This article is 22 years old. Images might not display.
The world’s largest private-sector coal company reported a third quarter income of US$21.5 million, or US$0.39 per share.
Income for the first nine months of 2003 totalled US$72.8 million, or US$1.33 per share, however charges for early debt extinguishment and the cumulative effect of accounting changes totalling US$63.7 million, or US$1.16 per share, ate into much of the profit.
Third quarter EBITDA of US$104.3 million came in at the high end of the company's targets of US$95 million to US$105 million.
"The year is playing out as we expected. The Peabody team is holding the line on costs, market fundamentals are improving, and second-half sales volumes are higher," Peabody said.
Cost controls offset a longer-than-expected ramp-up of the new four million ton-per-year Highland Mine in Western Kentucky due to performance problems with new equipment, start-up issues associated with the Vermilion Grove Mine and damage to an overland conveyor system in West Virginia.
Improved capacity utilization and a strong cost control focus mostly overcame the operating difficulties for the quarter.
The company also set a few records during the quarter with a sales of 52.6 million tons and a shipment record of 28.3 million tons from the Powder River basin operations.
