Peabody Energy Inc. on Tuesday said its second-quarter net income fell 66% in the face of the global recession, while signaling that its year-end profit will fall short of Wall Street targets on weakness in the U.S.
Peabody said net income for the three months ended June 30 dropped to $79.2 million, or 29 cents a share, from $233 million, or 85 cents a share in the year-ago period. Operating income dropped to 31 cents a share from 88 cents a share.
Revenue fell to $1.34 billion from $1.53 billion.
Wall Street analysts expected the coal producer to earn 49 cents a share on revenue of $1.43 billion, according to a survey by FactSet Research.
Peabody Energy expects 2009 earnings of $1 to $1.40 a share, including the tax re-measurement to date and assumes stable exchange rates. Analysts expected earnings of $2.14 a share....MORE