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Cloud Peak Energy Inc. Announces Results For The Third Quarter And First Nine Months Of 2012

Stocks in this article: CLD

Cloud Peak Energy Inc. (NYSE:CLD), one of the largest U.S. coal producers and the only pure-play Powder River Basin (PRB) coal company, today announced results for the third quarter and first nine months of 2012.

2012 Third Quarter and Nine Months Highlights

  • Record Adjusted EBITDA (1) of $108.4 million in the third quarter of 2012 compared with $87.9 million in the third quarter of 2011; Adjusted EBITDA of $249.8 million compared with $258.8 million for the first nine months of 2011.
  • Net income of $85.3 million resulting in Adjusted EPS (1) of $0.80 compared to $0.61 in the third quarter of 2011; net income of $145.6 million resulting in Adjusted EPS of $1.62 compared to $1.78 in the first nine months of 2011.
  • Diluted EPS of $1.39 compared to $0.41 in the third quarter of 2011; diluted EPS of $2.39 compared to $2.41 in the first nine months of 2011.
  • Generated cash from operations of $202.0 million for the first nine months of 2012.
  • Shipments from the three owned and operated mines in the quarter were 24.4 million tons, level with the third quarter of 2011. For the first nine months, shipments were 67.0 million tons compared to 70.5 million tons in 2011.
  • Asian exports were up approximately 7.5% in the third quarter of 2012 to 1.5 million tons from 1.4 million tons in 2011.
  • Improved 2012 full-year guidance including increased Adjusted EBITDA expectations of $310 million to $340 million.

(1) Defined later.

“After a slower second quarter for shipments, we were pleased that the hot summer and rising natural gas prices led to stronger shipments to our customers in the third quarter. Our realized average price of $13.28 per ton was well above spot prices and continues to support our strategy of selling forward our production. In combination with good operational cost controls at the mines, this generated a record Adjusted EBITDA for the quarter of $108 million,” said Colin Marshall, President and Chief Executive Officer. “Nevertheless, current forward prices for 2013 and 2014 domestic deliveries are low, and we are managing the business accordingly. In addition, current Newcastle prices for 2013 are below 2012 levels, which will reduce our 2013 export margins.”

Operating Highlights (1)   Q3   Q3  

First Nine Months


First Nine Months

2012 2011 2012 2011
Tons sold (in millions) 24.4 24.4 67.0 70.5
Realized price per ton sold $ 13.28 $ 12.91 $ 13.24 $ 12.88
Average cost of product sold per ton $ 9.14 $ 9.17 $ 9.64 $ 9.12

(1) Includes the three company-operated mines only.


For the third quarter, sales from our three company-operated mines were 24.4 million tons, level with 24.4 million tons in the third quarter of 2011, and significantly higher than second quarter 2012 shipments of 20.1 million tons. The increase in shipments was due to increased demand as customers caught up on their committed deliveries after a strong summer burn. We shipped 1.5 million tons to our Asian customers as the Westshore Terminal operated well and the demand from our Asian utility customers remains resilient. For the third quarter 2012, the average cost of product sold was $9.14 per ton compared to $9.17 per ton in the third quarter of 2011. Good operational performance along with an increased realized price per ton of $13.28, compared to $12.91 in 2011, resulted in a margin expansion to $4.14 per ton from $3.74 per ton in the third quarter of 2011.

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