Following Q3 Results, Peabody Energy Warns Its Business Might Not Be Sustainable
In the latest sign that Old Energy's days might be numbered, coal giant Peabody Energy (NYSE: BTU) has warned that its business might not be viable for much longer. The admission came in a regulatory filing that mirrored Monday's release of the company's results for Q3 of fiscal 2020.
For the quarter, Peabody's revenue landed at $671 million, a steep 39% year-over-year decline. That was on the back of a 23% decline in the volume of tons sold. The top-line figure missed the consensus analyst estimate, albeit slightly. The decline was attributable "to lower volumes, mix changes, and weaker seaborne pricing," the company wrote in its official earnings release.
Image source: Getty Images.
Source Fool.com
