Target $9.36, page-244

Peabody pre trading down $5.30.
How can they make a loss with coal at these prices.
Looks like hedging the coal price has kicked them in the butt.

ST. LOUIS, April 28, 2022 /PRNewswire/ -- Peabody (NYSE: BTU) today reported a net loss attributable to common stockholders of $119.5 million, or $0.88 per diluted share, for the first quarter of 2022, compared to a net loss attributable to common stockholders of $80.1 million, or $0.81 per diluted share in the prior year quarter. Peabody's first quarter 2022 results included a $301.0 million charge for unrealized mark-to-market losses related to its coal hedging activities and a $23.5 millionnet loss on early debt extinguishment. Peabody had Adjusted EBITDA¹ of $327.5 million in the first quarter of 2022 compared to $61.1 million in the first quarter of 2021. Revenue from coal sales increased 58 percent to $1,039 million compared to the prior year quarter, as higher realized prices were partially offset by lower volumes.

"In the first quarter, we set the stage for the remainder of the year, addressing challenges to delivering projected volumes and costs across the platform and continued to strengthen our balance sheet while expanding the value offering we provide our customers and increasing our sold coal position," said Peabody President and Chief Executive Officer Jim Grech. "Strong global market dynamics persist for our products, driving prices to unprecedented levels globally. With projected increased sales, we remain poised to deliver a strong 2022."

First Quarter Highlights

• Overcame production and logistic challenges in Australia related to record rain fall and COVID induced labor shortages and instituted recovery plans to recapture volumes over the remainder of the year

• Invested over $40 million in the PRB and Midwest mining operations to enable higher production levels over the remainder of 2022

• Strengthened the balance sheet with $42 million of additional debt repayment and a $320 million convertible notes offering to retire higher cost debt and extend maturities to 2028

• Launched R3 Renewables, a renewable energy development company, in a joint venture with Riverstone Credit Partners and Summit Partners Credit Advisors to pursue the development of over 3.3 GW of solar PV and 1.6 GW of battery storage capacity over the next five years

• Advanced project activity to potentially re-enter the south workings of North Goonyella and develop 70 million tons of reserves

• Started development at Wambo Underground for three additional longwall panels that will extend the mine life to 2026

• Increased 2023 PRB committed sales to 59 million tons