Miner Peabody Energy Corp said first-quarter profit tripled as higher-price contract sales offset slumping spot coal prices.
Net earnings were $170m, or 63 cents per share, compared with $57m, or 21 cents per share, in the same quarter of 2008, the St Louis-based company reported on Wednesday.
Income from continuing operations was 50 cents per share. Revenue rose 15% to $1.46bn.
During the first quarter, coal prices dropped dramatically. A ton of eastern US coal that cost $61.50 on 1 January slumped 25% to $45.63 on 31 March.
Analysts attributed Peabody's revenue increase to the fact that the company sold much of its coal production at locked-in contract prices negotiated before the recent drop in spot prices
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