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Peabody tops estimates, guides higher, shares +4.8% premarket

Oct. 17, 2013 8:47 AM ETPeabody Energy Corporation (BTU) StockWLT, BTU, ARCH, ANRBy: Carl Surran, SA News Editor3 Comments
  • Peabody Energy (NYSE:BTU) +4.8% premarket after beating Q3 earnings expectations and guiding FY 2013 above consensus.
  • However, BTU posted an unadjusted loss of $0.10/share vs. a year-ago gain of $0.16, and income from continuing operations fell to $0.06/share from last year's $0.46; results were affected by lower gross margins and higher depreciation, depletion and amortization expenses that were partially offset by lower income taxes vs. last year.
  • Q3 revenues totaled $1.8B vs. $2.06B a year ago on lower realized pricing in the U.S. and Australia.
  • Issues upside guidance for FY 2013, seeing unadjusted EPS of $0.27-$0.45 vs. $0.10 consensus estimate.
  • Improving global economic activity is driving coal demand growth, and supply cutbacks are continuing in China and the U.S., BTU says.
  • Coal peers also move higher premarket: ACI +3.5%, ANR +3.1%, WLT +2.4%.

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