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Peabody 3Q net income more than doubles

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(UPI)
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Peabody Energy company is based in St. Louis and fuels 10 percent of U.S. power and 2 percent of electricity worldwide.

By AP/St. Louis Public Radio

ST. LOUIS – Peabody Energy says its net income more than doubled during the third quarter amid growing global demand for coal.

Peabody Energy Corp., the world's largest private-sector coal producer, said its net income rose to $236.3 million, or 83 cents per share for the quarter. That's more than double the same period last year, when net income was $110.8 million, or 40 cents per share.

Adjusted earnings were 99 cents per share, beating Wall Street's expectation of 91 cents.

The company says revenue was $1.86 billion, up 11 percent from $1.67 billion during the same quarter last year. Analysts expected $1.85 billion in revenue.

Peabody, based in St. Louis, says growing demand in India and China is leading a global upswing in demand for coal.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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