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Cloud Peak Energy (CLD) Lags Q2 Earnings & Sales Estimates


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Cloud Peak Energy 's CLD loss of 39 cents per share in second-quarter 2018 was wider than the Zacks Consensus Estimate of a loss of 15 cents. Also, the figure is wider than the loss of 9 cents in the prior-year quarter.

Revenues

Revenues totaled $205.7 million, missed the Zacks Consensus Estimate of $223 million by 7.8%. The top line declined 10.2% from $229 million in the year-ago quarter. The top line declined due to the lower shipment in the Owned and Operated Mines segment.

Cloud Peak Energy Inc Price, Consensus and EPS Surprise

Cloud Peak Energy Inc Price, Consensus and EPS Surprise | Cloud Peak Energy Inc Quote

Segment Performance

Owned and Operated Mines

In the second quarter, the company sold 11.6 million tons of coal compared with 14.3 million tons in the year-ago quarter. Realized price per ton of coal during the quarter was $12.18, down nearly 0.6% year over year. Revenues in this segment were $143.9 million, down 19.5% from $178.7 million in the year-ago quarter. The downside was caused by lower shipments as well as per ton lower average realized prices.

Logistics and Related Activities

Total tons delivered were 1.3 million, in line with the year-ago quarter's figure. Revenues in this segment amounted to $79.3 million, up 20.2% from $66 million in the year-ago quarter. Strong Asian utility demand and current pricing drove the company's export and boosted revenues.

Highlights of the Release    

Total costs and expenses were $226.3 million, down 0.9% from $228.3 million in the year-ago quarter. This was primarily due to lower depreciation and depletion charges.

Second-quarter results were hurt by lower shipments primarily caused by weather and operational issues at the Antelope Mine. The company expects to work on delayed shipments in the upcoming quarters.

Financial Update

As of Jun 30, 2018, the company's cash and cash equivalents were $90.2 million, down from $107.9 million as of Dec 31, 2017.

Senior notes were $400.9 million, down from $405.3 million as of Dec 31, 2017.

Cash provided in first half of 2018 in operating activities was $3.6 million compared with $12.6 million in the year-ago quarter.

Guidance

For 2018, Cloud Peak Energy narrowed guidance and expects coal shipment from three mines in the range of 50-54 million tons. Out of the expected shipments, nearly 49 million tons are committed with a fixed price of $12.27 per ton.

Capital expenditures for 2018 are expected in the range of $15-$20 million.

Recent Coal Release

Peabody Energy Corp BTU announced second-quarter 2018 earnings of 93 cents per share, which missed the Zacks Consensus Estimate of $1.05 by 11.4%.

Upcoming Releases

Arch Coal Inc ARCH is anticipated to release second-quarter 2018 results on Jul 31. The Zacks Consensus Estimate for earnings is pegged at $1.95.

CONSOL Coal Resources LP CCR is expected to release second-quarter 2018 results on Aug 2. The Zacks Consensus Estimate for earnings is pegged at 65 cents.

Zacks Rank

Cloud Peak has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



This article appears in: Investing , Business , Earnings , Stocks
Referenced Symbols: BTU , CLD , ARCH , CCR



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