Peabody Energy Corp. (BTU), a company engaged in the coal mining business, has seen an increase of 0.59% in the premarket trading session. As a result that, BTU stock is currently changing hands at $17.01. Apparently, there seems to be no obvious reason for this increase. On Wednesday, BTU stock closed the day at $16.91 after declining some 4.79%. For the moment, let us discuss some recent developments related to BTU stock.
Q2 2021 financial results
On the 29th of July, BTU announced the quarterly results for the second quarter of the fiscal year 2021, which ended on 30th June 2021. According to the details, the company sold 32.8 million tons of coal during the quarter, as compared to $28.3 million tons during the equivalent period of 2020. The revenue generated by the company during the quarter stood at $723.4 million, while during the equivalent period of 2020, the revenue stood at $626.7 million. The operating costs and expenses during the quarter stood at $611.4 million, while during the equivalent period of 2020, these were $556.3 million. The operating loss during the quarter stood at $4.2 million. The net loss bore by the company during the quarter stood at $25.3 million. The company had cash and cash equivalents of $548.3 million at the end of the quarter. The total assets at the end of the quarter stood at $4,453.4 million. The company had total liabilities of $3,051.6 million at the end of the quarter. Commenting on the results, Peabody President and Chief Executive Officer Jim Grech said that the company is optimistic about the future given strong coal market demand and pricing around the globe as economies continue to recover from the pandemic. He further said that the assets of the company are responding to the current market cycle and would continue to benefit from cost improvement initiatives.
BTU appoints President and CE
On the 3rd of May, BTU announced the appointment of James (Jim) Grech as the company’s President and Chief Executive. The company said that the appointment would become effective from the 1st of June 2021. According to the details, Jim has experience of more than 30 years in the coal and energy industries. Before his appointment at BTU, he served as the CEO at Wolverine Fuels, a major thermal coal producer. He also served as president of Nexus Gas Transmission. Apart from that, he also held the posts of Chief Commercial Officer and Executive Vice President at Consol Energy. Bob Malone, Chairman of the Board of Peabody, welcomed the appointment of James Grech. He said that Jim’s experience in mining and other fuel sources would be instrumental to Peabody’s success in the future.
What’s ahead for BTU stock?
Recent past performance of BTU stock has been remarkable. The stock has gained an increase of 99% during past one quarter. During the last half-year, the stock has increased by a massive 342%. Future trends are also salutary. The EPS of BTU is expected to increase by 105% during the next fiscal year. So, based on these stats, potential investors should keep a close watch on BTU stock.
