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Peabody's third quarter net income attributable to common stockholders was $106.8 million or $0.40 per share, down from $369.5 million or $1.35 per share in the prior year quarter.
The world's largest private-sector coal company's net income for the quarter slipped to $110.8 million from $371.8 million in the year-ago quarter.
Income from continuing operations fell to $113.2 million or $0.41 per share from $383.2 million or $1.39 per share in the previous year quarter.
Excluding the remeasurement of foreign income taxes, adjusted income from continuing operations was $135.5 million or $0.49 per share, down from $320.5 million or $1.16 per share in the third quarter of 2008.
On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share for the third quarter. Analysts' estimates typically exclude special items.
Third quarter revenues declined 11.5% to $1.67 billion from $1.89 billion in the same quarter last year. Ten analysts had a consensus revenue estimate of $1.42 billion for the third quarter.
Revenue from U.S. mining operations rose 9.6% to $1.01 billion, while revenue from Australian mining operations dipped 31% to $537.3 million. Revenue from trading and brokerage operations slumped 38% to $112.9 million from a year ago.
Sales volumes for the quarter decreased 3% to 63.5 million tons from 65.6 million tons in the prior year quarter.
U.S. revenues per ton increased 11% over a year ago, due to higher realized prices in both the Midwestern and Western regions.
The St. Louis, Missouri-based company said that the Pacific markets continue to strengthen, led by China's and India's demand for seaborne met and thermal coals.
In a move to tap the heavy demand from these regions, Peabody Energy opened a new Southeast Asian trading hub in Singapore during the quarter. The company also recently established a new business center in Indonesia, and it plans to further expand its international investments.
For the nine-month period of 2009, net income attributable to common stockholders was $356.0 million or $1.32 per share, compared to $659.8 million or $2.42 per share in the previous year period.
Adjusted income from continuing operations fell to $413.5 million or $1.49 per share from $678.3 million or $2.46 per share in the prior year period.
Revenues for the period declined to $4.46 billion from $4.67 billion in the year-ago period.
For fiscal 2009, Peabody Energy anticipates earnings from continuing operations of $1.34 to $1.54 per share including the tax remeasurement to date, and adjusted earnings from continuing operations of $1.60 to $1.80 per share. The Street currently estimates earnings of $1.48 per share for the year.
Total company sales are currently expected to be 235 to 245 million tons, including Trading and Brokerage contributions, compared to previous estimate of 225 - 245 million tons.
Peabody Energy is currently trading at $43.74, up 37 cents on a volume of 6.40 million shares.
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