Cloud Peak Energy Inc.
) reported earnings of 30 cents per share for the fourth quarter
of 2013, beating the Zacks Consensus Estimate of 25 cents by
20.0% but way below the year-ago earnings of 54 cents by 44.4%.
Earnings of 73 cents for 2013 surpassed the Zacks Consensus
Estimate of 68 cents by 7.4% but lagged 2012 earnings by 66.0%
Including tax agreement expense of 1 cent and 13 cents from
derivative financial instrument, the GAAP earnings for 2013 were
Cloud Peak's quarterly revenue of $353 million missed the Zacks
Consensus Estimate by 4.1% and decreased 5.8% from $375 million
in the year-ago quarter.
Reported revenues for 2013 stood at $1.4 billion, missing the
Zacks Consensus Estimate by 1.5% and decreasing nearly 8.0% from
the 2012 figure.
Total tons of coal sold in the reported quarter were 22.7 million
compared with 24.3 million in the prior-year quarter, and 89.1
million in 2013 compared with 93.0 million in 2012.
Adjusted earnings before interest tax depreciation and
amortization (EBITDA) were $62.1 million in the fourth quarter,
down 30.2% year over year. For 2013, EBITDA was $218.6 million,
down 35.5% from 2012. The downtrend was mainly blamed on a brutal
winter and weak rail services in the fourth quarter, partly
offset by cost control practices and a reduction in capital
Owned and Operated Mines
Shipments from its three operated mines totaled 21.7 million tons
versus 23.6 million tons in the fourth quarter of 2012, and 86.0
million in 2013 versus 90.6 million tons in 2012. The decline in
coal shipments in the reported quarter as well as the full year
was due to unfavorable weather, weak rail service and production
21.7 million tons of coal were sold at $13.16 per ton versus
$13.07 per ton in the year-ago quarter.
Logistics and Related Activities
Total tons of coal delivered were 1.3 million, in line with the
year-ago quarter. During the quarter, Asian exports were
approximately 1.1 million tons compared with 0.9 million tons in
the fourth quarter of 2012. The higher Asian exports can be
attributed to greater customer demand and the company's focus on
the Westshore terminal in increasing vessel loadings
As of Dec 31, 2013, cash and cash equivalents were $231.6
million, up from $197.7 million as of Dec 31, 2012.
Senior notes as of Dec 31, 2013, were $597.0 million, compared
with $596.5 million as of Dec 31, 2012.
In 2013, cash from operating activities was $180.7 million
compared with $247.4 million in 2012.
Capital expenditure for fourth quarter was reported at $57.0
million. Free cash flow in 2013 was $123.7 million.
For 2014, Cloud Peak Energy expects coal shipments from three
owned and operated mines in the range of 86 million to 92 million
tons, of which 77 million tons is committed with weighted-average
price of $13.18 per ton.
The company estimates capital expenditure to fall in the range of
$40 million to $60 million. Adjusted EBITDA is expected in the
range of $180 million to $220 million.
For 2015, the company has committed 47 million tons of coal
shipments from three owned and operated mines, of which 33
million tons falls under a fixed-price contract with a
weighted-average price of $13.61 per ton.
Other Company Releases
Alliance Resource Partners, L.P.
) announced fourth quarter 2013 earnings of $1.85 per unit,
beating the Zacks Consensus Estimate by 16.4%.
CONSOL Energy Inc.
) reported earnings of 3 cents per share for the fourth quarter
of 2013, lagging the Zacks Consensus Estimate of 7 cents.
Arch Coal Inc.
) reported fourth quarter 2013 adjusted loss of 45 cents per
share, wider than the Zacks Consensus Estimate of a loss of 36
The company presently carries a Zacks Rank #3 (Hold).
ARCH COAL INC (ACI): Free Stock Analysis
ALLIANCE RES (ARLP): Free Stock Analysis
CLOUD PEAK EGY (CLD): Free Stock Analysis
CONSOL ENERGY (CNX): Free Stock Analysis
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