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Coal miner Peabody Energy sees 2008 profit doubling

Thu May 8, 2008 5:49pm EDT

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NEW YORK, May 8 (Reuters) - Coal producer Peabody Energy (BTU.N) on Thursday raised its full-year 2008 earnings estimates, saying profits could double from 2007 as a result of soaring global coal demand and prices.

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Chairman and Chief Executive Officer Gregory Boyce told the company's annual shareholders' meeting that Peabody increased by $500 million its 2008 EBITDA (earnings before interest, taxes, depreciation and amortization) target to a range of $1.5 billion to $1.8 billion. In 2007, the company earned $955.9 million in EBITDA.

He said the 2008 earnings target was raised to $2.20 to $3.00 per share, compared with 2007 earnings from continuing operations of $1.56 per share. Analysts on average currently expect earnings of $2.47 per share, according to Reuters Estimates.

"We provided a 64-percent total shareholder return in 2007...and are targeting 2008 earnings that could nearly double last year's results," said Boyce. (Reporting by Steve James; editing by Carol Bishopric)

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