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CONSOL Coal (CCR) Q1 Earnings Beat Estimates, Revenues Miss

Zacks Equity Research

CONSOL Coal Resources LP’s CCR first-quarter 2019 operating earnings of 54 cents per unit beat the Zacks Consensus Estimate of 45 cents by 20%. However, the reported earnings declined 30.8% from the prior-year quarter.

Revenues

Revenues of $86.1 million lagged the Zacks Consensus Estimate of $87 million by 1.1%. Total revenues also declined 8.9% from $95 million recorded in the year-ago period. The year-over-year decline was attributable to lower contribution from its segments.

Highlights of the Release
 
CONSOL Coal’s first-quarter production of 1.7 million tons was in line with the year-ago level. During the quarter, coal production marginally rose from the prior-year level due to increased production at the Enlow Fork mine, offset by reduced production at the Bailey mine, resulting from a longwall move and other operational delays.

Total costs in first-quarter 2019 were $70.9 million, down 2.3% from $72.5 million in the year-ago period.

CONSOL Coal Resources LP Price, Consensus and EPS Surprise

CONSOL Coal Resources LP Price, Consensus and EPS Surprise | CONSOL Coal Resources LP Quote

Financial Update

As of Mar 31, 2019, the company’s cash was $0.4 million, down from $1 million on Dec 31, 2018.

Total long-term debt was $165.6 million as of Mar 31, 2019, down from $168.1 million on Dec 31, 2018.

Cash provided from operations during first-quarter 2019 was $25.2 million compared with $29.2 million in the year-ago period.

Guidance

CONSOL Coal reiterated its sales volume guidance for 2019 within 6.7-6.95 million tons.

Capital expenditure for 2019 is projected in the range of $34-$38 million.

The company is currently more than 95% contracted for 2019, 71% for 2020 and 31% for 2021, assuming annual production of 6.75 million tons.

Coal Releases

Arch Coal Inc. ARCH reported first-quarter 2019 operating earnings of $3.36 per share, which beat the Zacks Consensus Estimate of $2.53 by 32.8%.

Alliance Resource Partners, L.P. ARLP generated first-quarter 2019 operating earnings of $1.03 per unit, which topped the Zacks Consensus Estimate of 69 cents by 49%.

Peabody Energy Corp. BTU announced first-quarter 2019 earnings of $1.15 per share, which surpassed the Zacks Consensus Estimate of 50 cents by 130%.

Zacks Rank

CONSOL Coal currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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