ST. LOUIS, May 1, 2012 /PRNewswire/ -- Peabody Energy (NYSE: BTU) Chairman and Chief Executive Officer Gregory H. Boyce announced at the company's annual shareholders meeting that 2011 marked the best year in Peabody Energy's 129-year history. The company achieved its strongest safety performance and best financial results on record.
"Best practices in safety and operations drive strong results," said Boyce. "Since 2007, our revenues have increased 80 percent; EBITDA has more than doubled; and operating cash flows are up 260 percent. International operations contribute half of the company's earnings, and we expect the Australian and Asian share to rise even more going forward."
Highlights from 2011 include:
- A new global safety record of 1.92 incidents per 200,000 hours worked. This reflects a nearly 30 percent improvement over the company's 2010 performance and the fourth consecutive year of improvement;
- Record financial results, including new marks for revenues, operating profit, EBITDA, net income, earnings per share and operating cash flows; and
- More than 30 major safety, environmental and corporate honors around the world. Peabody earned recognition from the Foreign Policy Association for ethical and environmental responsibility.
Boyce said the global supercycle for coal was alive and well, with rising electricity generation and steel demand in China and India driving strong demand for coal. The International Energy Agency recently forecast a robust 65 percent increase in global coal use by 2035, projecting that coal will surpass oil and natural gas as the largest energy source in the world within the next quarter century.Boyce added that Peabody is well positioned against the backdrop of favorable long-term supply and demand fundamentals for the global coal industry. He commented on multiple catalysts for the company's continued growth, including:
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