Peabody Energy on Tuesday reported a $114 million profit for its second quarter. That’s up from a $20 million loss over the same period last year for St. Louis-based Peabody, the world’s largest private-sector coal company.
The rise in profit is largely due to a 20 percent increase in Australian metallurgical and thermal coal sales volumes, the company said. The strength of Peabody’s international business, especially in developing markets in Asia, has sustained the coal company since it emerged from Chapter 11 bankruptcy in April 2017.
Peabody reported revenue of $1.3 billion for the recently completed quarter, up about 3 percent from sales of $1.26 billion in the same quarter last year.
American utility coal consumption declined 5 percent from the prior year, despite a 4.5 percent increase in total load.