Peabody Energy (NYSE:BTU) EPS Raised on Higher Sales Volume

Peabody Energy (NYSE:BTU) enjoyed better sales volume than expected in their latest quarter, says FBR, resulting in their raising their 2011 EPS estimates on the company.

FBR says, "We are modestly tweaking our 2011 EPS/EBITDA estimates to $4.83/$2,466M from $4.79/$2,518M, reflecting higher than earlier estimated sales volume (approximately 6 MTs), lower western U.S. realizations (approximately $1.3/ton), and lower tax rate expectations (25% versus 27%). We are also introducing our quarterly earnings estimates for 2011, with a 1Q11 EPS/EBITDA forecast of $0.61/$394M, which is toward the higher end of company-provided guidance. Furthermore, we are raising our 2012 EPS/EBITDA estimates slightly to $5.26/$2,735M from $5.14/$2,723M."

FBR Capital reiterates an "Outperform" rating on Peabody Energy (BTU), which was trading at $63.10, gaining $2.60, or 4.30 percent, as of 1:37 PM EST. FBR has a price target on BTU of $77.