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Cloud Peak Energy (CLD) Lags on Q4 Earnings, Issues '18 View
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Cloud Peak Energy reported a loss of 16 cents per share in fourth-quarter 2017, wider than the Zacks Consensus Estimate of a loss of a penny.
Revenues
Revenues totaled $213.9 million, down approximately 6.1% year over year from $227.9 million. The top line missed the Zacks Consensus Estimate of $246 million by 12.97%.
Segment Performance
Owned and Operated Mines
In the fourth quarter, the company sold 13.5 million tons of coal compared with 16.7 million tons in the year-ago quarter. Realized price per ton of coal during the quarter was $11.98, down nearly 1.4% year over year. Revenues from this segment were $165.7 million, down 20.06% from $207.3 million in the year-ago quarter. The downside was caused by lower shipments at the company’s Antelope and Cordero Rojo mines.
Logistics and Related Activities
Total tons delivered during the reported quarter were 1.1 million, up from 0.5 million tons in the year-ago quarter. Revenues from this segment amounted to $60.5 million, surging 163% from $23.0 million in the year-ago quarter. Current pricing structure and increased Asian utility demand drove revenues.
Cloud Peak Energy Inc Price, Consensus and EPS Surprise
Total costs and expenses were $216.3 million, up 12.79% from $191.7 million in the year-ago quarter. This was primarily due to an increase in depreciation & depletion and cost of product sold.
The average per ton cost of coal sold during the quarter was $10.08, up from $8.96 in the fourth quarter of 2016. The cash margin of per ton coal sold declined 40.4% to $1.90 from $3.19 in the year-ago quarter.
The company entered into a long-term coal export sales agreement with JERA Trading Pvt Ltd. for supplying coal to two power plants in Japan. The coal export volumes are expected to touch 1.1 million tons in the final year of contract.
Financial Update
As of Dec 31, 2017, the company’s cash and cash equivalents were $107.9 million, up from $83.7 million as of Dec 31, 2016.
Senior notes were $405.2 million, lower than $475 million as of Dec 31, 2016.
Cash provided in operating activities of 2017 was $52.04 million, compared with $48.72 million in 2016.
Capital expenditure (excluding capitalized interest) during the quarter was $1.8 million, lower than $33.6 million in the year-ago quarter.
Guidance
For 2018, Cloud Peak Energy expects coal shipment from three mines in the range of 52-56 million tons. Out of the expected shipments, nearly 45 million tons are committed with a fixed price of $12.30 per ton.
Capital expenditures for 2018 are expected in the range of $15-$25 million.
Peer Releases
Peabody Energy Corporation (BTU - Free Report) reported fourth-quarter 2017 adjusted earnings of $1.52 per share, beating the Zacks Consensus Estimate of $1.33 by 14.3%.
Arch Coal Inc. (ARCH - Free Report) reported fourth-quarter 2017 adjusted earnings of $4.12 per share, beating the Zacks Consensus Estimate of $2.32 by 77.6%.
CONSOL Coal Resources LP reported fourth-quarter 2017 adjusted earnings 48 cents per share, beating the Zacks Consensus Estimate of 45 cents by 6.7%.
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Cloud Peak Energy (CLD) Lags on Q4 Earnings, Issues '18 View
Cloud Peak Energy reported a loss of 16 cents per share in fourth-quarter 2017, wider than the Zacks Consensus Estimate of a loss of a penny.
Revenues
Revenues totaled $213.9 million, down approximately 6.1% year over year from $227.9 million. The top line missed the Zacks Consensus Estimate of $246 million by 12.97%.
Segment Performance
Owned and Operated Mines
In the fourth quarter, the company sold 13.5 million tons of coal compared with 16.7 million tons in the year-ago quarter. Realized price per ton of coal during the quarter was $11.98, down nearly 1.4% year over year. Revenues from this segment were $165.7 million, down 20.06% from $207.3 million in the year-ago quarter. The downside was caused by lower shipments at the company’s Antelope and Cordero Rojo mines.
Logistics and Related Activities
Total tons delivered during the reported quarter were 1.1 million, up from 0.5 million tons in the year-ago quarter. Revenues from this segment amounted to $60.5 million, surging 163% from $23.0 million in the year-ago quarter. Current pricing structure and increased Asian utility demand drove revenues.
Cloud Peak Energy Inc Price, Consensus and EPS Surprise
Cloud Peak Energy Inc Price, Consensus and EPS Surprise | Cloud Peak Energy Inc Quote
Highlight of the Release
Total costs and expenses were $216.3 million, up 12.79% from $191.7 million in the year-ago quarter. This was primarily due to an increase in depreciation & depletion and cost of product sold.
The average per ton cost of coal sold during the quarter was $10.08, up from $8.96 in the fourth quarter of 2016. The cash margin of per ton coal sold declined 40.4% to $1.90 from $3.19 in the year-ago quarter.
The company entered into a long-term coal export sales agreement with JERA Trading Pvt Ltd. for supplying coal to two power plants in Japan. The coal export volumes are expected to touch 1.1 million tons in the final year of contract.
Financial Update
As of Dec 31, 2017, the company’s cash and cash equivalents were $107.9 million, up from $83.7 million as of Dec 31, 2016.
Senior notes were $405.2 million, lower than $475 million as of Dec 31, 2016.
Cash provided in operating activities of 2017 was $52.04 million, compared with $48.72 million in 2016.
Capital expenditure (excluding capitalized interest) during the quarter was $1.8 million, lower than $33.6 million in the year-ago quarter.
Guidance
For 2018, Cloud Peak Energy expects coal shipment from three mines in the range of 52-56 million tons. Out of the expected shipments, nearly 45 million tons are committed with a fixed price of $12.30 per ton.
Capital expenditures for 2018 are expected in the range of $15-$25 million.
Peer Releases
Peabody Energy Corporation (BTU - Free Report) reported fourth-quarter 2017 adjusted earnings of $1.52 per share, beating the Zacks Consensus Estimate of $1.33 by 14.3%.
Arch Coal Inc. (ARCH - Free Report) reported fourth-quarter 2017 adjusted earnings of $4.12 per share, beating the Zacks Consensus Estimate of $2.32 by 77.6%.
CONSOL Coal Resources LP reported fourth-quarter 2017 adjusted earnings 48 cents per share, beating the Zacks Consensus Estimate of 45 cents by 6.7%.
Zacks Rank & Key Pick
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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Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Download the new report now>>