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Cloud Peak (CLD) Incurs Loss in Q1, Revenues Lag Estimates
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Coal producer, Cloud Peak Energy reported a loss of 30 cents per share in the first quarter of 2017. The Zacks Consensus Estimate was pegged at a breakeven.
Revenue
Cloud Peak Energy’s quarterly revenues of $195.7 million increased approximately 8% year over year from $181.2 million. However, the top line lagged the Zacks Consensus Estimate of $237.8 million by 17.7%.
Segment Performance
Owned and Operated Mines
In the quarter, the company sold 14 million tons of coal compared with 13 million tons in the year-ago period. Realized price per ton of coal during the quarter was $12.10, down nearly 4.3% year over year. Revenues from this segment were $173.6 million, reflecting an increase of 3.8% from $167.2 million in the year-ago quarter.
Logistics and Related Activities
Total tons delivered during the quarter was 0.6 million, up from 0.3 million tons in the prior-year quarter. Revenues from this segment increased to $28.2 million, reflecting a surge of 101.4% from $14 million in the year-ago quarter.
Highlight of the release
Total costs and expenses in the reported quarter were $202.7 million, a decrease of 2% from $206.9 million in the year-ago quarter. This was primarily due to a decrease in selling, general and administrative expenses. It also reflects the impact of Cloud Peak’s focus on reducing the labor and benefit cost across the company.
The average cost per ton coal sold during the quarter was $9.78 per ton, down from $11.15 per ton in the first quarter of 2016. The cash margin of per ton coal sold in the quarter improved 54.7% to $2.32 from $1.50 in the year-ago quarter due to the company’s cost-control initiatives.
Cloud Peak Energy Inc Price, Consensus and EPS Surprise
As of Mar 31, 2017, the company’s cash and cash equivalents were $100.5 million, up from $79.4 million as of Mar 31, 2016.
Senior notes as of Mar 31, 2017, were $414.7 million, lower than $491.53 million as of Mar 31, 2016.
Cash provided by operating activities in first quarter of 2017 was $19.7 million compared with ($0.65) million in the first quarter of 2016.
Capital expenditure for the quarter was $4.1 million, lower than the year-ago level of $7.6 million.
Guidance
Cloud Peak Energy expects coal shipment in 2017 from three mines in the range of 55−60 million tons. Out of the expected shipments nearly 55 million tons are committed with a fixed price of $12.19 per ton.
Capital expenditures for the full year are expected to be in the range of $20–$30 million.
Price Movement
In the last six months, Cloud Peak underperformed the Zacks categorized coal industry. The company’s shares declined 45.3% compared with the industry’s loss of 9%.
Upcoming Peer Releases
CNX Coal Resources LP (CNXC - Free Report) is expected to release first-quarter 2017 earnings on May 1. The Zacks Consensus Estimate for the quarter is pegged at 55 cents.
Arch Coal Inc. (ARCH - Free Report) is expected to release first-quarter 2017 earnings on May 2. The Zacks Consensus Estimate for the quarter is pegged at $2.06.
CONSOL Energy Inc. (CNX - Free Report) is expected to release first-quarter 2017 earnings on May 2. The Zacks Consensus Estimate for the quarter is pegged at 11 cents.
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Cloud Peak (CLD) Incurs Loss in Q1, Revenues Lag Estimates
Coal producer, Cloud Peak Energy reported a loss of 30 cents per share in the first quarter of 2017. The Zacks Consensus Estimate was pegged at a breakeven.
Revenue
Cloud Peak Energy’s quarterly revenues of $195.7 million increased approximately 8% year over year from $181.2 million. However, the top line lagged the Zacks Consensus Estimate of $237.8 million by 17.7%.
Segment Performance
Owned and Operated Mines
In the quarter, the company sold 14 million tons of coal compared with 13 million tons in the year-ago period. Realized price per ton of coal during the quarter was $12.10, down nearly 4.3% year over year. Revenues from this segment were $173.6 million, reflecting an increase of 3.8% from $167.2 million in the year-ago quarter.
Logistics and Related Activities
Total tons delivered during the quarter was 0.6 million, up from 0.3 million tons in the prior-year quarter. Revenues from this segment increased to $28.2 million, reflecting a surge of 101.4% from $14 million in the year-ago quarter.
Highlight of the release
Total costs and expenses in the reported quarter were $202.7 million, a decrease of 2% from $206.9 million in the year-ago quarter. This was primarily due to a decrease in selling, general and administrative expenses. It also reflects the impact of Cloud Peak’s focus on reducing the labor and benefit cost across the company.
The average cost per ton coal sold during the quarter was $9.78 per ton, down from $11.15 per ton in the first quarter of 2016. The cash margin of per ton coal sold in the quarter improved 54.7% to $2.32 from $1.50 in the year-ago quarter due to the company’s cost-control initiatives.
Cloud Peak Energy Inc Price, Consensus and EPS Surprise
Cloud Peak Energy Inc Price, Consensus and EPS Surprise | Cloud Peak Energy Inc Quote
Financial Update
As of Mar 31, 2017, the company’s cash and cash equivalents were $100.5 million, up from $79.4 million as of Mar 31, 2016.
Senior notes as of Mar 31, 2017, were $414.7 million, lower than $491.53 million as of Mar 31, 2016.
Cash provided by operating activities in first quarter of 2017 was $19.7 million compared with ($0.65) million in the first quarter of 2016.
Capital expenditure for the quarter was $4.1 million, lower than the year-ago level of $7.6 million.
Guidance
Cloud Peak Energy expects coal shipment in 2017 from three mines in the range of 55−60 million tons. Out of the expected shipments nearly 55 million tons are committed with a fixed price of $12.19 per ton.
Capital expenditures for the full year are expected to be in the range of $20–$30 million.
Price Movement
In the last six months, Cloud Peak underperformed the Zacks categorized coal industry. The company’s shares declined 45.3% compared with the industry’s loss of 9%.
Upcoming Peer Releases
CNX Coal Resources LP (CNXC - Free Report) is expected to release first-quarter 2017 earnings on May 1. The Zacks Consensus Estimate for the quarter is pegged at 55 cents.
Arch Coal Inc. (ARCH - Free Report) is expected to release first-quarter 2017 earnings on May 2. The Zacks Consensus Estimate for the quarter is pegged at $2.06.
CONSOL Energy Inc. (CNX - Free Report) is expected to release first-quarter 2017 earnings on May 2. The Zacks Consensus Estimate for the quarter is pegged at 11 cents.
Zacks Rank
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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While we share many recommendations and ideas with the public, certain moves are hidden from everyone but selected members of our portfolio services. Would you like to peek behind the curtain today and view them?
Starting now, for the next month, I invite you to follow all Zacks' private buys and sells in real time from value to momentum...from stocks under $10 to ETF to option movers...from insider trades to companies that are about to report positive earnings surprises (we've called them with 80%+ accuracy). You can even look inside portfolios so exclusive that they are normally closed to new investors.
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