Peabody Energy Corp. (NYSE: BTU) reported fourth-quarter and full-year 2014 results before markets opened Tuesday morning. The coal miner’s adjusted diluted quarterly earnings per share loss (EPS) came to $1.21 on revenues of $1.68 billion. In the same period a year ago, Peabody reported breakeven EPS on revenues of $1.74 billion. The consensus estimates called for an EPS loss of $0.66 on revenues of $1.64 billion.

For the full year, Peabody reported an EPS loss of $2.27 on revenues of $6.79 billion, compared with 2013 revenues of $7.01 billion and EPS of $0.34. Analysts were calling for revenues of $6.74 billion and an EPS loss of $1.39.

The big news from Peabody is that the company has slashed its dividend from $0.085 per share per quarter to $0.0025, or $0.01 annually, from $0.34.

Looking ahead, Peabody guided U.S. coal sales for the full year at 190 million to 200 million tons. The company said its 2015 production is 95% fully priced and 2016 production remains about 45% to 55% unpriced.

The first quarter’s EPS loss is forecast in a range of $0.32 to $0.39, sharply higher than the loss of $0.24 expected by analysts. For the full year, analysts are expecting an EPS loss of $0.69.

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Glenn Kellow, president of the company’s Energy division and CEO-elect said:

2014 was a turbulent year for the coal markets as slowing near-term demand growth and strong seaborne supplies resulted in continued coal price declines. We would anticipate seeing catalysts for market improvement including stable seaborne metallurgical supply, the addition of new global coal-fueled generation and coal import growth in India and Southeast Asia.

In 2014 Peabody sold about 250 million tons of coal, roughly equal to 2013 sales of nearly 252 million tons. Global 2015 sales guidance calls for 245 million to 265 million tons in sales volumes with prices down about 2% to 4% for both U.S. and Australian operations. Costs per ton are forecast to fall by the same amount.

Shares were down about 6.5% in premarket trading Tuesday, at $6.24 in a 52-week range of $6.07 to $19.63. Prior to this release, Thomson Reuters had a consensus price target of around $13.40 on the company’s shares.

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