New York • Peabody Energy Corp. reported a surprise increase Tuesday in revenue for the second quarter on higher sales volumes from mines in Australia and the western United States.
Sales rose 1.9 percent to $1.76 billion, the St. Louis-based company said in a statement, exceeding the $1.63 billion average of 12 analysts' estimates compiled by Bloomberg. The country's largest coal-mining company, Peabody's loss excluding one-time items was 28 cents a share, compared with the 29-cent average estimate. The shares gained the most in two months.
The volume of metallurgical coal shipped from Australia rose 17 percent in the period. Volumes from the western U.S., where Peabody extracts coal that's sold to power utilities, gained 6.6 percent.