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CONSOL Energy (CEIX) Beats Q1 Earnings & Revenue Estimates

Zacks Equity Research

CONSOL Energy Inc. CEIX delivered first-quarter 2019 adjusted earnings of $1.21 per share, which beat the Zacks Consensus Estimate of 79 cents by 53.16%. However, the bottom line decreased year over year by 45%.

 

Revenues

 

The company generated revenues worth $370.6 million, which beat the Zacks Consensus Estimate of $368 million by 0.7%. The top line fell 9.6% year over year. The decline was caused by lower revenues generated from Coal, Freight and Miscellaneous Other Income

Consol Energy Inc. Price, Consensus and EPS Surprise

 

Consol Energy Inc. Price, Consensus and EPS Surprise | Consol Energy Inc. Quote

 

Operational Highlights

Coal production in the quarter was 6.84 million tons, up from 6.7 million tons in the year-ago quarter. 

 

Average revenues per ton sold in the quarter were $49.38, down 6.8% from the year-ago quarter’s figure of $52.98. The average revenue per ton was impacted by lower domestic netback pricing compared with the year-ago quarter's level.

 

Average cash cost of coal sales per ton in the quarter was $29.71, higher than the year-ago quarter’s figure of $29.21. The upside can be attributed to increase in project expenses and gas well plugging activities.

 

Total cost of coal sold was $241. 9 million, up 3.3% from $234.1 million in the prior-year quarter.

 

Interest expenses were $18.6 million, down 11.4% from $21 million in the year-ago quarter.

 

Financial Update

 

As of Mar 31, 2019, CONSOL Energy had cash of $155.2 million, down from $235.7 million as of Dec 31, 2018.

 

Total long-term debt as of Mar 31, 2019 was $736.4 million, lower than $734.2 million as of Dec 31, 2018.

 

Cash from operating activities was $82.2 million, down from $115.7 million in the prior-year quarter.

 

Capital expenditure in the first quarter was $34.2 million, up from $21.9 million in the year-ago quarter.

 

Guidance

 

CONSOL Energy expects coal sales volume for 2019 in the range of 26.8-27.8 million tons. Also, average revenue per ton sold is expected in the band of $47.70-$49.70.

 

Adjusted EBITDA is estimated in the range of $380-$440 million. Capital expenditures are anticipated in the band of $155-$185 million.

 

Zacks Rank

 

CONSOL Energy currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Coal Releases

 

Arch Coal Inc ARCH delivered 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%.

 

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