Cloud Peak (CLD) Reports Flat Q2 Shipments; Lowers adj.-EBITDA Midpoint
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Cloud Peak Energy Inc. (NYSE: CLD) announced second quarter 2013 shipments and updated its annual Adjusted EBITDA guidance. Results for the quarter are expected to be announced on July 30, 2013. Conference call details are set forth below.
Second quarter 2013 shipments from our three company operated mines were 20.1 million tons compared to 21.1 million tons in the first quarter of 2013, and 20.1 million tons in the second quarter of 2012. For the full year 2013 the company continues to expect shipments to be approximately 90 million tons.
Based upon preliminary data, the company currently expects Adjusted EBITDA(1) for the second quarter of 2013 to be lower than the first quarter of 2013. As a result, the company is lowering the mid-point of its full year Adjusted EBITDA guidance range by $15 million, so that full year Adjusted EBITDA is now expected to be between $210 million and $250 million.
Second quarter shipments from the company’s three mines were lower than the first quarter of 2013 by approximately 1 million tons, primarily due to weather interruptions, unplanned power plant outages at a small number of major customers, and the impact of production interruptions during planned maintenance downtime. Costs per ton rose as a result of spreading fixed costs over lower shipments during a quarter when several major planned annual maintenance jobs were also completed. With continued low Newcastle benchmark prices, our logistics segment made limited additional contribution to Adjusted EBITDA.
Colin Marshall, President and Chief Executive Officer, commented, “While the second quarter shipments were lower than we expected, we are now in the position where we expect to be able to run at higher shipment rates and therefore lower costs per ton in the second half of the year.”
This release is based on the company’s current preliminary estimates of its results for the quarter ended June 30, 2013. Actual results are subject to revision based upon the finalization of the company’s quarterly financial closing procedures and the completion of the company’s full interim financial statements.
Second quarter 2013 shipments from our three company operated mines were 20.1 million tons compared to 21.1 million tons in the first quarter of 2013, and 20.1 million tons in the second quarter of 2012. For the full year 2013 the company continues to expect shipments to be approximately 90 million tons.
Based upon preliminary data, the company currently expects Adjusted EBITDA(1) for the second quarter of 2013 to be lower than the first quarter of 2013. As a result, the company is lowering the mid-point of its full year Adjusted EBITDA guidance range by $15 million, so that full year Adjusted EBITDA is now expected to be between $210 million and $250 million.
Second quarter shipments from the company’s three mines were lower than the first quarter of 2013 by approximately 1 million tons, primarily due to weather interruptions, unplanned power plant outages at a small number of major customers, and the impact of production interruptions during planned maintenance downtime. Costs per ton rose as a result of spreading fixed costs over lower shipments during a quarter when several major planned annual maintenance jobs were also completed. With continued low Newcastle benchmark prices, our logistics segment made limited additional contribution to Adjusted EBITDA.
Colin Marshall, President and Chief Executive Officer, commented, “While the second quarter shipments were lower than we expected, we are now in the position where we expect to be able to run at higher shipment rates and therefore lower costs per ton in the second half of the year.”
This release is based on the company’s current preliminary estimates of its results for the quarter ended June 30, 2013. Actual results are subject to revision based upon the finalization of the company’s quarterly financial closing procedures and the completion of the company’s full interim financial statements.
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