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.
Peabody Energy CEO Gregory Boyce announces that the energy giant will remain in downtown St. Louis for at least another 15 years, during a press conference in St. Louis on March 2, 2011. (UPI/Bill Greenblatt)
Missouri House members have voted to cap the state's minimum wage at the federal rate. The legislation would essentially overturn a 2006 voter-approved law that lets Missouri's minimum wage rise above the federal level based on annual inflation. Proponents contend capping the minimum wage would help small business. They also say it could be difficult for Missouri businesses to compete if the state's minimum wage is higher than those of neighboring states. Critics defend Missouri's existing law and say legislators should not overrule a measure approved by the voters.
St. Louis-based Peabody Energy announced that it doubled it profits in the last three months as higher global prices and demand for coal offset production disruptions blamed on devastating rains in Australia. (slprnews)