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Bloomberg reported that Peabody Energy Corp. (NYSE:BTU), the largest coal producer in the US, surprised analysts by posting a net income of 33 cents per share for the second quarter of 2013. The company was expected to record a $0.05 loss.
Bloomberg reported that Peabody Energy Corp. (NYSE:BTU), the largest coal producer in the US, surprised analysts by posting a net income of 33 cents per share for the second quarter of 2013. The company was expected to record a $0.05 loss.
As quoted in the market news:
Sales fell to $1.73 billion from $1.98 billion, trailing the $1.81 billion average of 13 estimates.
U.S. coal consumption rose 9.5 percent in the quarter, according to U.S. Department of Energy’s Energy Information Administration data. The EIA expects domestic use to increase 6.7 percent this year as electricity demand climbs and prices rise for natural gas, a competing fuel burned at power plants.
Coal from Peabody’s U.S. operations is cheaper for utilities to burn than gas, the price of which has almost doubled from a decade low in April 2012.