UPDATE: Peabody Posts Narrower-Than-Expected Q3 Loss

Peabody Energy

posted a narrower-than-expected loss for the third quarter. The St. Louis, Missouri-based company reported a quarterly loss of $150.6 million, or $0.56 per share, versus a year-ago loss of $26.1 million, or $0.10 per share. Excluding certain items, the company lost $0.59 per share. Peabody Energy had expected a loss of $0.63 to $0.69 per share. Its revenue declined 4.2% to $1.72 billion. However, analysts were expecting a loss of $0.62 per share on revenue of $1.65 billion. Its sales volume dropped 9.6% in the quarter. Peabody's US mining revenue slipped 2.7% to $1.02 billion, while revenue per ton rose to $21.24. Revenue from its Australian mining operations dropped 4.1% to $676.3 million, while revenue per ton slipped 13.4%. "In the face of challenging times for the coal industry, Peabody continues to control the controllable and take the necessary actions to best position the company through strong operating performance, solid operating cash flows, lower costs and reduced capital targets," said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce. Peabody Energy projects FY14 adjusted loss of $1.38 to $1.48 per share. Analysts expected a loss of $1.46 per share. Peabody Energy shares gained 1.54% to $11.20 in pre-market trading.