Peabody's Second Quarter Earnings Rise, Raises 2011 Outlook
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.