Peabody Energy (BTU) Misses Street's Q1 Views; Lowers '09 Production Guidance
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Peabody Energy (NYSE: BTU) reports Q1 EPS of $0.50, versus the analyst estimate of $0.93. Revenue for the quarter was $1.46 billion, versus the consensus of $1.62 billion.
Peabody is targeting 2009 capital expenditures of up to $450 million. Spending primarily consists of sustaining capital of $1 to $1.50 per produced ton and initial investment in the new Bear Run Mine.
With continued uncertainty around the economy, steel demand and electricity generation, Peabody is reducing its 2009 production estimates to 185 to 190 million tons in the United States and 20 to 23 million tons in Australia, with total sales of 225 to 245 million tons.
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