Peabody Energy Corp first-quarter profits drop of 21%. Peabody Energy Corp. trades on the “New York Stock Exchange” under the stock symbol “BTU”. For More information regarding “BTU” or the Latest Stock Market Information, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
Join today and be part of the best free investment newsletter on the web where we focus on market moving news. Peabody Energy (NYSE:BTU) first-quarter profits fell 21%, which reflect lower coal prices and higher provisions for taxes. Net income fell to $133.7 million, or 50 cents per share, in the January-March period. That's down from $170 million, or 63 cents a share, a year prior, and shares fell 40 cents to $45.20 in morning trading. Peabody also stated that revenue rose 4 percent to $1.52 billion. Peabody Energy Corporation, through its subsidiaries, engages in the exploration, mining, and production of coal worldwide. It owns interests in 28 coal operations located in the United States and Australia, as well as owns joint venture interests in a Venezuelan mine. The company also markets, brokerages, and trades coal. It also develops mine-mouth coal-fueled generating plants; and develops Btu Conversion technologies, which are designed to convert coal to natural gas and transportation fuels. The company sells its thermal coal to electric utilities and metallurgical coal to industrial customers. As of December 31, 2009, Peabody Energy had 9.0 billion tons of proven and probable coal reserves
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