ST. LOUIS (AP) – Coal miner Peabody Energy Corp. says its third-quarter profit plummeted 84 percent, but the company sees the global coal market stabilizing, after being battered by competition from cheaper natural gas and lower coal pricing.
Despite the big drop, adjusted results topped Wall Street expectations, and shares are seeing strong gains.
The world’s biggest private-sector coal company says net income totaled $42.9 million, or 16 cents per share, down from $274.1 million, or $1 per share, last year.
Income from continuing operations was 46 cents per share, topping the 34 cents per share forecast by analysts, according to FactSet.
Revenue totaled $2.06 billion, up 6 percent from $1.98 billion a year ago. Wall Street expected $1.96 billion.
Peabody shares leaped $3.33, or 12.8 percent, to $29.22 in morning trading.
© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.