Peabody Cuts Dividend After Posting Loss Amid Coal Slump
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Peabody Energy Corp., the biggest U.S. coal producer by sales, cut its quarterly dividend to less than 1 cent a share after posting its fifth consecutive quarterly loss.
Peabody reduced its dividend to 0.25 cents a share from 8.5 cents to help pay for the roughly $1 billion in annual cash payments, capital investments and other liabilities over the next two years, the St. Louis-based company said Tuesday in a statement. That’s the lowest dividend since 2001, according to data compiled by Bloomberg.