Shares of Peabody Energy Corp. jumped 9 percent Monday after the nation’s largest coal miner reported earnings that trumped Wall Street estimates and executives signaled that coal markets may be bottoming out.
“While the global coal environment remains challenged there are indications that markets are stabilizing,” Gregory H. Boyce, Peabody’s chief executive, said in a statement.
St. Louis-based Peabody and other coal producers have idled mines and slashed output this year amid weak as relatively inexpensive natural gas prices eroded demand at power plants. A slowdown in economies overseas have also weakened prices for so-called metallurgical coal used for making steel. Read more on St. Louis Post-Dispatch.