CONSOL Energy (NYSE: CEIX) reported Q1 revenue for the quarter came in at $284.47 million versus the consensus estimate of $271.45 million.

First Quarter 2021 Highlights Include:

• GAAP net income of $26.4 million;
• Coal shipments improve to 6.9 million tons, the highest level since 2Q19;
• Quarterly adjusted EBITDA1 of $106.7 million;
• Net cash provided by operating activities of $78.0 million;
• Quarterly free cash flow1 of $72.7 million;
• Total costs and expenses of $310.6 million;
• Average cash cost of coal sold per ton1 of $24.44;
• Record quarterly export sales of 3.3 million tons, amounting to 48% of our total sales volume;
• Proceeds from asset sales of $8.5 million supplements operating cash flow;
• Cash and cash equivalents of $91.2 million as of March 31, 2021;
• Reduction in consolidated indebtedness per credit agreement of $62.7 million;
• Net leverage ratio1 of 1.97x as of March 31, 2021;
• Increased repurchase authorization by $50 million; and
• Accessed tax-exempt capital market for future funding needs in an oversubscribed offering.

Management Comments

"In the first quarter of 2021, we built on our strong finish to 2020 by producing and selling nearly 7.0 million tons and expanding our cash margins, as our customers' demand rebounded strongly," said Jimmy Brock, President and Chief Executive Officer of CONSOL Energy Inc. "During the quarter, we continued our pivot to the export markets by expanding our relationships with a wider global end-user customer base including penetrating new markets. In addition, we impressively achieved a sub-$25 average cash cost of coal sold per ton, and due to our strong net cash provided by operating activities and free cash flow generation, we bolstered our balance sheet by increasing our cash position, while continuing to opportunistically accelerate debt reduction through open market purchases of our second lien notes. Towards the end of the quarter, we demonstrated ongoing access to the capital markets by pricing $75 million in tax-exempt solid waste disposal revenue bonds with an initial duration of seven years, which will fund a portion of the ongoing expansion of our coal refuse disposal areas at the Pennsylvania Mining Complex. Last but not least, I am proud of our employees as they successfully navigated a challenging 2020 and capitalized on our first real opportunity to demonstrate our earnings potential in the first quarter of 2021. It brought us closer to our goal of creating a stronger balance sheet and creating 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 first quarter of 2021. Our total recordable incident rate at the PAMC was improved by 44% compared to the first quarter of 2020 and 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.