Peabody's Second Quarter Earnings Rise, Raises 2011 Outlook

6 years 11 months 22 hours ago Tuesday, July 19 2011 Jul 19, 2011 Tuesday, July 19, 2011 8:32:00 AM CDT July 19, 2011 in News
By: Associated Press

ST. LOUIS (AP) - Peabody Energy Corp. said its profit rose in the second quarter due to higher coal prices and beefed-up production of Australian coal used in steelmaking.

The world's biggest private-sector coal producer raised its profit outlook for the rest of the year, saying it expects 2011 earnings to be $4.20 to $4.60 per share -- up from $3.50 to $4.50 per share.

Peabody said its net income attributable to common shareholders was $284.8 million, or $1.05 cents per share, in the April-June period. That's up from $206.2 million, or 76 cents, a year earlier.

St. Louis-based Peabody said second-quarter revenue rose 21 percent to $2.01 billion from $1.66 billion the previous year.

On average, analysts polled by FactSet expected Peabody to earn $1.04 per share on revenue of $2.02 billion.

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