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Peabody Energy +6% on earnings, plans to return capital to shareholders

Published 08/01/2017, 02:45 PM
© Reuters. Peabody Energy +6% on earnings, plans to return capital to shareholders
CNX
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BTU
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  • Peabody Energy (BTU +6.4%) shoots higher despite apparent lackluster Q2 results, including a loss and in-line revenues, but announces a broad capital allocation program.
  • MKM analyst Daniel Scott thinks the results were better than they seemed, as Q2 adjusted EBITDA came in at $318M vs. analyst consensus of $284M, driven by PRB, the Western Bituminous region and Australian coking coal margins.
  • BTU also announced a comprehensive capital allocation program that includes a target of $500M in debt repayment over 12-18 months, a $500M share repurchase program with no expiration, and an eventual dividend program targeted to begin in Q1 2018.
  • Following emergence from Chapter 11, BTU says it now has $4B-plus of U.S. net operating loss carryforwards as well as a previously announced sizable net operating loss position in Australia.
  • Now read: CONSOL Energy Inc (NYSE:CNX). 2017 Q2 - Results - Earnings Call Slides


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