Peabody Projects Increase In Q3 Adj. EBITDA - Quick Facts

(RTTNews) - Peabody (BTU) reported an increase in preliminary third quarter adjusted EBITDA compared to prior year due to higher realized prices from robust seaborne coal demand and a non-cash gain on the sale of Millennium. In the third quarter, revenues and net loss attributable to stockholders was negatively impacted by approximately $238 million of unrealized mark-to-market losses primarily related to coal hedges contracted in the first half of 2021, the company noted.

The company expects third quarter revenue of $670 million to $690 million; net loss to stockholders of $40 million to $60 million; and adjusted EBITDA of $280 million to $290 million. Adjusted EBITDA for the prior year period was $95.4 million.

"Coal sales to customers were in excess of $900 million, the highest level in seven quarters. We remain optimistic about the future given strong coal pricing and global demand fundamentals," said Peabody CEO Jim Grech.

Shares of Peabody were up 1.7% in pre-market trade on Monday.