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Peabody's revenue increased 83 percent to $1.32 billion for the quarter, the company's biggest since 2018. Peabody is the market leader in coal production in the United States. Additionally, the company's profit increased to $410.6 million from a loss of $120.6 million in the previous year.
In turn, Arch Resources set a record and doubled its previous high from 2011 with $1.13 billion in revenue at the conclusion of the third quarter.
As Peabody points out, growing coal prices—which reached record highs in the second quarter—are now significantly helping U.S. coal miners.
Coal demand started to climb last year as a result of record-high demand for electricity as well as gas and coal constraints. Additionally, this year's military interventions in Ukraine and the accompanying U.S. and European sanctions against Russia made the situation worse.
source: cnn.com
In turn, Arch Resources set a record and doubled its previous high from 2011 with $1.13 billion in revenue at the conclusion of the third quarter.
As Peabody points out, growing coal prices—which reached record highs in the second quarter—are now significantly helping U.S. coal miners.
Coal demand started to climb last year as a result of record-high demand for electricity as well as gas and coal constraints. Additionally, this year's military interventions in Ukraine and the accompanying U.S. and European sanctions against Russia made the situation worse.
source: cnn.com
