Peabody Energy Corp. says its profit rose in the first quarter due to higher prices for Australian coal used in steelmaking and increased demand in the U.S.
The world's biggest private-sector coal company says its net income attributable to common shareholders was $176.5 million, or 65 cents per share, in the January-March period. That's up from $133.7 million, or 50 cents, a year earlier.
St. Louis-based Peabody says first-quarter revenue rose 15 percent to $1.74 billion from $1.51 billion the previous year.
On average, analysts polled by FactSet expected Peabody to earn 61 cents per share on revenue of $1.75 billion.
Peabody says it expects second-quarter earnings to benefit from increased Australia volumes and pricing, offset by lingering effects of devastating rains recently on that continent.
