CONSOL Coal Resources LP (CCR) Misses Q1 EPS by 23c, Revenues Miss

CONSOL Coal Resources LP (NYSE: CCR) reported Q1 EPS of $0.01, $0.23 worse than the analyst estimate of $0.24. Revenue for the quarter came in at $67.37 million versus the consensus estimate of $72.9 million.

First Quarter 2020 Highlights Include:

• Net income of $0.2 million;
• Adjusted EBITDA1 of $14.4 million;
• Net leverage ratio1 of 2.2x;
• Raised $4.1 million through an equipment finance lease transaction; and
• Temporary suspension of the cash distribution to deleverage the balance sheet.

Management Comments

"The United States along with other economies worldwide have seen a significant energy demand decline year-to-date driven by the widespread government-imposed lockdowns in response to the COVID-19 pandemic," said Jimmy Brock, Chief Executive Officer of CONSOL Coal Resources GP LLC, the general partner of the Partnership. "Coal producers, just like companies in other industries, are facing unprecedented demand decline, which has weighed on our operational, sales and financial performances year-to-date. While the duration and breadth of this ongoing pandemic are uncertain, management has undertaken a number of steps to reduce costs and has adjusted our operations accordingly to support deleveraging and liquidity enhancement."

2020 Guidance

Given the ongoing uncertainty associated with the COVID-19 pandemic-driven economic slowdown, we are working with our customers to manage their shipments and inventory levels. However, due to the difficulty in forecasting the duration of this economic slowdown, our 2020 guidance remains suspended. Nonetheless, our team remains ready and is looking forward to eventual demand recovery.

For earnings history and earnings-related data on CONSOL Coal Resources LP (CCR) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• StablecoinX reports Q2 2026 results with $34.2M net loss
• Newton Golf Company (NWTG) Reports Q2 Loss of $0.49