Peabody Energy announced first quarter revenues of $1.63 billion, a 6.9 percent drop compared to the previous year, on lower coal pricing.
The lower coal pricing offset a 7 percent increase in coal production for the St. Louis-based energy company, which also posted a $44.1 million loss in net income. That translated to an earnings per share loss of 18 cents for shareholders in the quarter.
The loss included a $15.6 million arbitration charge and about $14 million related to port logistic issues, according to the company.
Chairman and CEO Gregory Boyce was optimistic in the face of the negative numbers, saying in a statement that the company will see long-term benefits from a rebounding U.S. coal demand and its positions in high-growth Asian markets.