Summary Box: Peabody 3Q net income rises

AP News
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Posted: Oct 25, 2011 9:52 AM
Summary Box: Peabody 3Q net income rises

THE NUMBERS: Coal-mining operator Peabody Energy Corp. said Tuesday that third-quarter profit rose 22 percent, helped by growing demand for coal used for power generation in Asia and Europe. Net income was $274.1 million, or $1 per share, up from $224.1 million, or 83 cents per share, a year ago.

PARTNER SPLITS: Luxembourg-based steel maker ArcelorMittal announced it will pull out of a joint bid with Peabody for Australia's Macarthur Coal. That left Peabody as the only buyer in the $5 billion deal.

REACTION: Peabody's CEO said that was OK _ his company "always preferred a larger ownership" of Macarthur. Gregory H. Boyce said going it alone just speeds up Peabody's ability to benefit from the deal.