Cloud Peak Energy (NYSE: CLD), one of the largest U.S. coal producers, said July 11 that second quarter 2013 shipments from its three company operated mines were 20.1 million tons compared to 21.1 million tons in the first quarter of 2013, and 20.1 million tons in the second quarter of 2012.
For the full year 2013 the company continues to expect shipments to be about 90 million tons, which would all be from two mines in the Wyoming end of the Powder River Basin and one mine in the Montana end of the PRB.
While the second quarter shipments were lower than expected, the company said it is now in a position where it expects to be able to run at higher shipment rates and therefore lower costs per ton in the second half of the year.
Based upon preliminary data, the company currently expects Adjusted EBITDA for the second quarter of 2013 to be lower than the first quarter of 2013. As a result, the company is lowering the mid-point of its full year Adjusted EBITDA guidance range by $15m, so that full year Adjusted EBITDA is now expected to be between $210m and $250m.
Second quarter shipments from its three mines were lower than the first quarter of 2013 by about 1 million tons, primarily due to weather interruptions, unplanned power plant outages at a small number of major customers, and the impact of production interruptions during planned maintenance downtime. Costs per ton rose as a result of spreading fixed costs over lower shipments during a quarter when several major planned annual maintenance jobs were also completed.
The company expects to issue results for the second quarter of 2013 on July 30.
Cloud Peak Energy is headquartered in Wyoming and is one of the largest U.S. coal producers and the only pure-play PRB coal company. Cloud Peak specializes in the production of low-sulfur, subbituminous coal, which mostly goes to power plants throughout the U.S.