Peabody Energy Corporation reported mixed financial results for the three and nine months ended September 30, 2024, compared to the same periods in 2023. For the third quarter, revenue increased slightly to $1,088.0 million from $1,078.9 million, while for the nine months, revenue decreased significantly to $3,113.6 million from $3,711.7 million. The decline in nine-month revenue was attributed to lower sales volumes and unfavorable pricing in the metallurgical coal segment.

Operating profit for the third quarter fell to $120.1 million from $158.8 million in 2023, and for the nine months, it decreased to $405.2 million from $824.1 million. Net income for the third quarter was $111.5 million, down from $131.3 million, and for the nine months, it dropped to $365.7 million from $616.9 million. Basic earnings per share attributable to common stockholders also declined, from $0.90 to $0.81 for the third quarter and from $4.05 to $2.69 for the nine months.

The company’s revenue breakdown for the third quarter included $313.2 million from Seaborne Thermal, $242.5 million from Seaborne Metallurgical, $305.3 million from Powder River Basin, and $216.7 million from Other U.S. Thermal. Notably, Seaborne Thermal revenue increased by 5% year-over-year, while Seaborne Metallurgical revenue decreased by 2%.

Peabody's Adjusted EBITDA for the third quarter was $224.8 million, down from $270.0 million, and for the nine months, it decreased to $695.0 million from $1,018.8 million. The decline in Adjusted EBITDA was primarily due to lower revenues and higher operating costs.

Strategically, Peabody completed the acquisition of the southern part of the Wards Well tenements for $153.4 million in April 2024, which is expected to enhance its asset base. The company also repurchased approximately 7.7 million shares for $180.5 million during the nine months ended September 30, 2024, with $469.6 million remaining under the share repurchase program.

As of September 30, 2024, Peabody reported total current assets of $1,808.0 million, down from $2,019.7 million at the end of 2023, with cash and cash equivalents decreasing to $772.9 million. Total liabilities decreased to $2,176.5 million from $2,354.6 million, while total stockholders’ equity increased to $3,690.4 million from $3,607.5 million.

The company continues to navigate challenges in the coal market, including fluctuating prices and demand dynamics, particularly in the metallurgical coal sector, which has seen a decline due to weaker global steel demand.