Cloud Peak Energy Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2016; Reports Impairments Changes for the First Quarter Ended March 31, 2016; Revises Earnings and Production Guidance for the Year 2016
For the quarter, the company reported impairments changes of USD 4,154,000.
For the quarter, the company reported shipments owned and operated mines of 13.0 tons against 19.7 tons a year ago.
Given the very slow first quarter to the year, the company lowered the mid-point of its estimated full year shipments by 4.5 million tons and lowered the mid-point of adjusted EBITDA guidance by USD 5 million. This revised adjusted EBITDA estimate assumes significantly increased shipments in the second half of the year and that customers who do not wish to take their contracted coal compensate appropriately. For the year 2016, the company expects adjusted EBITDA of USD 75 million - USD 100 million, net interest expense of approximately USD 46 million, depreciation, depletion, amortization, and accretion of USD 100 million and capital expenditure of USD 25 million - USD 40 million.
For the year 2016, the company expects coal shipments for the three mines of 60 million tons - 65 million tons. For the year 2016, the company is currently committed to sell 63 million tons from its three mines. This volume is nearly all committed under fixed-price contracts with a weighted-average price of USD 12.72 per ton. For the year 2017, there are currently 42 million tons committed to sell from the three mines. Of this committed production, 39 million tons are under fixed-price contracts with a weighted-average price of USD 12.53 per ton.