- Third quarter EBITDA totals $341.1 million - Income from
continuing operations totals $113.2 million or $0.41 per share;
Adjusted EPS totals $0.49 per share - Operating cash flows reach
record $428.6 million - 2009 earnings targets raised; EBITDA
targets lifted to $1.2 to $1.3 billion - Targeting 2010 Australia
volumes 15 percent above 2009 and doubling of metallurgical/thermal
exports over five years ST. LOUIS, Oct. 20 /PRNewswire-FirstCall/
-- Peabody Energy (NYSE:BTU) today reported third quarter revenues
of $1.67 billion on sales of 63.5 million tons, leading to EBITDA
totaling $341.1 million. Income from continuing operations,
including the non-cash expense from currency-driven remeasurement
of foreign income taxes, was $113.2 million with related earnings
per share of $0.41. Adjusted income from continuing operations,
excluding the tax remeasurement expense, totaled $135.5 million
with adjusted earnings per share of $0.49. "Peabody's results this
quarter spotlight the tremendous strength and differentiation of
our platform," said Peabody Energy Chairman and Chief Executive
Officer Gregory H. Boyce. "In these challenging markets and
economic times, Peabody expanded U.S. margins and shipped record
metallurgical coal volumes. To enhance our growth, we intend to
double our exports of Australian metallurgical and thermal coal
over the next five years to serve the fast-growing Asian markets."
RESULTS FROM CONTINUING OPERATIONS Third quarter 2009 sales volumes
totaled 63.5 million tons, compared with 65.6 million tons in the
prior year period. U.S. sales reflect planned Powder River Basin
(PRB) reductions. Australia sales of 6.5 million tons were 30
percent above the second quarter due to higher seaborne thermal
volumes and record metallurgical coal shipments. Australian
metallurgical coal exports were 2.7 million tons, nearly triple the
pace of the first half of 2009. Third quarter revenues totaled
$1.67 billion compared with $1.34 billion for the second quarter of
2009 and $1.89 billion in the year-ago quarter. U.S. revenues per
ton increased 11 percent over the third quarter of last year due to
higher realized prices in both the Midwestern and Western regions.
Peabody's third quarter realized revenues for Australia averaged
$82 per ton, including $125 per ton for seaborne metallurgical coal
and $72 per ton for seaborne thermal coal. Compared with the second
quarter of 2009, Australian realized prices increased 33 percent
due to a larger mix of seaborne metallurgical coal. Third quarter
2009's Australian revenues per ton were below year-ago levels due
to lower annual pricing for seaborne coal contracts that began
April 1. EBITDA totaled $341.1 million for the quarter and $992.7
million year to date. Prior year results included EBITDA of $613.8
million for the quarter and $1.34 billion year to date, reflecting
record prices for seaborne metallurgical and thermal coal products
signed in 2008. Tax expense for the quarter was $57 million,
including the impact of a $22.3 million increase from the
remeasurement of foreign tax liabilities due to an 8.5 percent
increase in the Australian dollar versus the U.S. dollar. For the
second quarter, tax expense was $78.4 million, reflecting a $47.7
million impact from the remeasurement of foreign tax liabilities.
Including the remeasurement of foreign income taxes, third quarter
2009 income from continuing operations totaled $113.2 million, or
$0.41 per share, with net income of $106.8 million, or $0.40 per
share. Excluding the remeasurement, adjusted income from continuing
operations totaled $135.5 million with adjusted earnings per share
of $0.49. "Peabody's cost containment programs are delivering
results, and we are exercising tight capital discipline and
reducing inventories," said Peabody Energy Executive Vice President
and Chief Financial Officer Michael C. Crews. "Our record $429
million in quarterly operating cash flows further strengthened the
balance sheet, raising cash to nearly $800 million and expanding
our liquidity to $2.3 billion." GLOBAL COAL MARKETS AND PEABODY'S
POSITION International Markets The Pacific markets continue to
strengthen, led by China's and India's demand for seaborne met and
thermal coals that has driven spot prices above the April 1
benchmarks. The forward curves also suggest strong price
appreciation over the next several years. "Peabody is very well
positioned with access to the fastest-growing markets globally,
where we see shortages of metallurgical coal and growing strength
in the Pacific thermal markets," said Peabody President and Chief
Commercial Officer Richard A. Navarre. "We have recently opened a
new Asian trading hub in Singapore, established a new business
center in Indonesia, and plan to further expand our international
investments." Global economies are improving with 2009 GDP
expectations revised upward and 2010 economic forecasts of 3
percent expansion. Countries in the Pacific lead those in the West,
due in part to China's rapid stimulus package implementation. --
Global steel production increased each month throughout the third
quarter. Rising steel production in China and India are driving
higher metallurgical coal demand; -- China's net imports of
metallurgical coal reached 21 million tonnes through August, more
than 10 times last year's pace. Australia is now the leading
supplier of met coal to China with 14.5 million tonnes year to date
versus only 1.1 million tonnes last year; -- Spot prices for
high-quality, hard coking coal have exceeded $160 per tonne,
compared with the April 1 benchmark of $129 per tonne; -- Thermal
coal demand in the Pacific remains strong, also due to growth in
China and India; -- Through August, China's net imports of thermal
coal totaled 38 million tonnes versus net exports of 7 million
tonnes a year ago. Australia has surpassed Indonesia as the leading
seaborne thermal coal exporter to China; -- India's coal-based
generation is up 7.4 percent through August, while utility
stockpiles are 15 to 20 million tonnes below target. The country is
also constructing nearly 45 gigawatts of new coal-based generation
that would require approximately 175 million tonnes of coal
annually. India may be as much as 200 million tonnes short of its
needs in just five years, positioning it as the fastest-growing
coal importer; -- The prompt price for Newcastle origin coal is
above $70 per tonne, with future pricing exceeding $100 per tonne
for 2013. To date, Peabody has committed nearly 3.3 million tons of
coal for China deliveries in 2009, including more than 1.7 million
tons from its Australia operations. Given the strong demand
profiles of the Pacific, Peabody established a new Southeast Asian
trading hub in Singapore during the quarter. Singapore provides a
central location for the company's expanding trading and brokerage
platform with prime access to the world's fastest-growing coal
markets. The company also recently opened a representative office
in Jakarta, Indonesia, the world's largest exporter of thermal
coal. In addition, Peabody continues to advance several coal
development projects in China and Mongolia. Peabody's 2009
Australia coal sales are expected to be 21 to 23 million tons,
including 6.0 to 6.5 million tons of metallurgical coal and 9.5 to
10.0 million tons of thermal export coal. For 2010, the company has
5.5 to 7 million tons of Australia metallurgical coal unpriced and
7.5 to 8 million tons of seaborne thermal coal unpriced, primarily
for deliveries over the last three quarters of 2010. More than 85
percent of the company's expected 2011 Australian thermal and
metallurgical export coal volumes remain unpriced. U.S. Markets
U.S. coal markets continue to await an economic and industrial
recovery in electricity generation. U.S. coal generation has
declined 10 percent year to date due to the recession and
unseasonably cool summer weather. Temporarily low natural gas
prices and lower U.S. coal exports to Europe have further reduced
demand, particularly from the Eastern U.S. region. As of Sept. 30,
U.S. customer coal inventories were approximately 190 million tons.
Peabody has maintained a heavily contracted position in the United
States. 2010 planned production is now essentially committed and
priced. The company priced minimal volumes for 2010 in the third
quarter, most of which related to scheduled price reopeners.
PROJECT UPDATE The company continues to exercise tight capital
discipline and is lowering its 2009 capital expenditure range to
$325 to $375 million. Capital investments include the Bear Run Mine
under development in Indiana. Upon completion, the 8 million
ton-per-year Bear Run Mine will be the largest surface mine east of
the Mississippi River. Its development is supported by long-term,
baseload customer contracts representing billions of dollars in
long-term revenues. Peabody also is advancing projects that could
double Australian export volumes in five years. Capacity in 2014
could grow to 12 to 15 million tons per year of seaborne
metallurgical coal and 15 to 17 million tons per year of export
thermal coal. Principal projects include: -- Denham, a new open-cut
mine in the permitting stage. Denham could provide 3 to 6 million
tons per year of the world's highest-quality hard coking coal and
come on line by 2014; -- Burton, a 2 to 3 million ton-per-year
extension of high-quality hard coking coal capacity at the existing
mine; -- Metropolitan, which received final permits for the 1
million ton-per-year expansion of hard coking coal capacity; and --
A 2 to 3 million ton-per-year expansion of thermal coal exports
from the low-cost Wilpinjong Mine. Given Peabody's investment in
the New South Wales NCIG terminal and Dalrymple Bay export
capability obtained in a prior acquisition, Peabody has secured
sufficient capacity to accommodate the multi-year expansion of its
Australian coal platform. OUTLOOK Given the solid third quarter
results, Peabody is raising its financial targets for 2009,
including EBITDA of $1.2 to $1.3 billion. Earnings per share from
continuing operations is targeted at $1.34 to $1.54 including the
tax remeasurement to date, or $1.60 to $1.80 excluding the tax
remeasurement effects. Given the high rate of deliveries to satisfy
U.S. customer commitments, the company is targeting 2009 sales of
approximately 190 million tons in the United States and 21 to 23
million tons in Australia. Total company sales are expected to be
235 to 245 million tons, including Trading and Brokerage
contributions. The company's 2009 results are subject to a number
of factors including actual deliveries compared with commitments.
"Our cost control, commercial management and high-growth market
focus has validated our near- and long-term strategies and
positioned us to grow our Australian volumes in 2010 and beyond,
while driving margin enhancement in the United States," said Boyce.
For 2010, growing demand in the Pacific is driving higher Australia
sales projections of 24 to 27 million tons, or 15 percent above
2009's targets, with minimal capital required. In the United
States, Peabody is targeting 2010 volumes of 185 to 195 million
tons, in line with 2009's expectations and 5 to 15 million tons
lower than 2008. Peabody's 2010 PRB volumes are expected to decline
up to another 5 million tons from 2009's estimated 138 million
tons, and approximately 20 to 25 million tons below peak operating
levels in late 2008. Peabody Energy (NYSE:BTU) is the world's
largest private-sector coal company, with 2008 sales of 255 million
tons and $6.6 billion in revenues. Its coal products fuel 10
percent of all U.S. electricity generation and 2 percent of
worldwide electricity. Certain statements in this press release are
forward-looking as defined in the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
numerous assumptions that the company believes are reasonable, but
they are open to a wide range of uncertainties and business risks
that may cause actual results to differ materially from
expectations as of Oct. 20, 2009. These factors are difficult to
accurately predict and may be beyond the company's control. The
company does not undertake to update its forward-looking
statements. Factors that could affect the company's results
include, but are not limited to: the duration and severity of the
global economic downturn and disruptions in the financial markets;
ability to renew sales contracts; reductions and/or deferrals of
purchases by major customers; credit and performance risks
associated with customers, suppliers, trading and banks and other
financial counterparties; transportation availability, performance
and costs; availability, timing of delivery and costs of key
supplies, capital equipment or commodities such as diesel fuel,
steel, explosives and tires; geologic, equipment and operational
risks inherent to mining; impact of weather on demand, production
and transportation; replacement of coal reserves; price volatility
and demand, particularly in higher-margin products and in our
trading and brokerage businesses; performance of contractors,
third-party coal suppliers or major suppliers of mining equipment
or supplies; negotiation of labor contracts, employee relations and
workforce availability; availability and costs of credit, surety
bonds, letters of credit, and insurance; changes in postretirement
benefit and pension obligations and funding requirements;
availability and access to capital markets on reasonable terms to
fund growth and acquisitions; legislative and regulatory
developments, including mercury and carbon dioxide-related
limitations; the outcome of pending or future litigation; demand
for coal in the United States and international power generation
and steel production markets; availability and costs of competing
energy resources; risks associated with our Btu Conversion or
generation development initiatives; global currency exchange and
interest rate fluctuation; wars and acts of terrorism or sabotage;
political risks, including expropriation; and other risks detailed
in the company's reports filed with the Securities and Exchange
Commission (SEC). This information includes certain non-GAAP
financial measures as defined by SEC regulations. We have included
reconciliations of these measures to the most directly comparable
GAAP measures in this release. EBITDA (also called Adjusted EBITDA)
is defined as income from continuing operations before deducting
net interest expense, income taxes, asset retirement obligation
expense, and depreciation, depletion and amortization. EBITDA,
which is not calculated identically by all companies, is not a
substitute for operating income, net income and cash flow as
determined in accordance with United States generally accepted
accounting principles. Management uses EBITDA as a key measure of
operating performance and also believes it is a useful indicator of
its ability to meet debt service and capital expenditure
requirements. Adjusted Income from Continuing Operations and
Adjusted EPS are defined as income from continuing operations and
diluted earnings per share excluding the impact of the
remeasurement of foreign income tax accounts. Management has
included these measures because, in management's opinion, excluding
such impact is a better indicator of the company's ongoing
effective tax rate and earnings per share, and is therefore more
useful in comparing the company's results with prior and future
periods. CONTACT: Vic Svec (314) 342-7768 Condensed Income
Statements (Unaudited) For the Quarters Ended Sept. 30, 2009, June
30, 2009 and Sept. 30, 2008 and Nine Months Ended Sept. 30, 2009
and 2008 (Dollars in Millions, Except Per Share Data) Quarter Ended
Nine Months Ended Sept. June Sept. Sept. Sept. 2009 2009 2008 2009
2008 ---- ---- ---- ---- ---- Tons Sold (In Millions) 63.5 59.4
65.6 182.4 185.8 ==== ==== ==== ===== ===== Revenues $1,667.0
$1,338.2 $1,889.6 $4,458.2 $4,667.1 Operating Costs and Expenses
1,261.4 969.2 1,232.9 3,310.2 3,256.4 Depreciation, Depletion and
Amortization 108.0 101.2 101.7 305.5 284.4 Asset Retirement
Obligation Expense 12.8 9.6 15.5 31.8 31.2 Selling and
Administrative Expenses 55.3 46.3 44.2 148.8 138.2 Other Operating
(Income) Loss: Net Gain on Disposal or Exchange of Assets (2.8)
(10.1) (4.8) (16.2) (67.8) (Income) Loss from Equity Affiliates
12.0 6.6 3.5 22.7 (2.9) ---- --- --- ---- ---- Operating Profit
220.3 215.4 496.6 655.4 1,027.6 Interest Income (2.2) (1.2) (3.5)
(6.2) (7.0) Interest Expense 52.3 48.2 54.4 151.6 171.6 ---- ----
---- ----- ----- Income from Continuing Operations Before Income
Taxes 170.2 168.4 445.7 510.0 863.0 Income Tax Provision: Provision
34.7 30.7 125.2 96.5 184.7 Remeasurement Expense (Benefit) Related
to Foreign Income Taxes 22.3 47.7 (62.7) 69.1 (29.3) ---- ----
----- ---- ----- Income Tax Provision 57.0 78.4 62.5 165.6 155.4
---- ---- ---- ----- ----- Income from Continuing Operations, Net
of Income Taxes 113.2 90.0 383.2 344.4 707.6 Income (Loss) from
Discontinued Operations, Net of Income Taxes (2.4) (8.0) (11.4)
23.6 (42.1) ---- ---- ----- ---- ----- Net Income 110.8 82.0 371.8
368.0 665.5 Less: Net Income Attributable to Noncontrolling
Interests 4.0 2.8 2.3 12.0 5.7 --- --- --- ---- --- Net Income
Attributable to Common Stockholders $106.8 $79.2 $369.5 $356.0
$659.8 ====== ===== ====== ====== ====== Diluted Earnings Per
Share: --------------------------- Income (Loss) Attributable to
Common Stockholders: Continuing Operations $0.41 $0.32 $1.39 $1.23
$2.57 Discontinued Operations (0.01) (0.03) (0.04) 0.09 (0.15)
----- ----- ----- ---- ----- Net Income Attributable to Common
Stockholders $0.40 $0.29 $1.35 $1.32 $2.42 ===== ===== ===== =====
===== EBITDA $341.1 $326.2 $613.8 $992.7 $1,343.2 Adjusted Diluted
Earnings Per Share: ------------------------------------ Adjusted
Income from Continuing Operations: Continuing Operations $0.41
$0.32 $1.39 $1.23 $2.57 Remeasurement Expense (Benefit) Related to
Foreign Income Taxes 0.08 0.18 (0.23) 0.26 (0.11) ---- ---- -----
---- ----- Adjusted Income from Continuing Operations $0.49 $0.50
$1.16 $1.49 $2.46 ===== ===== ===== ===== ===== This information is
intended to be reviewed in conjunction with the company's filings
with the Securities and Exchange Commission. Supplemental Financial
Data (Unaudited) For the Quarters Ended Sept. 30, 2009, June 30,
2009 and Sept. 30, 2008 and Nine Months Ended Sept. 30, 2009 and
2008 Quarter Ended Nine Months Ended ---------------
------------------- Sept. June Sept. Sept. Sept. 2009 2009 2008
2009 2008 ---- ---- ---- ---- ---- Revenue Summary (Dollars in
Millions) --------------------- U.S. Mining Operations $1,011.1
$975.2 $922.5 $2,950.8 $2,706.0 Australian Mining Operations 537.3
309.0 781.1 1,206.6 1,589.3 Trading and Brokerage Operations 112.9
48.4 181.5 284.8 352.9 Other 5.7 5.6 4.5 16.0 18.9 --- --- --- ----
---- Total $1,667.0 $1,338.2 $1,889.6 $4,458.2 $4,667.1 ========
======== ======== ======== ======== Tons Sold (In Millions)
------------- Midwestern U.S. Mining Operations 7.9 8.3 7.8 24.0
22.9 Western U.S. Mining Operations 42.0 38.7 42.8 121.5 124.3
Australian Mining Operations 6.5 5.0 6.9 15.9 17.6 Trading and
Brokerage Operations 7.1 7.4 8.1 21.0 21.0 --- --- --- ---- ----
Total (1) 63.5 59.4 65.6 182.4 185.8 ==== ==== ==== ===== =====
Revenues per Ton - Mining Operations ------------------- Midwestern
U.S. $41.72 $40.72 $38.15 $40.82 $36.88 Western U.S. (2) 16.28
16.40 14.59 16.23 14.96 Total - U.S. (2) 20.29 20.71 18.23 20.28
18.38 Australia 82.29 62.06 113.92 75.86 90.13 Operating Costs per
Ton - Mining Operations (3) ----------------- Midwestern U.S.
$33.18 $31.93 $32.14 $32.16 $31.37 Western U.S. 11.31 12.47 10.96
11.75 10.96 Total - U.S. 14.76 15.92 14.23 15.12 14.15 Australia
65.73 37.57 52.21 56.16 52.22 Gross Margin per Ton - Mining
Operations (3) ---------------------- Midwestern U.S. $8.54 $8.79
$6.01 $8.66 $5.51 Western U.S. (2) 4.97 3.93 3.63 4.48 4.00 Total -
U.S. (2) 5.53 4.79 4.00 5.16 4.23 Australia 16.56 24.49 61.71 19.70
37.91 Operating Profit per Ton $3.47 $3.63 $7.57 $3.59 $5.53
Quarter Ended Nine Months Ended --------------- -------------------
Sept. June Sept. Sept. Sept. (Dollars in Millions) 2009 2009 2008
2009 2008 --------------------- ---- ---- ---- ---- ---- EBITDA -
U.S. Mining Operations $275.6 $225.4 $202.6 $751.3 $623.4 EBITDA -
Australian Mining Operations 108.2 127.7 423.1 319.1 668.6 EBITDA -
Trading and Brokerage Operations 44.2 35.5 52.7 145.2 182.5 EBITDA
- Resource Management (4) 3.3 5.6 2.4 13.4 65.9 Selling and
Administrative Expenses (55.3) (46.3) (44.2) (148.8) (138.2) Other
Operating Costs, Net (5) (34.9) (21.7) (22.8) (87.5) (59.0) EBITDA
341.1 326.2 613.8 992.7 1,343.2 Depreciation, Depletion and
Amortization (108.0) (101.2) (101.7) (305.5) (284.4) Asset
Retirement Obligation Expense (12.8) (9.6) (15.5) (31.8) (31.2)
Operating Profit 220.3 215.4 496.6 655.4 1,027.6 Operating Cash
Flows 428.6 39.2 428.2 658.0 692.5 Coal Reserve Lease Expenditures
- 63.8 55.0 123.6 178.5 Capital Expenditures (Excludes
Acquisitions) 79.1 58.2 73.7 185.5 201.0 (1) Metallurgical sales
totaled 2.7 million tons, 1.0 million tons, and 2.5 million tons
for the three months ended Sept. 30, 2009, June 30, 2009 and Sept.
30, 2008, respectively, and 4.6 million tons and 6.5 million tons
for the nine months ended Sept. 30, 2009 and 2008, respectively.
(2) A favorable effect of a recovery of postretirement healthcare
and reclamation costs on revenues per ton and gross margin per ton
for the nine months ended Sept. 30, 2008 on the Western U.S. and
Total - U.S. Operations amounted to $0.46 and $0.39, respectively.
(3) Includes revenue-based production taxes and royalties; excludes
depreciation, depletion and amortization; asset retirement
obligation expense; selling and administrative expenses; and
certain other costs related to post-mining activities. (4) Includes
asset sales, property management costs and revenues, and coal
royalty expense. (5) Includes Generation Development and Btu
Conversion development costs, costs associated with post-mining
activities, and income (losses) from equity interests. This
information is intended to be reviewed in conjunction with the
company's filings with the Securities and Exchange Commission.
Condensed Balance Sheets Sept. 30, 2009, June 30, 2009 and Dec. 31,
2008 (Dollars in Millions) (Unaudited) (Unaudited) Sept. 30, June
30, Dec. 31, 2009 2009 2008 --------- --------- --------- Cash and
Cash Equivalents $790.8 $446.0 $449.7 Receivables, Net 339.8 318.0
382.2 Inventories 357.2 445.3 276.2 Assets from Coal Trading
Activities, Net 360.4 448.3 662.8 Deferred Income Taxes 12.5 - 1.7
Other Current Assets 228.4 200.3 198.7 ----- ----- ----- Total
Current Assets 2,089.1 1,857.9 1,971.3 Net Property, Plant,
Equipment and Mine Development 7,228.2 7,296.9 7,297.3 Investments
and Other Assets 542.2 468.3 427.0 ----- ----- ----- Total Assets
$9,859.5 $9,623.1 $9,695.6 ======== ======== ======== Current
Maturities of Long-Term Debt $13.7 $16.4 $17.0 Liabilities from
Coal Trading Activities, Net 121.3 147.8 304.2 Deferred Income
Taxes - 4.0 - Accounts Payable and Accruals 1,188.4 1,143.6 1,535.0
------- ------- ------- Total Current Liabilities 1,323.4 1,311.8
1,856.2 Long-Term Debt 2,763.2 2,766.2 2,776.6 Deferred Income
Taxes 344.9 231.4 20.8 Other Long-Term Liabilities 1,643.3 1,716.3
1,922.5 ------- ------- ------- Total Liabilities 6,074.8 6,025.7
6,576.1 Stockholders' Equity 3,784.7 3,597.4 3,119.5 -------
------- ------- Total Liabilities and Stockholders' Equity $9,859.5
$9,623.1 $9,695.6 ======== ======== ======== This information is
intended to be reviewed in conjunction with the company's filings
with the Securities and Exchange Commission. Reconciliation of
EBITDA to Income from Continuing Operations, Net of Income Taxes
(Unaudited) For the Quarters Ended Sept. 30, 2009, June 30, 2009
and Sept. 30, 2008 and Nine Months Ended Sept. 30, 2009 and 2008
(Dollars in Millions) Quarter Ended Nine Months Ended -------------
----------------- Sept. June Sept. Sept. Sept. 2009 2009 2008 2009
2008 ---- ---- ---- ---- ---- EBITDA $341.1 $326.2 $613.8 $992.7
$1,343.2 Depreciation, Depletion and Amortization 108.0 101.2 101.7
305.5 284.4 Asset Retirement Obligation Expense 12.8 9.6 15.5 31.8
31.2 Interest Income (2.2) (1.2) (3.5) (6.2) (7.0) Interest Expense
52.3 48.2 54.4 151.6 171.6 Income Tax Provision Before
Remeasurement of Foreign Income Taxes 34.7 30.7 125.2 96.5 184.7
---- ---- ----- ---- ----- Adjusted Income from Continuing
Operations 135.5 137.7 320.5 413.5 678.3 Remeasurement Expense
(Benefit) Related to Foreign Income Taxes 22.3 47.7 (62.7) 69.1
(29.3) ---- ---- ----- ---- ----- Income from Continuing
Operations, Net of Income Taxes $113.2 $90.0 $383.2 $344.4 $707.6
====== ===== ====== ====== ====== Reconciliation of EBITDA to
Income from Continuing Operations, Net of Income Taxes - 2009
Targets (Unaudited) (Dollars in Millions, Except Per Share Data)
Year Ending Dec. 31, 2009 Targeted Results ----------------- Low
High ----- ------ EBITDA $1,200 $1,300 Depreciation, Depletion and
Amortization 405 420 Asset Retirement Obligation Expense 41 40
Interest Income (5) (7) Interest Expense 203 201 Income Tax
Provision 182 217 Income Attributable to Noncontrolling Interests
12 13 -- -- Income from Continuing Operations, Net of Income Taxes
$362 $416 ==== ==== Diluted Earnings Per Share $1.34 $1.54
Remeasurement Expense Related to Foreign Income Taxes 0.26 0.26
----- ----- Adusted Diluted Earnings Per Share $1.60 $1.80 =====
===== This information is intended to be reviewed in conjunction
with the company's filings with the Securities and Exchange
Commission. DATASOURCE: Peabody Energy CONTACT: Vic Svec of Peabody
Energy, +1-314-342-7768 Web Site: http://www.peabodyenergy.com/
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