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Cloud Peak (CLD) Q4 Earnings Beat, Revenues Miss Estimates
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Coal producer, Cloud Peak Energy reported earnings of 39 cents per share in the fourth quarter of 2016, compared with the Zacks Consensus Estimate of a loss of 5 cents.
Earnings in 2016 were 35 cents much higher than the Zacks Consensus Estimate of a loss of 8 cents.
Revenue
Cloud Peak Energy’s quarterly revenues decreased 12.6% year over year to $227.9 million and also lagged the Zacks Consensus Estimate of $236 million by 3.4%.
Total revenue in 2016 was $800.4 million, 0.9% missing the Zacks Consensus Estimate of $808.07 million. The revenues were down 28.8% year over year.
Segment Performance
Owned and Operated Mines
In the quarter, the company sold 16.7 million tons of coal compared with 18.6 million tons in the year-ago period. Realized price per ton of coal during the quarter was $12.15, down nearly 4.5% year over year.
Logistics and Related Activities
Total tons delivered during the quarter were 0.5 million tons, down from 0.7 million tons delivered in the prior-year quarter. Revenues from this segment were $23 million flat compared with the prior year quarter.
Highlight of the release
Total costs and expenses in the reported quarter were $191.8 million, down 39.4% from $316.8 million in the year-ago quarter.
The average cost per ton coal sold during the quarter was $8.96 per ton down from $9.54 per ton in the fourth quarter of 2015. The cash margin of per ton sold in the reported quarter improved by a penny owing to the decline in the cost of coal production.
Cloud Peak Energy Inc Price, Consensus and EPS Surprise
As of Dec 31, 2016, the company’s cash and cash equivalents were $83.71 million, down from $89.31 million as of Dec 31, 2015.
Senior notes as of Dec 31, 2016, were $475.0 million, lower than $491.2 million as of Dec 31, 2015.
Cash provided by operating activities in 2016 was $48.7 million compared with $41.6 million in 2015.
Capital expenditure in 2016 was $33.6 million, lower than the year-ago level of $37.6 million.
Guidance
Cloud Peak Energy expects 2017 coal shipment from three mines in the range of 55−60 million tons. Out of the expected shipments nearly 53 million tons are committed with a fixed price of $12.22 per ton.
Capital expenditures for the full year are expected to be in the range of $20–$30 million.
CNX Coal Resources LP’s (CNXC - Free Report) , a Zacks Rank#3 (Hold) stock reported fourth-quarter 2016 adjusted earnings of 41 cents per unit, which missed the Zacks Consensus Estimate of 59 cents by 30.5%.
SunCoke Energy Inc. (SXC - Free Report) , a Zacks Rank#3 (Hold) stock, posted fourth-quarter 2016 adjusted earnings of 26 cents per share, lagging the Zacks Consensus Estimate of 44 cents by 40.9%.
Zacks Rank
Cloud Peak Energy currently carries a Zacks Rank #4 (Sell).
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Cloud Peak (CLD) Q4 Earnings Beat, Revenues Miss Estimates
Coal producer, Cloud Peak Energy reported earnings of 39 cents per share in the fourth quarter of 2016, compared with the Zacks Consensus Estimate of a loss of 5 cents.
Earnings in 2016 were 35 cents much higher than the Zacks Consensus Estimate of a loss of 8 cents.
Revenue
Cloud Peak Energy’s quarterly revenues decreased 12.6% year over year to $227.9 million and also lagged the Zacks Consensus Estimate of $236 million by 3.4%.
Total revenue in 2016 was $800.4 million, 0.9% missing the Zacks Consensus Estimate of $808.07 million. The revenues were down 28.8% year over year.
Segment Performance
Owned and Operated Mines
In the quarter, the company sold 16.7 million tons of coal compared with 18.6 million tons in the year-ago period. Realized price per ton of coal during the quarter was $12.15, down nearly 4.5% year over year.
Logistics and Related Activities
Total tons delivered during the quarter were 0.5 million tons, down from 0.7 million tons delivered in the prior-year quarter. Revenues from this segment were $23 million flat compared with the prior year quarter.
Highlight of the release
Total costs and expenses in the reported quarter were $191.8 million, down 39.4% from $316.8 million in the year-ago quarter.
The average cost per ton coal sold during the quarter was $8.96 per ton down from $9.54 per ton in the fourth quarter of 2015. The cash margin of per ton sold in the reported quarter improved by a penny owing to the decline in the cost of coal production.
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 Dec 31, 2016, the company’s cash and cash equivalents were $83.71 million, down from $89.31 million as of Dec 31, 2015.
Senior notes as of Dec 31, 2016, were $475.0 million, lower than $491.2 million as of Dec 31, 2015.
Cash provided by operating activities in 2016 was $48.7 million compared with $41.6 million in 2015.
Capital expenditure in 2016 was $33.6 million, lower than the year-ago level of $37.6 million.
Guidance
Cloud Peak Energy expects 2017 coal shipment from three mines in the range of 55−60 million tons. Out of the expected shipments nearly 53 million tons are committed with a fixed price of $12.22 per ton.
Capital expenditures for the full year are expected to be in the range of $20–$30 million.
Peer Releases
CONSOL Energy Inc. (CNX - Free Report) a Zacks Rank #2 (Buy) stock, reported break-even adjusted earnings per share in the fourth quarter of 2016 compared with the Zacks Consensus Estimate of a loss of 1 cents. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CNX Coal Resources LP’s (CNXC - Free Report) , a Zacks Rank#3 (Hold) stock reported fourth-quarter 2016 adjusted earnings of 41 cents per unit, which missed the Zacks Consensus Estimate of 59 cents by 30.5%.
SunCoke Energy Inc. (SXC - Free Report) , a Zacks Rank#3 (Hold) stock, posted fourth-quarter 2016 adjusted earnings of 26 cents per share, lagging the Zacks Consensus Estimate of 44 cents by 40.9%.
Zacks Rank
Cloud Peak Energy currently carries a Zacks Rank #4 (Sell).
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In this latest Special Report, Zacks’ Aggressive Growth Strategist Brian Bolan explores a full-blown technological breakthrough in the making – autonomous cars. He also spotlights 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>