Business

Peabody Energy’s profit plunges but beats estimates

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The St. Louis-based coal miner said third-quarter profit plummeted 84 percent, but it sees the global market stabilizing after being battered by competition from cheaper natural gas and lower coal pricing. Despite the drop, Peabody’s adjusted results topped expectations, and shares jumped. Net income totaled $42.9 million, or 16 cents per share, compared with $274.1 million last year.