Peabody Energy Suspends FY20 Guidance - Quick Facts

(RTTNews) - While reporting its first-quarter financial results on Wednesday, Peabody Energy Corp. (BTU) said it has decided to suspend its full-year 2020 guidance due to uncertainties with respect to COVID-19.

The coal producer said it is expediting a detailed mine-by-mine analysis to structurally improve its operating portfolio with accountability for performance targets extending from individual sites to the board level.

Peabody has also taken actions to mitigate its financial risk given the uncertainty in global markets caused by the COVID-19 pandemic.

The company previously suspended payment of dividends and share repurchase activities, and during the first quarter, made the decision to pause debt reduction activities in light of evolving industry conditions.

In April, Peabody borrowed $300 million under its $565 million revolving credit facility to enhance the company's financial flexibility.