Coal miner Peabody Energy Corp. (NYSE: BTU) missed earnings and revenue estimates this morning and the shares are trading down more than -5%. Second fiscal quarter adjusted EPS came in at $0.98 compared with a consensus estimate of $1.29. Revenue of $2.25 billion also failed to meet the consensus estimate of $2.34 billion.
Coal-fired electricity generation fell by -5% in the US, though Peabody estimated that global demand for coal grew to 7.5 billion tons in 2011, led by demand from China, India, and other emerging market countries. For the current year, the company expects to see more fuel-switching from coal to natural gas in the US.
Peabody’s shares are down nearly -6% shortly before noon at $35.39 in a 52-week range of $30.60-$73.95.
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