BTU - Peabody Energy beats Q1 top and bottom line estimates; initiates Q2 outlook

2023-04-27 08:03:07 ET

• Peabody Energy press release ( NYSE: BTU ): Q1 GAAP EPS of $1.69 beats by $0.30 .
• Revenue of $1.36B (+96.7% Y/Y) beats by $130M .
• Peabody had Adjusted EBITDA of $390.6 million in the first quarter of 2023 compared to $327.5 million in the first quarter of 2022.
• Generates Operating Cash Flow of $386M.
• During the first quarter, the seaborne met segment shipped 1.3 million tons at an average realized price of $220.60 per ton.
• Second Quarter 2023 Outlook :Seaborne Thermal
  • Volumes are expected to be 4.0 million tons, including 2.6 million export tons. 1.0 million export tons are priced at $243 per ton (including the remaining 336 thousand metric tons hedged at $84 per metric tonne), and approximately 1.2 million tons of high ash product and 0.4 million tons of Newcastle product are unpriced.
  • Costs are expected to be $50-$55 per ton.
  • Seaborne Metallurgical: Seaborne met volumes are expected to be 1.7 million tons. 0.5 million tons are priced at $244 per ton. The remaining unpriced volumes are expected to achieve 75 to 80 percent of the premium hard coking coal price index.
  • Costs are expected to be $135-$145 per ton.
  • U.S. Thermal: PRB volume is expected to be approximately 21 million tons at an average price of $13.70 per ton and cost of approximately $12.00 per ton.
  • Other U.S. Thermal volume is expected to be approximately 4.3 million tons at an average price of $52.50 per ton and cost of approximately $41 per ton.

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