CONSOL Energy (NYSE: CEIX) reported Q1 EPS of $0.09, $0.47 worse than the analyst estimate of $0.56. Revenue for the quarter came in at $255.45 million versus the consensus estimate of $321.8 million.

First Quarter 2020 Highlights Include:

• GAAP net income and cash provided by operating activities of $2.5 million and $51.4 million, respectively;
• Total dilutive earnings per share of $0.09;
• Adjusted EBITDA1 of $62.9 million;
• Organic free cash flow net to CEIX shareholders1 of $18.6 million;
• Repurchased $43.2 million of 2nd Lien debt during the quarter;
• Successfully amended and extended the term of our accounts receivable securitization facility while maintaining the borrowing capacity and interest rate;
• Raised $16.3 million through an equipment finance lease transaction and added an additional $20 million commitment for future financing needs;
• Increased repurchase authorization to $270 million from $200 million; and
• Total liquidity of $398 million at the end of 1Q20 including cash and cash equivalents of $78 million.

Management Comments

"The United States, along with other economies worldwide, has seen a significant energy demand decline year-to-date driven by widespread government-imposed lockdowns in response to the COVID-19 pandemic," said Jimmy Brock, President and Chief Executive Officer of CONSOL Energy Inc. "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 provide free cash flow generation, deleveraging and liquidity enhancement."

"On the safety front, our Harvey Mine, Bailey Preparation Plant, CONSOL Marine Terminal (CMT) and Itmann project each had ZERO recordable incidents during the first quarter. However, coming off a very strong safety performance in 2019, we recorded a slight uptick at the Pennsylvania Mining Complex (PAMC) in terms of total recordable incidents. Nonetheless, we continue to outperform industry averages for safety performances across our operations."

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