Peabody reported net income of $199.4 million for Q2 2024, compared to $179.2 million in Q2 2023. “Our operations performed safely, while achieving results in-line with expectations across all four segments,” said Jim Grech, president and CEO, Peabody. “With a strong outlook for free cash flow in the second half of 2024, we have committed $100 million for additional share buybacks. Development at Centurion remains on plan (See World News, p. 8).”
The company’s seaborne thermal volume for the quarter totaled 4.1 million tons, at costs of $45/ton to $50/ton. Peabody increased its full year guidance for seaborne thermal by 500,000 tons to 15.7-16.2 million.
Peabody’s seaborne met volume totaled 1.9 million tons at costs of $110/ton to $120/ton. The company said its Q2 2024 shipments were above expectations and increased 600,000 tons compared to Q1 2024 following a successful longwall move at the Metropolitan mine. Peabody said it successfully reached a $109.5 million settlement for property loss and business disruption sustained at Shoal Creek in 2023. Full-year volume for seaborne met has been lowered by 600,000 tons to 7.2-7.6 million tons primarily because of anticipated challenging geological conditions at the Coppabella-Moorvale JV.
The company produced 15.5 million tons in the Powder River Basin (PRB) at costs of $12.75/ton to $13.75/ton. The company said Q3 2024 PRB volume is expected to be 21.5 million tons at costs of approximately $11.50-$12.50/ton.
