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Peabody Energy (NYSE: BTU) is the world's largest private-sector coal company, with 2008 sales of 256 million tons and $6.6 billion in revenues. Its coal products fuel 10 percent of all U.S. electricity generation and 2 percent of worldwide electricity. Peabody recently reported second quarter EBITDA of $323.6 million compared with $446.9 million in the comparable prior year quarter. Income from continuing operations, including the non-cash expense from currency-driven remeasurement of foreign income taxes, was $87.7 million with related earnings per share of $0.31. Adjusted income from continuing operations, excluding the tax remeasurement expense, totaled $135.4 million with adjusted earnings per share of $0.49. Quarterly revenues were $1.34 billion on 59.5 million tons sold.
“Peabody continues to deliver positive earnings in the face of the worst global recession in generations," said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce. "Emerging Asia holds the world's fastest-growing economies, and those economies are fueled by coal. As the Pacific markets far outpace other major economies, Peabody has the best leverage, and the majority of our focus and investments will be in these key regions. Based on current trends in the Pacific markets, we expect to increase our Australia metallurgical and thermal coal sales in 2010, using existing capacity."
“The Pacific markets continue to strengthen, with record net coal imports flowing into China and low stockpiles in India,” Company President and Chief Commercial Officer Richard A. Navarre stated, and continued, “Global met coal prices have strengthened and the steep forward curve for thermal coal prices implies strong future markets. As a result of higher inventories, U.S. markets will take a longer time to rebound."
“Countries and companies with strong balance sheets are using this time to seek out natural resource investment opportunities around the world, and Peabody is very much in this class," Mr. Boyce added. "The strength of our balance sheet, our global platform and low-cost operating base allows us to look past the current storms and invest for significant long-term growth when markets rebound."
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