Australia's Whitehaven Coal beats quarterly output estimates on Queensland strength
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The logo of Australia's biggest independent coal miner Whitehaven Coal Ltd is displayed on their office building located in the north-western New South Wales town of Gunnedah in Australia, August 15, 2017. REUTERS/David Gray
Oct 23 (Reuters) - Australia's Whitehaven Coal beat market estimates for quarterly output on Friday, supported by robust production from its Queensland operations, and said it expected stronger cash generation through the remainder of the year.
The coal miner reported managed run-of-mine (ROM) coal production of 11 million metric tons for the three-month period ended September 30, up from 9 million tons a year earlier and above the Visible Alpha consensus estimate of 9.5 million tons.
Total managed coal sales for the quarter were 7.7 million tons, compared with 7.8 million tons last year.
Whitehaven said stronger coal prices, along with the nearing completion of deferred and contingent payments related to its Queensland metallurgical coal acquisition, would support cash generation and improve financial flexibility through the rest of fiscal 2027.
Output from its Queensland operations, including the Blackwater and Daunia mines acquired from BHP Group in a $4.1 billion deal in early 2024, rose 17% from a year earlier.
Its New South Wales project, which produces thermal coal, recorded a 27% increase in output, with the Narrabri mine benefiting from uninterrupted production during the quarter.
The company said the temporary impact of delayed sales and elevated inventories was expected to unwind in the second quarter.
Shares of the company fell as much as 3.1%, their lowest level since October 15, in line with the broader energy gauge, which was down 1.4% by 0245 GMT.
(Reporting by Keshav Singh Chundawat and Jasmeen Ara Shaikh in Bengaluru; Editing by Pooja Desai and Sherry Jacob-Phillips)
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