Coal giant Peabody's earnings beat expectations

Jul 25, 2013 The Associated Press

Coal miner Peabody Energy Corp. said Tuesday its second-quarter earnings slid 56 percent because of lower pricing, but the results still handily beat Wall Street's expectations partly because of the company's continued belt-tightening.

St. Louis-based Peabody, the world's biggest private-sector coal producer with major mining operations in Wyoming, said its net income attributable to common shareholders fell to $90.3 million, or 33 cents per share, for the April-June period. That's down from $204.7 million, or 75 cents per share, a year earlier.

Revenue fell 13 percent to $1.73 billion from $1.98 billion a year ago. Analysts polled by FactSet on average expected an adjusted loss of 5 cents per share on higher revenue of $1.82 billion.

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