PR Newswire
ST. LOUIS, Feb. 14, 2023
Reports Record Earnings; Retires All Senior Secured Debt
Generates Fourth Quarter Operating Cash Flow of $670 million and Record Free Cash Flow1 of $580 million
ST. LOUIS, Feb. 14, 2023 /PRNewswire/ -- Peabody (NYSE: BTU) today reported fourth quarter net income attributable to common stockholders of $632.0 million, or $3.92 per diluted share, compared to $513.0 million, or $3.93 per diluted share, in the prior year quarter. Peabody's fourth quarter 2022 results included a $199.3 million unrealized mark-to-market gain related to its coal hedging activities. Peabody had Adjusted EBITDA1 of $500.5 million in the fourth quarter of 2022 compared to $444.4 million in the fourth quarter of 2021.
Full-year 2022 revenue totaled $4,981.9 million compared to $3,318.3 million in the prior year. Full-year 2022 net income attributable to common stockholders totaled $1,297.1 million, or $8.31 per diluted share, compared to $360.1 million, or $3.22 per diluted share in the prior year. Adjusted EBITDA was $1,844.7 million, more than two times the prior year result of $916.7 million. Peabody generated cash flows from operating activities of $1,173.6 million resulting in Free Cash Flow of $1,144.9 million for the full year, compared to cash flows from operating activities of $420.0 million and Free Cash Flow of $288.5 million in the prior year.
"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 Chief Executive Officer Jim Grech. "Additionally, due to our strong operating results and financial condition, we are actively addressing the remaining requirements to implement a shareholder return program."
Fourth Quarter and Full Year Highlights
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1 Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. Adjusted EBITDA margin is equal to segment Adjusted EBITDA divided by segment revenue. Revenue per Ton and Adjusted EBITDA Margin per Ton are equal to revenue by segment and Adjusted EBITDA by segment, respectively, divided by segment tons sold. Costs per Ton is equal to Revenue per Ton less Adjusted EBITDA Margin per Ton. Management believes Costs per Ton and Adjusted EBITDA Margin per Ton best reflect controllable costs and operating results at the reporting segment level. We consider all measures reported on a per ton basis, as well as Adjusted EBITDA margin, to be operating/statistical measures. Please refer to the tables and related notes in this press release for a reconciliation and definition of non-GAAP financial measures. |
Segment Performance
Seaborne Thermal | |||||||||
| Quarter Ended | | Year Ended | ||||||
| Dec. | | Sept. | | Dec. | | Dec. | | Dec. |
| 2022 | | 2022 | | 2021 | | 2022 | | 2021 |
Tons sold (in millions) | 4.1 | | 3.7 | | 4.6 | | 15.6 | | 17.3 |
Export | 2.3 | | 1.6 | | 2.7 | | 7.9 | | 9.6 |
Domestic | 1.8 | | 2.1 | | 1.9 | | 7.7 | | 7.7 |
Revenue per Ton | $ 93.79 | | $ 95.54 | | $ 65.71 | | $ 86.07 | | $ 54.09 |
Export - Avg. Realized Price per Ton | 151.61 | | 187.94 | | 96.16 | | 149.53 | | 79.39 |
Domestic - Avg. Realized Price per Ton | 22.98 | | 21.77 | | 21.53 | | 21.59 | | 22.50 |
Costs per Ton | 43.10 | | 49.22 | | 33.45 | | 44.65 | | 33.64 |
Adjusted EBITDA Margin per Ton | $ 50.69 | | $ 46.32 | | $ 32.26 | | $ 41.42 | | $ 20.45 |
Adjusted EBITDA (in millions) | $ 209.1 | | $ 171.2 | | $ 148.8 | | $ 647.6 | | $ 353.1 |
During the fourth quarter, the seaborne thermal segment shipped 4.1 million tons, the highest quarterly sales volume for the year, 0.4 million tons more than the third quarter. Export shipments increased by approximately 0.7 million tons in the quarter to 2.3 million tons. The average export realized price decreased 19 percent to $151.61 per ton, primarily due to higher hedged ton settlements compared to the prior quarter. Fourth quarter seaborne thermal segment costs decreased 12 percent to $43.10 per ton due to lower sales price-sensitive costs and favorable production volumes, despite rainfall which was 40 percent higher than the historical average. The segment reported Adjusted EBITDA margins of 54 percent and Adjusted EBITDA of $209.1 million in the fourth quarter.
Seaborne Metallurgical | |||||||||
| Quarter Ended | | Year Ended | ||||||
| Dec. | | Sept. | | Dec. | | Dec. | | Dec. |
| 2022 | | 2022 | | 2021 | | 2022 | | 2021 |
Tons sold (in millions) | 2.0 | | 1.8 | | 1.6 | | 6.6 | | 5.5 |
Revenue per Ton | $ 219.81 Werbung Mehr Nachrichten zur Peabody Energy Aktie kostenlos abonnieren
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