Peabody said in a statement that the reduced target was solely based on recent storms and flooding, which caused havoc for port and rail operations and disrupted production at surface mines.
It expects early estimates of the impacts to total $US50 million for the first quarter due to reduced production and sales and higher costs associated with recovery impacts.
Peabody said the company’s first quarter 2012 financial results would be at the bottom end of the original targeted range of $500 million to $600 million in earnings before interest, tax, depreciation and amortisation.
The company adjusted its diluted earnings per share of 50c to 75c.
Peabody operates a handful of operations in both Queensland and New South Wales, with Australia shipments totalling 25.3 million tonnes in 2011.
Chairman and chief executive Gregory Boyce said the adverse weather would have an impact on the coal supply chain.
“Australia is the world's largest coal exporting nation, and disruptions such as these point to the tight supply-demand balance that exists for seaborne metallurgical and thermal coal,” he said.
“Peabody continues to target significant increases in its Australia coal exports in 2012 to serve rising global demand for both metallurgical and thermal coal products.”
The announcement comes just days after rail operator QR National downgraded its full-year financial guidance, due in part to the high rainfall experienced in the Bowen Basin.
Central Queensland experienced a bout of flash flooding last week which forced QR National’s Goonyella rail network into temporary closure and affected operations at Rio Tinto’s Hail Creek mine.
The Goonyella system services about 30 mines and carries coal from the Hay Point coal terminal and the Dalrymple Bay coal terminal.
The track was forced to close last Tuesday morning after flooding west of Jilalan caused damage to part of the 924km track.
The rail line reopened at 6pm on Wednesday night.
Meanwhile, a Rio Tinto Coal spokesman said its Hail Creek mine had been inundated.
“Heavy rainfall has been experienced across much of central Queensland, including our Hail Creek mine,” the spokesman said.
“The site is working through its wet weather management procedures.”
