Peabody reported earnings of $3.90 a share for the fourth quarter, beating the $1.34 average estimate by analysts, as revenue surged 72% from a year ago to $1.26 billion, the St. Louis-based company said Thursday in a statement.
A global energy crisis has driven up demand for fossil fuels, pushing U.S. coal prices to record highs. Prices for exports in Peabody’s seaborne thermal operations more than doubled from a year earlier to $96.16 a ton. That was offset by its Powder River Basin unit, the company’s biggest, where prices slipped 3.7% to $10.99.
The company has locked in contracts for almost all of its expected 2022 production, and 55% of its Powder River Basin output for 2023, according to Chief Executive Officer Jim Grech.
“The near-term outlook for all our operating segments continues to be favorable, with strong market indicators and increased global demand providing a persuasive story for coal,” Grech said during a conference call.
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