CONSOL Energy (CEIX) Reports Q2 Revenue of $287M

CONSOL Energy (NYSE: CEIX) reported Q2 revenue of $287.16 million versus the consensus estimate of $290.15 million.

"In the second quarter of 2021, we had another strong performance generating significant free cash flow, increasing our unrestricted cash position by more than $50 million and delivering a strong cash cost performance despite multiple longwall moves in the quarter," said Jimmy Brock, President and Chief Executive Officer of CONSOL Energy Inc. "Customer demand remains robust and we furthered our pivot to the export markets by selling approximately 55% of our total sales volume internationally. The second quarter of 2021 marks our third consecutive quarter of approximately $50 million or more in free cash flow1 generation, and this quarter was even more impressive when you consider our discretionary decision to execute an $18 million early buyout option on an existing operating lease associated with a set of longwall shields. We continue to bolster our balance sheet through strong cash generation and opportunistic open market debt repurchases of our second lien notes. Finally, I am very pleased to announce our decision to recommence the Itmann Metallurgical Coal Project by committing to move forward with the construction of a coal preparation facility on site that is slated to start up in 2022 and will include a highly efficient rail loadout and expanded capacity for processing third-party coal in addition to the coal from our Itmann #5 Mine. We believe this is a very strategically important project for us as it will diversify our product mix and revenue stream, which will create additional value for our shareholders."

"On the safety front, our Bailey Preparation Plant, CONSOL Marine Terminal (CMT) and Itmann project each had ZERO recordable incidents during the second quarter of 2021. Our year-to-date total recordable incident rate at the PAMC continues to track significantly and consistently below the national average for underground bituminous coal mines."

For earnings history and earnings-related data on CONSOL Energy (CEIX) click here.

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