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I must say it is rather disappointing:

Tons shipped -> UP!
Revenues -> UP!
Operating profit -> DOWN!
Net income -> DOWN!

How do they do this?

Peabody Energy Announces Results for the Year Ended December 31, 2007
Thursday January 31, 8:30 am ET
- Revenues rise 11 percent to record $4.6 billion
- EBITDA rises 6% to record $955.9 million
- Income totals $421.3 million, or $1.56 per share
- EBITDA from U.S. operations increases 20% on a 29% rise in premium PRB prices
- All results reported from continuing operations following successful spin-off
- International price negotiations and U.S. export demand offer upside

Notice the SPIN: Revenues are up so they show a percent gain but Income is down so they don't. $421.3 million is DOWN 26.7% from 2006. Oh well, what do you expect from managers except to toot their horn over the good stuff and try to hide the bad stuff. Here is the rest of the story:

Denny Schlesinger

PS: I might get a change to buy back some options at a good price :-)
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