||||||||||||
Other Current Assets | 286.6 | 308.9 | ||||||||||||
Total Current Assets | 1,808.0 | 2,019.7 | ||||||||||||
Property, Plant, Equipment and Mine Development, Net | 3,013.5 | 2,844.1 | ||||||||||||
| Operating Lease Right-of-Use Assets | 121.1 | 61.9 | ||||||||||||
| Restricted Cash and Collateral | 839.0 | 957.6 | ||||||||||||
Investments and Other Assets | 85.3 | 78.8 | ||||||||||||
Total Assets | $ | 5,866.9 | $ | 5,962.1 | ||||||||||
Current Portion of Long-Term Debt | $ | 14.8 | $ | 13.5 | ||||||||||
Accounts Payable and Accrued Expenses | 763.8 | 965.5 | ||||||||||||
Total Current Liabilities | 778.6 | 979.0 | ||||||||||||
Long-Term Debt, Less Current Portion | 323.7 | 320.7 | ||||||||||||
Deferred Income Taxes | 17.8 | 28.6 | ||||||||||||
| Asset Retirement Obligations, Less Current Portion | 647.4 | 648.6 | ||||||||||||
Accrued Postretirement Benefit Costs | 143.1 | 148.4 | ||||||||||||
Operating Lease Liabilities, Less Current Portion | 94.6 | 47.7 | ||||||||||||
Other Noncurrent Liabilities | 171.3 | 181.6 | ||||||||||||
Total Liabilities | 2,176.5 | 2,354.6 | ||||||||||||
Common Stock | 1.9 | 1.9 | ||||||||||||
Additional Paid-in Capital | 3,988.9 | 3,983.0 | ||||||||||||
Treasury Stock | (1,926.5) | (1,740.2) | ||||||||||||
| Retained Earnings | 1,424.3 | 1,112.7 | ||||||||||||
Accumulated Other Comprehensive Income | 150.7 | 189.6 | ||||||||||||
Peabody Energy Corporation Stockholders' Equity | 3,639.3 | 3,547.0 | ||||||||||||
Noncontrolling Interests | 51.1 | 60.5 | ||||||||||||
Total Stockholders' Equity | 3,690.4 | 3,607.5 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 5,866.9 | $ | 5,962.1 | ||||||||||
| This information is intended to be reviewed in conjunction with the company's filings with the SEC. | ||||||||||||||
8
| Condensed Consolidated Statements of Cash Flows (Unaudited) | | ||||||||||||||||||||||||||||
| For the Quarters Ended Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the Nine Months Ended Sept. 30, 2024 and 2023 | |||||||||||||||||||||||||||||
| (Dollars In Millions) | |||||||||||||||||||||||||||||
| Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| Sept. | Jun. | Sept. | Sept. | Sept. | |||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
Cash Flows From Operating Activities | |||||||||||||||||||||||||||||
| Net Cash Provided By Continuing Operations | $ | 361.4 | $ | 9.7 | $ | 87.5 | $ | 491.4 | $ | 832.7 | |||||||||||||||||||
Net Cash Used in Discontinued Operations | (1.5) | (1.9) | (74.1) | (4.7) | (79.6) | ||||||||||||||||||||||||
| Net Cash Provided By Operating Activities | 359.9 | 7.8 | 13.4 | 486.7 | 753.1 | ||||||||||||||||||||||||
Cash Flows From Investing Activities | |||||||||||||||||||||||||||||
Additions to Property, Plant, Equipment and Mine Development | (98.7) | (105.6) | (68.1) | (265.7) | (190.4) | ||||||||||||||||||||||||
| Changes in Accrued Expenses Related to Capital Expenditures | 7.2 | (6.9) | 0.3 | (6.5) | (5.1) | ||||||||||||||||||||||||
| Wards Well Acquisition | — | (143.8) | — | (143.8) | — | ||||||||||||||||||||||||
| Insurance Proceeds Attributable to Shoal Creek Equipment Losses | 5.3 | 5.6 | — | 10.9 | — | ||||||||||||||||||||||||
Proceeds from Disposal of Assets, Net of Receivables | 0.6 | 13.1 | 1.9 | 16.1 | 13.9 | ||||||||||||||||||||||||
Contributions to Joint Ventures | (176.6) | (170.7) | (202.6) | (550.1) | (573.4) | ||||||||||||||||||||||||
Distributions from Joint Ventures | 189.2 | 167.4 | 213.6 | 549.8 | 579.4 | ||||||||||||||||||||||||
Other, Net | 0.2 | (0.7) | 0.3 | (0.3) | 1.0 | ||||||||||||||||||||||||
| Net Cash Used In Investing Activities | (72.8) | (241.6) | (54.6) | (389.6) | (174.6) | ||||||||||||||||||||||||
Cash Flows From Financing Activities | |||||||||||||||||||||||||||||
Repayments of Long-Term Debt | (2.6) | (2.4) | (2.1) | (7.2) | (6.9) | ||||||||||||||||||||||||
Payment of Debt Issuance and Other Deferred Financing Costs | — | (0.3) | — | (11.1) | (0.3) | ||||||||||||||||||||||||
| Common Stock Repurchases | (100.0) | — | (91.0) | (183.1) | (264.0) | ||||||||||||||||||||||||
Repurchase of Employee Common Stock Relinquished for Tax Withholding | — | (0.7) | — | (4.1) | (13.7) | ||||||||||||||||||||||||
Dividends Paid | (9.4) | (9.4) | (9.9) | (28.5) | (20.7) | ||||||||||||||||||||||||
Distributions to Noncontrolling Interests | (16.3) | — | (36.1) | (34.8) | (58.9) | ||||||||||||||||||||||||
| Net Cash Used In Financing Activities | (128.3) | (12.8) | (139.1) | (268.8) | (364.5) | ||||||||||||||||||||||||
Net Change in Cash, Cash Equivalents and Restricted Cash | 158.8 | (246.6) | (180.3) | (171.7) | 214.0 | ||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 1,319.7 | 1,566.3 | 1,811.9 | 1,650.2 | 1,417.6 | ||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 1,478.5 | $ | 1,319.7 | $ | 1,631.6 | $ | 1,478.5 | $ | 1,631.6 | |||||||||||||||||||
| This information is intended to be reviewed in conjunction with the company's filings with the SEC. | |||||||||||||||||||||||||||||
9
| Reconciliation of Non-GAAP Financial Measures (Unaudited) | | |||||||||||||||||||||||||||||||
| For the Quarters Ended Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the Nine Months Ended Sept. 30, 2024 and 2023 | ||||||||||||||||||||||||||||||||
| (Dollars In Millions) | ||||||||||||||||||||||||||||||||
Note: Management believes that non-GAAP performance measures are used by investors to measure our operating performance. These measures are not intended to serve as alternatives to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. | ||||||||||||||||||||||||||||||||
| Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| Sept. | Jun. | Sept. | Sept. | Sept. | ||||||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||
| Income from Continuing Operations, Net of Income Taxes | $ | 112.5 | $ | 210.8 | $ | 128.8 | $ | 369.0 | $ | 617.0 | ||||||||||||||||||||||
Depreciation, Depletion and Amortization | 84.7 | 82.9 | 82.3 | 247.4 | 239.2 | |||||||||||||||||||||||||||
Asset Retirement Obligation Expenses | 12.9 | 12.9 | 15.4 | 38.7 | 46.3 | |||||||||||||||||||||||||||
Restructuring Charges | 1.9 | 0.1 | 0.9 | 2.1 | 3.0 | |||||||||||||||||||||||||||
Asset Impairment | — | — | — | — | 2.0 | |||||||||||||||||||||||||||
| Provision for NARM and Shoal Creek Losses | — | 1.9 | 3.3 | 3.7 | 37.0 | |||||||||||||||||||||||||||
| Shoal Creek Insurance Recovery - Property Damage | — | (28.7) | — | (28.7) | — | |||||||||||||||||||||||||||
| Changes in Amortization of Basis Difference Related to Equity Affiliates | (0.4) | (0.3) | (0.5) | (1.1) | (1.2) | |||||||||||||||||||||||||||
| Interest Expense, Net of Capitalized Interest | 9.7 | 10.7 | 13.8 | 35.1 | 45.5 | |||||||||||||||||||||||||||
| Net Loss on Early Debt Extinguishment | — | — | — | — | 8.8 | |||||||||||||||||||||||||||
Interest Income | (17.7) | (16.8) | (20.3) | (53.7) | (56.5) | |||||||||||||||||||||||||||
| Unrealized Gains on Derivative Contracts Related to Forecasted Sales | — | — | — | — | (159.0) | |||||||||||||||||||||||||||
| Unrealized (Gains) Losses on Foreign Currency Option Contracts | (3.7) | (2.4) | 0.5 | (0.4) | (0.1) | |||||||||||||||||||||||||||
Take-or-Pay Contract-Based Intangible Recognition | (0.8) | (0.8) | (0.7) | (2.3) | (1.9) | |||||||||||||||||||||||||||
| Income Tax Provision | 25.7 | 39.4 | 46.5 | 85.2 | 238.7 | |||||||||||||||||||||||||||
Adjusted EBITDA (1) | $ | 224.8 | $ | 309.7 | $ | 270.0 | $ | 695.0 | $ | 1,018.8 | ||||||||||||||||||||||
Operating Costs and Expenses | $ | 845.8 | $ | 803.9 | $ | 803.7 | $ | 2,463.9 | $ | 2,512.3 | ||||||||||||||||||||||
| Unrealized Gains (Losses) on Foreign Currency Option Contracts | 3.7 | 2.4 | (0.5) | 0.4 | 0.1 | |||||||||||||||||||||||||||
Take-or-Pay Contract-Based Intangible Recognition | 0.8 | 0.8 | 0.7 | 2.3 | 1.9 | |||||||||||||||||||||||||||
| Net Periodic Benefit Credit, Excluding Service Cost | (10.1) | (10.2) | (10.0) | (30.4) | (29.4) | |||||||||||||||||||||||||||
Total Reporting Segment Costs (2) | $ | 840.2 | $ | 796.9 | $ | 793.9 | $ | 2,436.2 | $ | 2,484.9 | ||||||||||||||||||||||
| (1) | Adjusted EBITDA is defined as income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization. Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing each of our segment's operating performance, as displayed in the reconciliation above. Adjusted EBITDA is used by management as the primary metric to measure each of our segment's operating performance and allocate resources. | |||||||||||||||||||||||||||||||
| (2) | Total Reporting Segment Costs is defined as operating costs and expenses adjusted for the discrete items that management excluded in analyzing each of our segment's operating performance, as displayed in the reconciliation above. Total Reporting Segment Costs is used by management as a component of a metric to measure each of our segment's operating performance. | |||||||||||||||||||||||||||||||
| This information is intended to be reviewed in conjunction with the company's filings with the SEC. | ||||||||||||||||||||||||||||||||
10
| Supplemental Financial Data (Unaudited) | | |||||||||||||||||||||||||||||||
| For the Quarters Ended Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the Nine Months Ended Sept. 30, 2024 and 2023 | ||||||||||||||||||||||||||||||||
| Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| Sept. | Jun. | Sept. | Sept. | Sept. | ||||||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||
| Revenue Summary (In Millions) | ||||||||||||||||||||||||||||||||
| Seaborne Thermal | $ | 313.2 | $ | 307.5 | $ | 297.4 | $ | 904.6 | $ | 1,043.4 | ||||||||||||||||||||||
| Seaborne Metallurgical | 242.5 | 294.3 | 247.0 | 783.8 | 907.9 | |||||||||||||||||||||||||||
| Powder River Basin | 305.3 | 221.9 | 313.0 | 781.3 | 878.0 | |||||||||||||||||||||||||||
| Other U.S. Thermal | 216.7 | 202.0 | 228.2 | 610.3 | 677.5 | |||||||||||||||||||||||||||
| Total U.S. Thermal | 522.0 | 423.9 | 541.2 | 1,391.6 | 1,555.5 | |||||||||||||||||||||||||||
| Corporate and Other | 10.3 | 16.3 | (6.7) | 33.6 | 204.9 | |||||||||||||||||||||||||||
| Total | $ | 1,088.0 | $ | 1,042.0 | $ | 1,078.9 | $ | 3,113.6 | $ | 3,711.7 | ||||||||||||||||||||||
Total Reporting Segment Costs Summary (In Millions) (1) | ||||||||||||||||||||||||||||||||
| Seaborne Thermal | $ | 193.2 | $ | 203.1 | $ | 181.9 | $ | 586.4 | $ | 566.4 | ||||||||||||||||||||||
| Seaborne Metallurgical | 214.7 | 231.5 | 168.4 | 644.9 | 636.0 | |||||||||||||||||||||||||||
| Powder River Basin | 253.6 | 204.1 | 258.9 | 695.4 | 761.9 | |||||||||||||||||||||||||||
| Other U.S. Thermal | 188.3 | 166.6 | 179.1 | 500.0 | 512.3 | |||||||||||||||||||||||||||
| Total U.S. Thermal | 441.9 | 370.7 | 438.0 | 1,195.4 | 1,274.2 | |||||||||||||||||||||||||||
| Corporate and Other | (9.6) | (8.4) | 5.6 | 9.5 | 8.3 | |||||||||||||||||||||||||||
| Total | $ | 840.2 | $ | 796.9 | $ | 793.9 | $ | 2,436.2 | $ | 2,484.9 | ||||||||||||||||||||||
| Other Supplemental Financial Data (In Millions) | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA - Seaborne Thermal | $ | 120.0 | $ | 104.4 | $ | 115.5 | $ | 318.2 | $ | 477.0 | ||||||||||||||||||||||
| Adjusted EBITDA - Seaborne Metallurgical, Excluding Shoal Creek Insurance Recovery | 27.8 | 62.8 | 78.6 | 138.9 | 271.9 | |||||||||||||||||||||||||||
| Shoal Creek Insurance Recovery - Business Interruption | — | 80.8 | — | 80.8 | — | |||||||||||||||||||||||||||
| Adjusted EBITDA - Seaborne Metallurgical | 27.8 | 143.6 | 78.6 | 219.7 | 271.9 | |||||||||||||||||||||||||||
| Adjusted EBITDA - Powder River Basin | 51.7 | 17.8 | 54.1 | 85.9 | 116.1 | |||||||||||||||||||||||||||
| Adjusted EBITDA - Other U.S. Thermal | 28.4 | 35.4 | 49.1 | 110.3 | 165.2 | |||||||||||||||||||||||||||
| Adjusted EBITDA - Total U.S. Thermal | 80.1 | 53.2 | 103.2 | 196.2 | 281.3 | |||||||||||||||||||||||||||
| Middlemount | 1.8 | 1.9 | 7.7 | 2.9 | 13.7 | |||||||||||||||||||||||||||
Resource Management Results (2) | 2.2 | 9.9 | 3.1 | 16.5 | 11.4 | |||||||||||||||||||||||||||
| Selling and Administrative Expenses | (20.6) | (22.1) | (21.5) | (64.7) | (66.0) | |||||||||||||||||||||||||||
Other Operating Costs, Net (3) | 13.5 | 18.8 | (16.6) | 6.2 | 29.5 | |||||||||||||||||||||||||||
Adjusted EBITDA (1) | $ | 224.8 | $ | 309.7 | $ | 270.0 | $ | 695.0 | $ | 1,018.8 | ||||||||||||||||||||||
| (1) | Total Reporting Segment Costs and Adjusted EBITDA are non-GAAP financial measures. Refer to the “Reconciliation of Non-GAAP Financial Measures” section in this document for definitions and reconciliations to the most comparable measures under U.S. GAAP. | |||||||||||||||||||||||||||||||
| (2) | Includes gains (losses) on certain surplus coal reserve, coal resource and surface land sales and property management costs and revenue. | |||||||||||||||||||||||||||||||
| (3) | Includes trading and brokerage activities, costs associated with post-mining activities, gains (losses) on certain asset disposals, minimum charges on certain transportation-related contracts, results from the Company’s equity method investment in R3 Renewables LLC, costs associated with suspended operations including the Centurion Mine, the impact of foreign currency remeasurement, expenses related to the Company’s other commercial activities and revenue of $19.2 million related to the Q1 2023 assignment of port and rail capacity. | |||||||||||||||||||||||||||||||
| This information is intended to be reviewed in conjunction with the company's filings with the SEC. | ||||||||||||||||||||||||||||||||
11
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management's or the Board’s current expectations or predictions of future conditions, events, or results. All statements that address operating performance, events, or developments that may occur in the future are forward-looking statements, including statements regarding the shareholder return framework, execution of the Company’s operating plans, market conditions for the Company’s products, reclamation obligations, financial outlook, potential acquisitions and strategic investments, and liquidity requirements. All forward-looking statements speak only as of the date they are made and reflect Peabody's good faith beliefs, assumptions, and expectations, but they are not guarantees of future performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond Peabody's control, that are described in Peabody's periodic reports filed with the SEC including its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. and other factors that Peabody may describe from time to time in other filings with the SEC. You may get such filings for free at Peabody's website at www.peabodyenergy.com. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
12