CONSOL Energy (CEIX) Reports Q3 Revenue Miss

CONSOL Energy (NYSE: CEIX) reported Q3 Revenue for the quarter came in at $294.8 million versus the consensus estimate of $307.99 million.

"I am pleased to announce that the PAMC delivered the best third quarter production in its history even with an expected soft production quarter due to an above average number of planned longwall moves," said Jimmy Brock, Chief Executive Officer of CONSOL Energy Inc. "As a result of the strong operational performance we have had year-to-date, combined with our expectations of robust production in the fourth quarter and continued strength in coal demand, we are increasing the midpoint of our coal sales volume and Adjusted EBITDA guidance ranges."

"We are in the last quarter of our first full year as a publicly-listed coal company, and this is an exciting time for me to lead a very talented and motivated team. We are firmly on track to deliver on the goals we set at the time of our November 2017 separation from CNX Resources. Operationally, we are on track for a record coal production year, while maintaining our cash cost of coal sales despite inflationary trends and capturing the increase in commodity prices on the revenue side. Financially, we have generated strong organic free cash flow throughout the year, reduced the leverage on the balance sheet by 0.8x since year-end 2017, and begun to opportunistically return capital to shareholders. Looking into 2019, we will continue to explore opportunities to ultimately grow the per-share value of the company, including debt reduction, continued repurchases of shares/units, investments in existing businesses and select growth projects."

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

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