Whitehaven Coal beats second-quarter output view, shares jump
Whitehaven Coal logged a bigger-than-expected 13.5% rise in second-quarter output on Thursday, helped by improved mining conditions and higher output from its Queensland and New South Wales operations, sending its shares to a three-year high.
Shares of Australia's largest independent coal miner rose as much as 4.4% to A$9.59, their highest level since late January 2023, while the benchmark stock index .AXJO was down 0.4%, as of 23:29 GMT.
Production recovered after dragline-sequencing issues were resolved at the company's Queensland mines, which lifted output in the region by 20% from a quarter earlier.
Earnings were supported by metallurgical coal, Whitehaven's largest revenue earner, with prices hitting a one‑year high during the December quarter due to supply disruptions in Australia and Canada, as well as robust demand from India.
The company earned A$190 per metric ton of coal sold, compared with an average A$188 per ton in the previous quarter.
The Sydney-headquartered firm reported managed run-of-mine (ROM) coal production of 11-million tons for the three-month period ended December 31, compared with 9.7-million tons a year earlier. This beat the Visible Alpha consensus estimate of 9.8-million tons.
Whitehaven maintained its full-year forecasts for coal production and sales, saying both were on track to be firmly in the upper half of its projected range.
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