Centurion Ships First Coal and Advances
Towards Longwall Start in Q1 2026
Premium Hard Coking Coal Acquisition Poised
to Reshape Peabody
ST.
LOUIS, Feb. 6, 2025 /PRNewswire/ -- Peabody
(NYSE: BTU) today reported fourth quarter net income attributable
to common stockholders of $30.6
million, or $0.25 per diluted
share, compared to $192.0 million, or
$1.33 per diluted share, in the prior
year quarter. Peabody had Adjusted EBITDA1 of
$176.7 million in the fourth quarter
of 2024 including a $41.4 million
non-cash charge from Australia
currency remeasurement, compared to $345.1
million in the fourth quarter of 2023.
Full-year 2024 revenue totaled $4,236.7
million compared to $4,946.7
million in the prior year. Full-year 2024 net income
attributable to common stockholders totaled $370.9 million, or $2.70 per diluted share, compared to $759.6 million, or $5.00 per diluted share in the prior year.
Adjusted EBITDA was $871.7 million
compared to $1,363.9 million in the
prior year.
"Peabody completed a highly productive year with a strong fourth
quarter performance and the advancement of a transformative
acquisition that we are confident will reshape Peabody in a
profound and positive way," said Peabody President and Chief
Executive Officer Jim Grech. "The
Peabody team also drove an exceptional year in safety and
environmental performance, leading to record low accident and
severity rates and the reduction of more than $100 million of reclamation bonding
obligations."
|
____________________________
|
|
1 Adjusted EBITDA is a
non-GAAP financial measure. Adjusted EBITDA margin is equal to
segment Adjusted EBITDA (excluding insurance recoveries) divided by
segment revenue. Revenue per Ton and Adjusted EBITDA Margin per Ton
are equal to revenue by segment and Adjusted EBITDA by segment
(excluding insurance recoveries), respectively, divided by segment
tons sold. Costs per Ton is equal to Revenue per Ton less Adjusted
EBITDA Margin per Ton. Management believes Costs per Ton and
Adjusted EBITDA Margin per Ton best reflect controllable costs and
operating results at the reporting segment level. We consider all
measures reported on a per ton basis, as well as Adjusted EBITDA
margin, to be operating/statistical measures. Please refer to the
tables and related notes for a reconciliation and definition of
non-GAAP financial measures.
|
Fourth Quarter and Full Year Highlights
- Agreed to purchase four world-class premium hard coking coal
operations in Australia's Bowen
Basin, which will transform the company to a predominately
steelmaking-coal supplier.
- Advanced the development of the premium hard coking coal
Centurion Mine in Australia and
shipped the first coal cargo, with longwall production expected to
start March 2026.
- Reported full-year Adjusted EBITDA of $872 million, operating cash flow from continuing
operations of $613 million, and
$700 million of Cash and Cash
Equivalents at December 31, 2024.
- Returned $221 million to
shareholders in share repurchases and dividends.
- Achieved a record low total reportable injury frequency rates
(TRIFR) in U.S. and Australia
operations, generating a combined global rate of 0.81 per 200,000
hours worked and also achieved the lowest recorded annual injury
severity rate in company history.
- Announced a partnership with leading renewable energy company
RWE to grow the company's R3 Renewables platform to develop solar
and energy storage projects on repurposed reclaimed mine lands.
- Achieved a company record $110
million in bond release approval for reclaimed U.S. lands.
In addition, reclaimed lands exceeded disturbed lands by a ratio of
1.7 to 1, improving upon the prior best ratio of 1.3 to 1 in
2023.
- Declared a $0.075 per share
dividend on February 6, 2025.
Fourth Quarter Segment Performance
|
Seaborne
Thermal
|
|
Quarter
Ended
|
|
Year
Ended
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Tons sold (in
millions)
|
4.2
|
|
4.1
|
|
3.7
|
|
16.4
|
|
15.5
|
|
Export
|
2.8
|
|
2.6
|
|
2.6
|
|
10.6
|
|
10.0
|
|
Domestic
|
1.4
|
|
1.5
|
|
1.1
|
|
5.8
|
|
5.5
|
|
Revenue per
Ton
|
$
73.55
|
|
$
76.21
|
|
$
76.22
|
|
$
73.88
|
|
$
85.94
|
|
Export - Avg.
Realized Price per Ton
|
96.41
|
|
105.51
|
|
97.20
|
|
99.87
|
|
119.79
|
|
Domestic - Avg.
Realized Price per Ton
|
25.47
|
|
25.36
|
|
30.26
|
|
25.96
|
|
24.73
|
|
Costs per
Ton
|
46.97
|
|
47.01
|
|
49.71
|
|
47.71
|
|
48.66
|
|
Adjusted EBITDA
Margin per Ton
|
$
26.58
|
|
$
29.20
|
|
$
26.51
|
|
$
26.17
|
|
$
37.28
|
|
Adjusted EBITDA (in
millions)
|
$
111.8
|
|
$
120.0
|
|
$
99.8
|
|
$
430.0
|
|
$
576.8
|
Seaborne Thermal volume totaled 4.2 million tons, ahead of
expectations, primarily driven by higher production at Wambo
Underground. The average realized export price of $96.41 per ton was down from $105.51 in the prior quarter impacted by sales
mix, while costs remained largely stable. The segment reported 36
percent Adjusted EBITDA margins on Adjusted EBITDA of $111.8 million.
|
Seaborne
Metallurgical
|
|
Quarter
Ended
|
|
Year
Ended
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Tons sold (in
millions)
|
2.2
|
|
1.7
|
|
2.1
|
|
7.3
|
|
6.9
|
|
Revenue per
Ton
|
$
123.41
|
|
$
144.60
|
|
$
186.74
|
|
$
144.97
|
|
$
188.66
|
|
Costs per
Ton
|
113.05
|
|
128.04
|
|
107.89
|
|
122.77
|
|
125.18
|
|
Adjusted EBITDA
Margin per Ton
|
$
10.36
|
|
$
16.56
|
|
$
78.85
|
|
$
22.20
|
|
$
63.48
|
|
Adjusted EBITDA,
Excluding Insurance Recovery (in millions)
|
$
22.8
|
|
$
27.8
|
|
$
166.2
|
|
$
161.7
|
|
$
438.1
|
|
Shoal Creek
Insurance Recovery (in millions)
|
—
|
|
—
|
|
—
|
|
80.8
|
|
—
|
|
Adjusted EBITDA (in
millions)
|
$
22.8
|
|
$
27.8
|
|
$
166.2
|
|
$
242.5
|
|
$
438.1
|
Seaborne Metallurgical volumes came in largely in line with
expectations at 2.2 million tons, reflecting a 29 percent increase
over the prior quarter. Strong production at Shoal Creek drove a 12
percent reduction in segment costs per ton to $113.05, beating expectations. The average
realized price of $123.41 per ton was
15 percent lower than the prior quarter, reflecting a higher mix of
Shoal Creek sales and generally lower market pricing. The segment
reported 8 percent Adjusted EBITDA margins on Adjusted EBITDA of
$22.8 million.
|
Powder River
Basin
|
|
Quarter
Ended
|
|
Year
Ended
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Tons sold (in
millions)
|
23.0
|
|
22.1
|
|
23.6
|
|
79.6
|
|
87.2
|
|
Revenue per
Ton
|
$
13.79
|
|
$
13.84
|
|
$
13.58
|
|
$
13.81
|
|
$
13.74
|
|
Costs per
Ton
|
11.50
|
|
11.50
|
|
11.98
|
|
12.07
|
|
11.98
|
|
Adjusted EBITDA
Margin per Ton
|
$
2.29
|
|
$
2.34
|
|
$
1.60
|
|
$
1.74
|
|
$
1.76
|
|
Adjusted EBITDA (in
millions)
|
$
52.7
|
|
$
51.7
|
|
$
37.6
|
|
$
138.6
|
|
$
153.7
|
Powder River Basin (PRB) shipped 23.0 million tons, 1.8 million
tons ahead of expectations and the highest quarterly sales volume
for the year. PRB average realized price and costs per ton remained
stable with the previous quarter. The segment reported 17 percent
Adjusted EBITDA margins on Adjusted EBITDA of $52.7 million.
|
Other U.S.
Thermal
|
|
Quarter
Ended
|
|
Year
Ended
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Tons sold (in
millions)
|
3.7
|
|
4.0
|
|
3.7
|
|
14.6
|
|
16.2
|
|
Revenue per
Ton
|
$
57.74
|
|
$
53.52
|
|
$
57.00
|
|
$
56.38
|
|
$
54.77
|
|
Costs per
Ton
|
46.73
|
|
46.50
|
|
45.57
|
|
46.04
|
|
41.98
|
|
Adjusted EBITDA
Margin per Ton
|
$
11.01
|
|
$
7.02
|
|
$
11.43
|
|
$
10.34
|
|
$
12.79
|
|
Adjusted EBITDA (in
millions)
|
$
40.5
|
|
$
28.4
|
|
$
42.3
|
|
$
150.8
|
|
$
207.5
|
Other U.S. Thermal shipped 3.7 million tons in the quarter,
modestly below expectations and the previous quarter due to
geologic challenges at Twentymile that are expected to be resolved
in the first quarter of 2025. Revenue per ton was higher than
anticipated due to sales contract cancellation settlements,
increasing segment margin. Costs were largely stable with the
previous quarter. The segment reported 19 percent Adjusted EBITDA
margins and Adjusted EBITDA of $40.5
million.
Update on Centurion and Premium Hard Coking Coal
Acquisition
"It's hard to overstate the benefits to Peabody, both
strategically and financially, from the ramp up of Centurion as
well as the agreement to acquire multiple premium hard coking coal
mines in Australia," said Mr.
Grech. "We are confident that these assets will positively redefine
Peabody in the market."
During the fourth quarter, Peabody reached several key
milestones at Centurion. The mine is ahead of its development
schedule and now has four continuous miners in coal production,
while shipping its first coal in December, serving a growing steel
producer in Southeast Asia. The
company expects to begin producing continuous miner coal from
Centurion North early in the third quarter, and targets a combined
500 thousand tons of production for the full year. Peabody is on
track to begin longwall production in March
2026, producing 3.5 million tons of premium hard coking coal
next year. With a planned annual production averaging 4.7 million
tons and approximately 140 million tons of reserves, the operation
has a mine life of more than 25 years.
Peabody's acquisition of multiple coal mines from Anglo American is progressing, with completion
now targeted for next quarter subject to closing conditions. The
company has several regulatory approvals in hand from key
governmental agencies, the pre-emption rights timetable window is
advancing, Anglo's operational improvements are underway, the
permanent financing process has begun, and minority stake ownership
discussions are ongoing.
During the first full year of ownership in 2026, the premium
hard coking coal mines are expected to produce 11.3 million tons of
coal at fully loaded costs of $130-$140 per
ton.
Capital Allocation
Peabody generated $612.8 million
in operating cash flows from continuing operations in 2024. The
company returned $220.7 million to
shareholders, invested $226.8 million
in the development of Centurion and acquired the Centurion North
coal reserves for $143.8 million.
"Peabody's capital allocation strategy continues to reflect a
balanced approach of shareholder returns and reinvestment in the
business," said Executive Vice President and Chief Financial
Officer Mark Spurbeck. "Looking
ahead, we have structured our pending acquisition with flexible
consideration arrangements, including upfront, deferred and
contingent payments, to enable the cash flows from the new assets
to fund the acquisition."
Focus Areas for 2025
"Peabody is transforming into a predominately metallurgical coal
producer, with substantially higher long-term earnings potential, a
recharged asset base, and a three-pronged value creation model via
free cash flow growth per share, shareholder returns, and multiple
expansion," said Mr. Grech.
Peabody has identified five areas of focus in 2025:
- Continuing emphasis on safe, productive, environmentally sound
operations
- Ramping up the Centurion Mine on time and on budget
- Successfully completing the premium hard coking coal
acquisition and integrating the mines into Peabody
- Serving growing Asian thermal coal demand through its low-cost
Australian export platform
- Leveraging Peabody's low-cost domestic U.S. thermal coal
production to capitalize on emerging favorable policy and economic
themes
First Quarter 2025 Outlook
Seaborne Thermal
- Volumes are expected to be 4.0 million tons, including 2.5
million export tons. 0.2 million export tons are priced at
$108 per ton, and 1.3 million tons of
Newcastle product and 1.0 million tons of high ash product are
unpriced. Costs are anticipated to be $45-$50 per
ton.
Seaborne Metallurgical
- Seaborne met volumes are expected to be 2.0 million tons and
are expected to achieve 70 to 75 percent of the premium hard coking
coal price index. Costs are anticipated to be temporarily elevated
at $125-$135 per ton reflecting a planned longwall move
at Shoal Creek.
U.S. Thermal
- PRB volume is expected to be approximately 19 million tons at
an average price of $13.80 per ton
and costs of approximately $12.00-$12.75 per
ton.
- Other U.S. Thermal volume is expected to be approximately 3.4
million tons at an average price of $52.50 per ton and costs of approximately
$43-$47
per ton.
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:
Vic Svec
ir@peabodyenergy.com
Guidance Targets (Excluding Contributions from
Planned Acquisition)
|
Segment
Performance
|
|
|
|
|
|
|
|
2025 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
|
14.2 - 15.2
|
5.6
|
$30.86
|
$47.00 -
$52.00
|
|
Seaborne Thermal
(Export)
|
8.8 - 9.8
|
0.2
|
$108.00
|
NA
|
|
Seaborne Thermal
(Domestic)
|
5.4
|
5.4
|
$28.00
|
NA
|
|
Seaborne
Metallurgical
|
8.0 - 9.0
|
0.5
|
$128.00
|
$120.00 -
$130.00
|
|
PRB U.S.
Thermal
|
72 - 78
|
71
|
$13.85
|
$12.00 -
$12.75
|
|
Other U.S.
Thermal
|
13.4 -14.4
|
13.6
|
$52.00
|
$43.00 -
$47.00
|
|
|
|
|
|
|
Other Annual
Financial Metrics ($ in millions)
|
|
|
2025 Full
Year
|
|
|
|
SG&A
|
$95
|
|
|
|
|
Total Capital
Expenditures
|
$450
|
|
|
|
|
Major Project Capital
Expenditures
|
$280
|
|
|
|
|
Sustaining Capital
Expenditures
|
$170
|
|
|
|
|
ARO Cash
Spend
|
$50
|
|
|
|
|
|
|
|
|
|
Supplemental
Information
|
|
|
|
|
|
|
|
Seaborne
Thermal
|
54% of unpriced export
volumes are expected to price on average at Globalcoal "NEWC"
levels and 46% 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 December 31, 2024.
Weighted average quality for the PRB segment 2025 volume is
approximately 8,685 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.
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
|
|
|
For the Quarters
Ended Dec. 31, 2024, Sept. 30, 2024 and Dec. 31, 2023 and the Years
Ended Dec. 31, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions, Except
Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year
Ended
|
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Tons Sold
|
33.1
|
|
31.9
|
|
33.2
|
|
118.0
|
|
126.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
1,123.1
|
|
$
1,088.0
|
|
$
1,235.0
|
|
$
4,236.7
|
|
$
4,946.7
|
|
Operating Costs and
Expenses (1)
|
957.0
|
|
845.8
|
|
872.8
|
|
3,420.9
|
|
3,385.1
|
|
Depreciation, Depletion
and Amortization
|
95.6
|
|
84.7
|
|
82.2
|
|
343.0
|
|
321.4
|
|
Asset Retirement
Obligation Expenses
|
10.2
|
|
12.9
|
|
4.2
|
|
48.9
|
|
50.5
|
|
Selling and
Administrative Expenses
|
26.3
|
|
20.6
|
|
24.7
|
|
91.0
|
|
90.7
|
|
Restructuring
Charges
|
2.3
|
|
1.9
|
|
0.3
|
|
4.4
|
|
3.3
|
|
Transaction Costs
Related to Business Combinations
|
10.3
|
|
—
|
|
—
|
|
10.3
|
|
—
|
|
Other Operating Loss
(Income):
|
|
|
|
|
|
|
|
|
|
|
Net Gain on
Disposals
|
(0.1)
|
|
(0.1)
|
|
(6.5)
|
|
(9.8)
|
|
(15.0)
|
|
Asset
Impairment
|
—
|
|
—
|
|
—
|
|
—
|
|
2.0
|
|
Provision for NARM and
Shoal Creek Losses
|
—
|
|
—
|
|
3.9
|
|
3.7
|
|
40.9
|
|
Shoal Creek Insurance
Recovery
|
—
|
|
—
|
|
—
|
|
(109.5)
|
|
—
|
|
(Income) Loss from
Equity Affiliates
|
(18.6)
|
|
2.1
|
|
2.8
|
|
(11.5)
|
|
(6.9)
|
|
Operating
Profit
|
40.1
|
|
120.1
|
|
250.6
|
|
445.3
|
|
1,074.7
|
|
Interest Expense, Net
of Capitalized Interest
|
11.8
|
|
9.7
|
|
14.3
|
|
46.9
|
|
59.8
|
|
Net Loss on Early Debt
Extinguishment
|
—
|
|
—
|
|
—
|
|
—
|
|
8.8
|
|
Interest
Income
|
(17.3)
|
|
(17.7)
|
|
(20.3)
|
|
(71.0)
|
|
(76.8)
|
|
Net Periodic Benefit
Credit, Excluding Service Cost
|
(10.2)
|
|
(10.1)
|
|
(12.2)
|
|
(40.6)
|
|
(41.6)
|
|
Net Mark-to-Market
Adjustment on Actuarially Determined Liabilities
|
(6.1)
|
|
—
|
|
(0.3)
|
|
(6.1)
|
|
(0.3)
|
|
Income from Continuing
Operations Before Income Taxes
|
61.9
|
|
138.2
|
|
269.1
|
|
516.1
|
|
1,124.8
|
|
Income Tax
Provision
|
23.6
|
|
25.7
|
|
70.1
|
|
108.8
|
|
308.8
|
|
Income from Continuing
Operations, Net of Income Taxes
|
38.3
|
|
112.5
|
|
199.0
|
|
407.3
|
|
816.0
|
|
Loss from Discontinued
Operations, Net of Income Taxes
|
(0.5)
|
|
(1.0)
|
|
(0.3)
|
|
(3.8)
|
|
(0.4)
|
|
Net Income
|
37.8
|
|
111.5
|
|
198.7
|
|
403.5
|
|
815.6
|
|
Less: Net Income
Attributable to Noncontrolling Interests
|
7.2
|
|
10.2
|
|
6.7
|
|
32.6
|
|
56.0
|
|
Net Income Attributable
to Common Stockholders
|
$
30.6
|
|
$
101.3
|
|
$
192.0
|
|
$
370.9
|
|
$
759.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(2)
|
$
176.7
|
|
$
224.8
|
|
$
345.1
|
|
$
871.7
|
|
$
1,363.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS - Income
from Continuing Operations (3)(4)
|
$
0.25
|
|
$
0.74
|
|
$
1.33
|
|
$
2.73
|
|
$
5.00
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS - Net
Income Attributable to Common Stockholders
(3)
|
$
0.25
|
|
$
0.74
|
|
$
1.33
|
|
$
2.70
|
|
$
5.00
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 138.4 million, 141.6 million and
147.2 million during the quarters ended December 31, 2024,
September 30, 2024 and December 31, 2023, respectively. During
the years ended December 31, 2024 and 2023, weighted average
diluted shares outstanding were 141.9 million and 154.3 million,
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.
|
|
Condensed
Consolidated Balance Sheets
|
|
|
As of Dec. 31, 2024
and 2023
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
Dec. 31,
2024
|
|
Dec. 31,
2023
|
|
Cash and Cash
Equivalents
|
$
700.4
|
|
$
969.3
|
|
Accounts Receivable,
Net
|
359.3
|
|
389.7
|
|
Inventories,
Net
|
393.4
|
|
351.8
|
|
Other Current
Assets
|
327.6
|
|
308.9
|
|
Total Current
Assets
|
1,780.7
|
|
2,019.7
|
|
Property, Plant,
Equipment and Mine Development, Net
|
3,081.5
|
|
2,844.1
|
|
Operating Lease
Right-of-Use Assets
|
119.3
|
|
61.9
|
|
Restricted Cash and
Collateral
|
809.8
|
|
957.6
|
|
Investments and Other
Assets
|
162.4
|
|
78.8
|
|
Total
Assets
|
$
5,953.7
|
|
$
5,962.1
|
|
|
|
|
|
Current Portion of
Long-Term Debt
|
$
15.8
|
|
$
13.5
|
|
Accounts Payable and
Accrued Expenses
|
811.7
|
|
965.5
|
|
Total Current
Liabilities
|
827.5
|
|
979.0
|
|
Long-Term Debt, Less
Current Portion
|
332.3
|
|
320.7
|
|
Deferred Income
Taxes
|
40.9
|
|
28.6
|
|
Asset Retirement
Obligations, Less Current Portion
|
667.8
|
|
648.6
|
|
Accrued Postretirement
Benefit Costs
|
120.4
|
|
148.4
|
|
Operating Lease
Liabilities, Less Current Portion
|
86.7
|
|
47.7
|
|
Other Noncurrent
Liabilities
|
169.3
|
|
181.6
|
|
Total
Liabilities
|
2,244.9
|
|
2,354.6
|
|
|
|
|
|
Common Stock
|
1.9
|
|
1.9
|
|
Additional Paid-in
Capital
|
3,990.5
|
|
3,983.0
|
|
Treasury
Stock
|
(1,926.5)
|
|
(1,740.2)
|
|
Retained
Earnings
|
1,445.8
|
|
1,112.7
|
|
Accumulated Other
Comprehensive Income
|
138.8
|
|
189.6
|
|
Peabody Energy
Corporation Stockholders' Equity
|
3,650.5
|
|
3,547.0
|
|
Noncontrolling
Interests
|
58.3
|
|
60.5
|
|
Total Stockholders'
Equity
|
3,708.8
|
|
3,607.5
|
|
Total Liabilities and
Stockholders' Equity
|
$
5,953.7
|
|
$
5,962.1
|
|
|
|
|
|
This information is
intended to be reviewed in conjunction with the company's filings
with the SEC.
|
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
For the Quarters
Ended Dec. 31, 2024, Sept. 30, 2024 and Dec. 31, 2023 and the Years
Ended Dec. 31, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year
Ended
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided By
Continuing Operations
|
$
121.4
|
|
$
361.4
|
|
$
283.6
|
|
$
612.8
|
|
$
1,116.3
|
|
Net Cash Used in
Discontinued Operations
|
(1.6)
|
|
(1.5)
|
|
(1.2)
|
|
(6.3)
|
|
(80.8)
|
|
Net Cash Provided
By Operating Activities
|
119.8
|
|
359.9
|
|
282.4
|
|
606.5
|
|
1,035.5
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
Additions to Property,
Plant, Equipment and Mine Development
|
(135.6)
|
|
(98.7)
|
|
(157.9)
|
|
(401.3)
|
|
(348.3)
|
|
Changes in Accrued
Expenses Related to Capital Expenditures
|
5.3
|
|
7.2
|
|
8.0
|
|
(1.2)
|
|
2.9
|
|
Wards Well
Acquisition
|
—
|
|
—
|
|
—
|
|
(143.8)
|
|
—
|
|
Deposit Associated with
Planned Acquisition
|
(75.0)
|
|
—
|
|
—
|
|
(75.0)
|
|
—
|
|
Insurance Proceeds
Attributable to Shoal Creek Equipment Losses
|
—
|
|
5.3
|
|
—
|
|
10.9
|
|
—
|
|
Proceeds from Disposal
of Assets, Net of Receivables
|
1.0
|
|
0.6
|
|
8.9
|
|
17.1
|
|
22.8
|
|
Contributions to Joint
Ventures
|
(177.9)
|
|
(176.6)
|
|
(168.2)
|
|
(728.0)
|
|
(741.6)
|
|
Distributions from
Joint Ventures
|
167.4
|
|
189.2
|
|
142.3
|
|
717.2
|
|
721.7
|
|
Other, Net
|
6.3
|
|
0.2
|
|
(1.1)
|
|
6.0
|
|
(0.1)
|
|
Net Cash Used In
Investing Activities
|
(208.5)
|
|
(72.8)
|
|
(168.0)
|
|
(598.1)
|
|
(342.6)
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Loan Note
Related to Planned Acquisition
|
9.3
|
|
—
|
|
—
|
|
9.3
|
|
—
|
|
Repayments of Long-Term
Debt
|
(3.2)
|
|
(2.6)
|
|
(2.1)
|
|
(10.4)
|
|
(9.0)
|
|
Payment of Debt
Issuance and Other Deferred Financing Costs
|
(0.9)
|
|
—
|
|
—
|
|
(12.0)
|
|
(0.3)
|
|
Common Stock
Repurchases
|
—
|
|
(100.0)
|
|
(83.7)
|
|
(183.1)
|
|
(347.7)
|
|
Excise Taxes Paid
Related to Common Stock Repurchases
|
(3.3)
|
|
—
|
|
—
|
|
(3.3)
|
|
—
|
|
Repurchase of Employee
Common Stock Relinquished for Tax Withholding
|
—
|
|
—
|
|
—
|
|
(4.1)
|
|
(13.7)
|
|
Dividends
Paid
|
(9.1)
|
|
(9.4)
|
|
(9.9)
|
|
(37.6)
|
|
(30.6)
|
|
Distributions to
Noncontrolling Interests
|
—
|
|
(16.3)
|
|
(0.1)
|
|
(34.8)
|
|
(59.0)
|
|
Net Cash Used In
Financing Activities
|
(7.2)
|
|
(128.3)
|
|
(95.8)
|
|
(276.0)
|
|
(460.3)
|
|
Net Change in Cash,
Cash Equivalents and Restricted Cash
|
(95.9)
|
|
158.8
|
|
18.6
|
|
(267.6)
|
|
232.6
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of
Period
|
1,478.5
|
|
1,319.7
|
|
1,631.6
|
|
1,650.2
|
|
1,417.6
|
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
$
1,382.6
|
|
$
1,478.5
|
|
$
1,650.2
|
|
$
1,382.6
|
|
$
1,650.2
|
|
|
|
|
|
|
|
|
|
|
|
This information is
intended to be reviewed in conjunction with the company's filings
with the SEC.
|
|
|
|
|
|
Reconciliation of
Non-GAAP Financial Measures (Unaudited)
|
|
|
|
For the Quarters
Ended Dec. 31, 2024, Sept. 30, 2024 and Dec. 31, 2023 and the Years
Ended Dec. 31, 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
|
|
Year
Ended
|
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Continuing
Operations, Net of Income Taxes
|
$
38.3
|
|
$
112.5
|
|
$
199.0
|
|
$
407.3
|
|
$
816.0
|
|
Depreciation, Depletion
and Amortization
|
95.6
|
|
84.7
|
|
82.2
|
|
343.0
|
|
321.4
|
|
Asset Retirement
Obligation Expenses
|
10.2
|
|
12.9
|
|
4.2
|
|
48.9
|
|
50.5
|
|
Restructuring
Charges
|
2.3
|
|
1.9
|
|
0.3
|
|
4.4
|
|
3.3
|
|
Transaction Costs
Related to Business Combinations
|
10.3
|
|
—
|
|
—
|
|
10.3
|
|
—
|
|
Asset
Impairment
|
—
|
|
—
|
|
—
|
|
—
|
|
2.0
|
|
Provision for NARM and
Shoal Creek Losses
|
—
|
|
—
|
|
3.9
|
|
3.7
|
|
40.9
|
|
Shoal Creek Insurance
Recovery - Property Damage
|
—
|
|
—
|
|
—
|
|
(28.7)
|
|
—
|
|
Changes in Amortization
of Basis Difference Related to Equity Affiliates
|
(0.7)
|
|
(0.4)
|
|
(0.4)
|
|
(1.8)
|
|
(1.6)
|
|
Interest Expense, Net
of Capitalized Interest
|
11.8
|
|
9.7
|
|
14.3
|
|
46.9
|
|
59.8
|
|
Net Loss on Early Debt
Extinguishment
|
—
|
|
—
|
|
—
|
|
—
|
|
8.8
|
|
Interest
Income
|
(17.3)
|
|
(17.7)
|
|
(20.3)
|
|
(71.0)
|
|
(76.8)
|
|
Net Mark-to-Market
Adjustment on Actuarially Determined Liabilities
|
(6.1)
|
|
—
|
|
(0.3)
|
|
(6.1)
|
|
(0.3)
|
|
Unrealized Gains on
Derivative Contracts Related to Forecasted Sales
|
—
|
|
—
|
|
—
|
|
—
|
|
(159.0)
|
|
Unrealized Losses
(Gains) on Foreign Currency Option Contracts
|
9.4
|
|
(3.7)
|
|
(7.3)
|
|
9.0
|
|
(7.4)
|
|
Take-or-Pay
Contract-Based Intangible Recognition
|
(0.7)
|
|
(0.8)
|
|
(0.6)
|
|
(3.0)
|
|
(2.5)
|
|
Income Tax
Provision
|
23.6
|
|
25.7
|
|
70.1
|
|
108.8
|
|
308.8
|
|
Adjusted EBITDA
(1)
|
$
176.7
|
|
$
224.8
|
|
$
345.1
|
|
$
871.7
|
|
$
1,363.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs and
Expenses
|
$
957.0
|
|
$
845.8
|
|
$
872.8
|
|
$
3,420.9
|
|
$
3,385.1
|
|
Unrealized (Losses)
Gains on Foreign Currency Option Contracts
|
(9.4)
|
|
3.7
|
|
7.3
|
|
(9.0)
|
|
7.4
|
|
Take-or-Pay
Contract-Based Intangible Recognition
|
0.7
|
|
0.8
|
|
0.6
|
|
3.0
|
|
2.5
|
|
Net Periodic Benefit
Credit, Excluding Service Cost
|
(10.2)
|
|
(10.1)
|
|
(12.2)
|
|
(40.6)
|
|
(41.6)
|
|
Total Reporting Segment
Costs (2)
|
$
938.1
|
|
$
840.2
|
|
$
868.5
|
|
$
3,374.3
|
|
$
3,353.4
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
Supplemental
Financial Data (Unaudited)
|
|
|
|
For the Quarters
Ended Dec. 31, 2024, Sept. 30, 2024 and Dec. 31, 2023 and the Years
Ended Dec. 31, 2024 and 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year
Ended
|
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenue Summary (In
Millions)
|
|
|
|
|
|
|
|
|
|
|
Seaborne
Thermal
|
$
309.3
|
|
$
313.2
|
|
$
286.3
|
|
$
1,213.9
|
|
$
1,329.7
|
|
Seaborne
Metallurgical
|
271.8
|
|
242.5
|
|
394.0
|
|
1,055.6
|
|
1,301.9
|
|
Powder River
Basin
|
317.5
|
|
305.3
|
|
320.1
|
|
1,098.8
|
|
1,198.1
|
|
Other U.S.
Thermal
|
212.3
|
|
216.7
|
|
210.7
|
|
822.6
|
|
888.2
|
|
Total U.S.
Thermal
|
529.8
|
|
522.0
|
|
530.8
|
|
1,921.4
|
|
2,086.3
|
|
Corporate and
Other
|
12.2
|
|
10.3
|
|
23.9
|
|
45.8
|
|
228.8
|
|
Total
|
$
1,123.1
|
|
$
1,088.0
|
|
$
1,235.0
|
|
$
4,236.7
|
|
$
4,946.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Reporting Segment
Costs Summary (In Millions) (1)
|
|
|
|
|
|
|
|
|
|
|
Seaborne
Thermal
|
$
197.5
|
|
$
193.2
|
|
$
186.5
|
|
$
783.9
|
|
$
752.9
|
|
Seaborne
Metallurgical
|
249.0
|
|
214.7
|
|
227.8
|
|
893.9
|
|
863.8
|
|
Powder River
Basin
|
264.8
|
|
253.6
|
|
282.5
|
|
960.2
|
|
1,044.4
|
|
Other U.S.
Thermal
|
171.8
|
|
188.3
|
|
168.4
|
|
671.8
|
|
680.7
|
|
Total U.S.
Thermal
|
436.6
|
|
441.9
|
|
450.9
|
|
1,632.0
|
|
1,725.1
|
|
Corporate and
Other
|
55.0
|
|
(9.6)
|
|
3.3
|
|
64.5
|
|
11.6
|
|
Total
|
$
938.1
|
|
$
840.2
|
|
$
868.5
|
|
$
3,374.3
|
|
$
3,353.4
|
|
|
|
|
|
|
|
|
|
|
|
Other Supplemental
Financial Data (In Millions)
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA -
Seaborne Thermal
|
$
111.8
|
|
$
120.0
|
|
$
99.8
|
|
$
430.0
|
|
$
576.8
|
|
Adjusted EBITDA -
Seaborne Metallurgical, Excluding Shoal Creek Insurance
Recovery
|
22.8
|
|
27.8
|
|
166.2
|
|
161.7
|
|
438.1
|
|
Shoal Creek Insurance
Recovery - Business Interruption
|
—
|
|
—
|
|
—
|
|
80.8
|
|
—
|
|
Adjusted EBITDA -
Seaborne Metallurgical
|
22.8
|
|
27.8
|
|
166.2
|
|
242.5
|
|
438.1
|
|
Adjusted EBITDA -
Powder River Basin
|
52.7
|
|
51.7
|
|
37.6
|
|
138.6
|
|
153.7
|
|
Adjusted EBITDA - Other
U.S. Thermal
|
40.5
|
|
28.4
|
|
42.3
|
|
150.8
|
|
207.5
|
|
Adjusted EBITDA - Total
U.S. Thermal
|
93.2
|
|
80.1
|
|
79.9
|
|
289.4
|
|
361.2
|
|
Middlemount
|
10.2
|
|
1.8
|
|
(0.5)
|
|
13.1
|
|
13.2
|
|
Resource Management
Results (2)
|
2.7
|
|
2.2
|
|
9.6
|
|
19.2
|
|
21.0
|
|
Selling and
Administrative Expenses
|
(26.3)
|
|
(20.6)
|
|
(24.7)
|
|
(91.0)
|
|
(90.7)
|
|
Other Operating Costs,
Net (3)
|
(37.7)
|
|
13.5
|
|
14.8
|
|
(31.5)
|
|
44.3
|
|
Adjusted EBITDA
(1)
|
$
176.7
|
|
$
224.8
|
|
$
345.1
|
|
$
871.7
|
|
$
1,363.9
|
|
|
|
|
|
|
|
|
|
|
|
(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 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 renewable energy joint
ventures, 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 $6.7 million and $25.9 million related to the assignment
of port and rail capacity during the quarter and year ended
December 31, 2023, respectively.
|
|
|
|
This information is
intended to be reviewed in conjunction with the company's filings
with the SEC.
|
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 Jun. 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.
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SOURCE Peabody
