On Tuesday, Shares of Peabody Energy Corporation (NYSE:BTU), lost -12.75% to $2.19.
Peabody Energy Corp. declared that second quarter 2015 Adjusted EBITDA and Adjusted EPS are now predictable to be below the original targeted range due to weather-related shipment issues in the Southern Powder River Basin and lower seaborne coal pricing.
- Peabody anticipates a timing-related impact of about $40 million in the second quarter as a result of a series of substantial rain and flash flooding events in the Southern Powder River Basin primarily in June that reduced production by 5.0 to 5.5 million tons. Peabody has largely resumed normal production levels, and is scheduling to make up the deferred shipments in the third and fourth quarters.
- The company was also influenced by about $20 million from the effects of lower pricing on Australian metallurgical coal, with about half related to spot coal sales during the quarter and half related to reduced coal inventory valuation due to benchmark third quarter settlements. Spot metallurgical coal prices declined 15 percent during the quarter before increasing in recent weeks.
Regarding other factors predictable to affect second quarter results, in early June Peabody declared a reduction of about 250 positions, or 25 percent of its corporate and regional staff, with predictable annual savings of $40 to $45 million when fully implemented later this year.
In addition, the company has initiated actions to reduce about 250 employee and contractor positions at multiple metallurgical and thermal coal mines in Australia. These actions are aimed at increasing productivity, lowering costs and improving cash flows, while reducing metallurgical coal volumes for sales when markets improve. The company plans to provide additional details regarding the future benefits of these programs and any targets in its second quarter earnings release planned for Tuesday, July 28.
Peabody Energy Corporation offers mining of coal. The company operates through Western U.S. Mining, Midwestern U.S. Mining, Australian Mining, Trading and Brokerage, and Corporate and Other segments. It is involved in mining and sale of thermal coal to electric utilities and metallurgical coal for industrial customers.
Shares of Kinross Gold Corporation (NYSE:KGC), inclined 0.87% to $2.32, during its last trading session, even though GOLD PRICES fell Tuesday lunchtime in London, dropping to $1170 and losing 1.5% from yesterday’s brief 4-session high as stock markets recovered and energy prices steadied as Athens formally requested a third Eurozone bail-out, specifically asking for a reduction in Greece’s outstanding debt.
In company news, Kinross Gold Corporation, will release its financial statements and operating results for the second quarter 2015 on Wednesday, July 29, 2015, after market close. On Thursday, July 30, 2015 at 8:00 a.m. ET Kinross will hold a conference call and audio webcast to talk about the results, followed by a question-and-answer session.
Kinross Gold Corporation, together with its auxiliaries, engages in the acquisition, exploration, and development of gold bearing properties. It is involved in mining and processing gold and silver ores. The company’s gold production and exploration activities are carried out principally in Canada, the United States, the Russian Federation, Brazil, Chile, Ghana, and Mauritania.
Finally, Exelon Corporation (NYSE:EXC), ended its last trade with -1.19% loss, and closed at $31.42.
Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation (EXC), the nation’s leading competitive energy provider, with about 7.8 million customers. ComEd provides service to about 3.8 million customers across northern Illinois, or 70 percent of the state’s population.
This summer, ComEd is hiring more than 250 students through its annual summer internship program providing local teens with hands-on job training and career experience. ComEd is committed to engaging its future workforce and partners with a number of schools and nonprofit organizations to offer local students valuable work experience through internships, apprenticeships and other educational programs.
“We are developing our workforce of the future by engaging young people in our business and introducing them to new career possibilities,” said Anne Pramaggiore, president and CEO of ComEd. “We do this by reaching out to our own communities to build on the talent of our local youth. We are truly a local company; our employees work and live in the communities we serve.”
As part of ComEd’s summer internship program, more than 150 college and high school students will be assigned to various departments across the company for a three-month period. Participating students gain hands-on working experience that they can take back to the classroom when they return in the fall. The job experience also serves as a window into careers and employment opportunities in the energy industry.
Exelon Corporation, a utility services holding company, engages in the energy generation and delivery businesses in the United States. It owns electric generating facilities, such as nuclear, fossil, and hydroelectric generation facilities, in addition to wind and solar photovoltaic facilities.
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