Peabody retires all debt as its earnings hit record
US-based Peabody has repaid all its remaining secured debt on the back of a record financial performance in the fourth quarter, including record free cash flow of $580-million, the NYSE-listed coal miner reported on Tuesday.
Peabody posted fourth-quarter net income attributable to common stockholders of $632-million, or $3.92 a diluted share, compared with $513-million, or $3.93 a diluted share, in the prior year quarter. The fourth-quarter results included a $199.3-million unrealised mark-to-market gain related to its coal hedging activities.
Peabody’s adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) rose to $500.5-million in the fourth quarter, from $444.4-million a year earlier.
"Our remarkable fourth-quarter results demonstrated the value of Peabody's diverse asset portfolio. While there were challenges to overcome, we were able to deliver record free cash flow and repay all remaining senior secured debt," said Peabody president and CEO Jim Grech. "Additionally, due to our strong operating results and financial condition, we are actively addressing the remaining requirements to implement a shareholder return programme."
Full-year 2022 revenue totalled $4.98-billion, compared with $3.32-billion in the prior year. Full-year 2022 net income attributable to common stockholders jumped to $1.3-billion, or $8.31 a diluted share, from $360.1-million, or $3.22 a diluted share, in the prior year.
Adjusted Ebitda was $1.85-billion – more than two times the prior year result of $916.7-million.
Peabody generated cash flows from operating activities of $1.17-billion resulting in free cash flow of $1.15-billion for the full year, compared to cash flows from operating activities of $420-million and free cash flow of $288.5-million in the prior year.
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