Peabody repurchases $300 million in stock, plans $1 billion total buyback

Peabody Energy Corp. executives announced Wednesday they intend to buy back $300 million worth of common stock from entities advised by Elliott Management, a New York City fund manager.

The deal is part of Peabody’s $1 billion repurchase program. Since the program’s August 2017 approval, Peabody has bought back $875 million worth of shares.

Peabody, which is headquartered in downtown St. Louis, reported a $114 million second-quarter profit last month. That’s up from a $20 million loss over the same period last year.

The company 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.

The deal with Elliott Management is expected to close later this month.

Read more: St. Louis Post-Dispatch

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