Wednesday, January 28, 2009

Peabody Coal Company Profits Up in 4th Quarter of 2008

Peabody Energy Corporation is one of the world's largest coal companies and its fourth-quarter profit for 2008 rose eightfold because of strong contract prices, prompting a surge in its stock.

Peabody said net income rose to $293.3 million, or $1.10 a share, in the latest quarter, from $35.8 million, or 13 cents a share, a year earlier, when the company took a charge for the spinoff of Patriot Coal Corp.

Peabody shares were up $2.92, or 12%, at $26.76 Tuesday in 4 p.m. composite trading on the New York Stock Exchange. (The Wall Street Journal, 1/27/09)

No comments: