Revenues have remained relatively stable for the international giant, which posted revenues of $1.31b for the first quarter of 2006 and $1.36b for the most recent quarter ended December 31.

 

Coal sales of 60.9Mt were actually less than either of the other periods, meaning Peabody’s rate per ton of coal sold increased in the current quarter.

 

Total sales were broken down geographically by US and Australian coal sales. US sales increased to $999m from $947 for the same quarter last year, and Australian sales jumped to $287m from $153m in 2006.

 

Company chief Gregory Boyce echoed these results in his public commentary. “Global coal demand for electricity generation continues to grow significantly, creating favourable markets and rising coal prices around the world,” he said.

 

“This will increasingly benefit Peabody as we expand our global coal presence and complete three new Australian mines in 2007.”

 

EBITDA increased to $270m from $259m in the prior year and was down only slightly from the $271m posted for the fourth quarter of 2006, indicating Peabody is poised to repeat or better its exceptional 2006 performance in the current year.

 

Peabody also announced that it is reviewing “strategic alternatives” with firm Morgan Stanley that could result in its eastern US operations being spun off into an independent company.

 

“The operations reflect a diverse portfolio of high-Btu coal products in Central Appalachia including a leading metallurgical coal position serving US and global steel producers, and a productive Northern Appalachia coal presence serving America’s highest concentration of generating customers,” Boyce said in a statement late last week.