Peabody energy profits soar with Asian demand strong - KMOV.com

Peabody energy profits soar with Asian demand strong

 

ST. LOUIS (AP) -- Peabody Energy says its second-quarter profit more than doubled on stronger pricing of its higher-margin Australian coal in surging demand in Asia for steelmaking.

The performance by the St. Louis-based company with mines in southern Illinois easily topped Wall Street's expectations.

As one of the world's biggest coal producers, Peabody says its net income rose to $206.2 million, or 76 cents per share, in the April-through-June period. That's up from $79.2 million, or 29 cents a share, a year earlier.

Analysts polled by Thomson Reuters on average expected 63 cents per share.

The miner says revenue was $1.7 billion, up from $1.33 billion a year ago.

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