From The Associated Press
ST. LOUIS —
Coal miner Peabody Energy Corp. reports a 56 percent profit decline for the second quarter because of lower pricing.
But the results still beat Wall Street’s expectations, and Peabody shares rose almost 8 percent in morning trading.
St. Louis-based Peabody says its net income attributable to common shareholders fell to $90.3 million, or 33 cents per share, for the April-June period. That’s down from $204.7 million, or 75 cents per share, a year earlier.
Revenue fell by 13 percent to $1.73 billion.
Analysts polled by FactSet on average expected an adjusted loss of 5 cents per share on higher revenue of $1.82 billion.
Peabody says it expects adjusted diluted earnings per share of between a loss of 16 cents to a profit of 9 cents for the year. Analysts expect a loss of 33 cents per share for the year.
Its shares rose $1.28, or 7.8 percent, to $17.60 in morning trading.