Shares of Peabody Energy Corp. BTU, +3.35% shot up 8.3% in premarket trading toward a four-month high, after the coal miner swung to a profit that was well above expectations as revenue per tons sold soared. The company reported net income of $513.0 million, or $3.93 a share, after a loss of $129.2 million, or $1.32 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.15. Revenue rose 71.5% to $1.26 billion, beating the FactSet consensus of $1.08 billion, while operating costs and expenses grew just 11.2%. Seaborne Thermal tons sold fell 11.5% to 4.6 million, but revenue per ton jumped 84.2% to $65.71. For Seaborne Metallurgical, tons sold rose 14.3% to $1.6 million and revenue per ton more than doubled (up 151.6%) to $211.19. “We continue to experience strong market dynamics, and as a result we have significant forward sales commitments and are adding incremental production capacity to meet market demand for our products, while remaining focused on cost competitiveness,” said Chief Executive Jim Grech. The stock has run up 24.3% over the past three months through Wednesday, while the S&P 500 SPX, +1.45% has slipped 1.3%.
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