- Peabody 3Q20 Earnings Release
- 10-Q for the period ended 30 September 2020
- 8-K filed 9 November 2020
- Cleansing Materials
- Project Gibraltar – Company Proposal Slides
- Project Oz – Joint RCF / 2022 Notes Proposal Slides
Yesterday morning we got a large influx of information regarding ongoing restructuring negotiations at Peabody Energy, along with 3Q20 earnings that detailed a lessened cash burn and improved EBITDA margins due to cost savings.
Its 3Q20 revenues were USD 671m, down 39% YoY but up 7% sequentially. DW Adj. EBITDA came in at USD 95m, down 45% YoY but up from USD 18m in 2Q20. EBITDA margins were 14.1%, down 160bps YoY. We calculate Adjusted Levered FCF of negative USD 3m, as improved operating cashflows balanced out against a USD 29m working capital outflow, USD 31m in cash interest and USD 47m in capex.