On January 25, St. Louis, US-based coal giant Peabody Energy Corp. (Peabody) issued its financial results for the fourth quarter and full year of 2010, reporting increased results as a result of higher volumes and pricing from mining operations.
According to the financial results, Peabody's net profit was $210 million in the fourth quarter of 2010, compared with a net profit of $92.2 million in the fourth quarter of 2009. Sales revenues in the last quarter of 2010 rose from $1.55 billion in the same period of the previous year to $1.82 billion. Fourth quarter 2010 EBITDA of $446.2 million compares with $297.4 million in the same period of 2009.
Peabody's net profit in 2010 was $774 million compared with a net profit of $448.2 million in 2009. Sales revenues rose from $6.01 billion in 20009 to $6.86 billion in 2010. $1.82 billion of EBITDA in 2010 compares with $1.29 billion in 2009.
Significant increase in met coal shipments
Peabody sold 63.9 million mt of coal in the fourth quarter of 2010, of which 2.9 million mt was metalurgical coal. In the same period of 2009, the company shipped 61.2 million mt of coal, of which 2.4 million mt consisted of metalurgical coal.
Peabody shipped 245.9 million mt of coal in 2010, of which 9.8 million mt was metalurgical coal. In 2009, the company sold 243.6 million mt of coal, of which seven million mt was metalurgical coal.
The spot price for high quality hard coking coal has exceeded $350 per mt following settlements of $225 per mt for the first calendar quarter of 2011."Peabody delivered the second best year in company history, with record safety performance, strong cost containment and margin expansion in every operating region," said Peabody energy chairman and chief executive officer Gregory H. Boyce. "While heavy rains and other supply disruptions create near-term logistics challenges, they also result in significant market upside for Peabody's unpriced metallurgical and thermal export coal beyond the first quarter," he added.