Peabody continues record pace

ST LOUIS-based coal giant Peabody Energy more than doubled its earnings in the third quarter while net income spiked 161% to $US113.3 million, compared with $US43.4 million last year.
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Peabody's Federal No. 2 Mine, West Virginia.

Donna Schmidt

Net income year-to-date was also up to $US260.5 million, an increase of 142%.

Peabody also saw a 44% rise in revenues in its third quarter, which totalled $US1223.5 million, significantly helping along its total of $US3,409.8 million year-to-date, a 31% jump.

“Peabody's 2005 performance continues on its record pace,” said Peabody president Gregory Boyce.

“Coal fundamentals are excellent, and coal is fueling the world's largest and fastest growing economies.

“Global coal use will set another record in 2005, coal-fueled generating plants are being built around the world, metallurgical coal remains in high demand, and projects are being developed to convert coal into natural gas and transportation fuels,” Boyce said.

Also seeing a healthy increase was the company’s operating profit, which rose 104% to $US150.9 million.

Peabody executives said they were happy with the performance of all sectors of the business.

“Peabody realised significant increases in all segments this quarter,” said executive vice president Richard Navarre.

“With our strong earnings, cash flows and balance sheet, Peabody is well- positioned to capture numerous growth opportunities.”

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