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US coal giant Peabody Energy posted its best-ever performance in 2011, with revenues increasing 18% to $7.97 billion and operating profit rising by the same percentage to $1.59 billion.
The world’s largest private coal company (NYSE:BTU) said the record-high numbers were driven by higher coal prices in all regions and increased volume in the United States.
“2011 was the best year in Peabody’s history, combining our safest year, record-setting financial performance and a major metallurgical coal acquisition,” said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce.
Peabody paid $5.1 billion to acquire Australian coal miner MacArthur Coal in December, in what has been viewed as a strategic move by Peabody to increase its access to the Asian coal market.
Highlights from year-end results:
- Australia shipments totaled 25.3 million tons, including 9.3 million tons of metallurgical coal and 10.1 million tons of seaborne thermal coal, on par with 25.3 million tons sold in 2010. Increased volume from the expanded Wilpinjong and Millennium mines, as well as two months of volume from Macarthur was offset by the impact of first quarter flooding and geologic issues at the North Goonyella Mine in the third and fourth quarter. Australia revenue rose 28 percent due to strong pricing for both metallurgical and seaborne thermal coal.
- U.S. shipments increased 5 percent, driven by the North Antelope Rochelle Mine, which shipped a record 109.0 million tons. U.S. revenues increased due to higher average realized prices in both the Midwestern and Western regions.
- In the fourth quarter, Peabody completed the major acquisition of Macarthur Coal and finalized Macarthur’s delisting from the Australian Stock Exchange. “Peabody acquired Macarthur Coal to significantly expand our Australian metallurgical coal production base and add a large portfolio of development projects,” said Boyce. “We are aggressively advancing these initiatives and at first look, the resource base is better, the team more highly motivated, and the project opportunities more robust than anticipated.”
- Peabody is targeting 2012 volumes of 4 to 5 million tons from the Coppabella and Moorvale mines, based on attributable ownership at 73 percent.
2012 Guidance:
- Peabody is targeting first quarter 2012 EBITDA, including Macarthur, in the range of $500 to $600 million and adjusted diluted earnings per share of $0.50 to $0.75. First quarter targets reflect a longwall move at the Twentymile Mine. Results also could be impacted by the timing of shipments in Australia.
- For 2012, the company is targeting total sales of 245 to 265 million tons including 33 to 36 million tons from Australia, 195 to 205 million tons from the United States and the remainder from trading and brokerage activities.
