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Summary Box: Peabody Energy 2Q profit down

Associated Press
Published | Updated

GASSED UP: Peabody Energy Corp. profit fell as many utilities switched to cheaper natural gas instead of coal. The earnings still beat Wall Street's expectations.

THE NUMBERS: Net income totaled $204.7 million, or 75 cents per share in the second quarter, down from $284.8 million, or $1.05 cents, a year earlier. Revenue totaled $2.0 million, on par with $1.98 billion a year earlier.

OUTLOOK: The company forecast third-quarter earnings at 20 to 45 cents per share, well below the 65 cents a share estimated by analysts. Peabody also pared its 2012 coal sales expectations by 5 million tons.