0001064728-26-000050
SEC filingPeabody 二季度营收增长但成本飙升致亏损扩大，Seaborne Metallurgical 与 Powder River Basin 拖累业绩。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,003.2M | $890.1M | +13% |
| Gross Profit | $49.3M | $100.7M | -51% |
| Gross Margin | 4.9% | 11.3% | -640 bps |
| Operating Income | -$105.4M | -$38.4M | -$67.0M |
| Operating Margin | -10.5% | -4.3% | -620 bps |
| Net Income | -$86.2M | -$26.0M | -$60.2M |
| Diluted EPS | -$0.74 | -$0.23 | -$0.51 |
| Adjusted EBITDA | $24.0M | $93.3M | -74% |
| Operating Cash Flow | $28.6M | $143.1M | -$114.5M |
| Free Cash Flow | -$115.2M | -$37.5M | -$77.7M |
本季度营收增长 13% 至 $1,003.2M，主要受 Seaborne Metallurgical 价格大幅上涨（+42%）驱动，但成本端压力巨大，导致毛利率从 11.3% 骤降至 4.9%。Operating Income 亏损扩大至 -$105.4M，主要因 Operating costs 增加 $164.5M，其中 Seaborne Metallurgical 的 Centurion 长壁调试成本、燃料价格上涨以及 Powder River Basin 的产量下降是主要因素。
盈利质量方面，Net Income 亏损 $86.2M，但剔除一次性项目（Induced conversion expense $17.2M、Costs related to terminated acquisition $2.3M、Restructuring charges $2.3M）后，调整后亏损仍达 $64.4M，显示核心运营盈利能力显著恶化。经营现金流降至 $28.6M，主要受营运资本变动及成本上升影响，Free Cash Flow 为 -$115.2M，反映资本支出仍高。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Seaborne Thermal | $230.6M | +18% | $52.1M | 22.6% | 价格提升，但产量下降及成本上升 |
| Seaborne Metallurgical | $358.3M | +42% | -$17.0M | -4.7% | Centurion 调试成本高企，亏损扩大 |
| Powder River Basin | $223.8M | -19% | -$7.1M | -3.2% | 需求疲软，销量下滑，成本上升 |
| Other U.S. Thermal | $163.2M | +5% | $26.9M | 16.5% | 销量与价格提升，成本控制良好 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $526.3M | -$49.0M |
| Total Debt | $339.0M | +$2.6M |
| Net Debt | -$187.3M | -$51.6M |
| Inventory | $440.3M | +$57.1M |
| Operating Cash Flow | $28.6M | -$114.5M |
| Capex | $143.8M | -$20.8M |
| Free Cash Flow | -$115.2M | -$77.7M |
| FCF 转化率 | 103% | - |
Net Debt 为负，公司净现金状况良好，但经营现金流大幅下降，需关注后续流动性。