2355 GMT - Whitehaven's 1Q saleable coal output at 7.1 million metric tons is a 4% miss versus consensus and 10% below Ord Minnett's expectations, the broker's Tim Elder says in a note. Still, improved sales from the miner's Queensland assets--up 13% on-quarter--and a slightly better than anticipated balance sheet are likely to drive outperformance in the stock, Elder says. The potential for a smaller contingent consideration payment in July 2025 to the prior owners of the Queensland operations, BHP and Mitsubishi, than the US$350 million maximum is also a positive, he says. Ord Minnett has a buy rating and A$8.80 target on Whitehaven. The stock is up 5.4% at A$6.765. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
October 24, 2024 19:55 ET (23:55 GMT)
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