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CNX Resources (CNX) Q1 Earnings Beat Estimates, Revenues Lag
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CNX Resources Corporation (CNX - Free Report) reported first-quarter 2024 operating earnings of 45 cents per share, which beat the Zacks Consensus Estimate of 36 cents by 25%. However, it is down 19.6% from 56 cents per share in the year-ago quarter.
Revenues
First-quarter revenues of $381 million missed the Zacks Consensus Estimate of $420 million by 9.3%. The top line also decreased 3.5% from the prior-year quarter’s $395 million.
CNX Resources Corporation. Price, Consensus and EPS Surprise
The average selling price in the quarter was $2.71 per thousand cubic feet equivalent (Mcfe), down 6.6% from the year-ago figure of $2.90. Total production cost was $1.69 per Mcfe, up 1.8% year over year.
Total production volumes were 140.4 billion cubic feet equivalent (Bcfe), up 3.3% year over year. The Zacks Consensus Estimate for total production volumes was pinned at 141.22 Bcfe.
Interest expenses totaled $37.4 million, up 4.8% year over year.
CNX Resources repurchased 2.6 million shares at an average price of $20.13 per share for a total cost of $52 million. Over the past 14 quarters, CNX repurchased approximately 34% of its outstanding shares.
The company has reduced its adjusted net debt by $278 million since third-quarter 2020.
Financial Update
As of Mar 31, 2024, CNX Resources had cash and cash equivalents of $1.9 million compared with $0.4 million as of Dec 31, 2023.
Long-term debt as of Mar 31, 2024, was $1.94 billion, lower than $1.89 billion recorded as of Dec 31, 2023.
Cash from operating activities for the first three months totaled $185.1 million compared with $248.7 million in the year-ago period. Free cash flow in the reported quarter amounted to $25 million.
Capital expenditure for the first three months totaled $168.2 million compared with $170 million recorded in the year-ago period.
Guidance
CNX Resources lowered its 2024 total capital expenditure expectation to the range of $525-$575 million from the previous projection of $575-$625 million.
It also lowered its 2024 production volume expectation to the band of 540-560 Bcfe from the previous range of 570-590 Bcfe.
The company continues to expect free cash flow of $300 million for 2024.
CNX also lowered its expectation for 2024 adjusted EBITDAX to the range of $925-$1,075 million from the previous guidance of $1,000-$1,150 million.
ONEOK, Inc. (OKE - Free Report) is slated to report first-quarter results on Apr 30, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1.20 per share.
OKE’s long-term (three to five years) earnings growth rate is 3.3%. It delivered an average earnings surprise of 3.9% in the last four quarters.
Devon Energy (DVN - Free Report) is scheduled to report first-quarter results on May 1, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1.10 per share.
The Zacks Consensus Estimate for first-quarter sales is pinned at $3.62 billion. The company delivered an average earnings surprise of 3.3% in the last four quarters.
Energy Transfer (ET - Free Report) is slated to report first-quarter results on May 8, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at 31 cents per unit.
The Zacks Consensus Estimate for first-quarter sales is pinned at $23.44 billion, implying a year-over-year increase of 23.4%.
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CNX Resources (CNX) Q1 Earnings Beat Estimates, Revenues Lag
CNX Resources Corporation (CNX - Free Report) reported first-quarter 2024 operating earnings of 45 cents per share, which beat the Zacks Consensus Estimate of 36 cents by 25%. However, it is down 19.6% from 56 cents per share in the year-ago quarter.
Revenues
First-quarter revenues of $381 million missed the Zacks Consensus Estimate of $420 million by 9.3%. The top line also decreased 3.5% from the prior-year quarter’s $395 million.
CNX Resources Corporation. Price, Consensus and EPS Surprise
CNX Resources Corporation. price-consensus-eps-surprise-chart | CNX Resources Corporation. Quote
Highlights of the Release
The average selling price in the quarter was $2.71 per thousand cubic feet equivalent (Mcfe), down 6.6% from the year-ago figure of $2.90. Total production cost was $1.69 per Mcfe, up 1.8% year over year.
Total production volumes were 140.4 billion cubic feet equivalent (Bcfe), up 3.3% year over year. The Zacks Consensus Estimate for total production volumes was pinned at 141.22 Bcfe.
Interest expenses totaled $37.4 million, up 4.8% year over year.
CNX Resources repurchased 2.6 million shares at an average price of $20.13 per share for a total cost of $52 million. Over the past 14 quarters, CNX repurchased approximately 34% of its outstanding shares.
The company has reduced its adjusted net debt by $278 million since third-quarter 2020.
Financial Update
As of Mar 31, 2024, CNX Resources had cash and cash equivalents of $1.9 million compared with $0.4 million as of Dec 31, 2023.
Long-term debt as of Mar 31, 2024, was $1.94 billion, lower than $1.89 billion recorded as of Dec 31, 2023.
Cash from operating activities for the first three months totaled $185.1 million compared with $248.7 million in the year-ago period. Free cash flow in the reported quarter amounted to $25 million.
Capital expenditure for the first three months totaled $168.2 million compared with $170 million recorded in the year-ago period.
Guidance
CNX Resources lowered its 2024 total capital expenditure expectation to the range of $525-$575 million from the previous projection of $575-$625 million.
It also lowered its 2024 production volume expectation to the band of 540-560 Bcfe from the previous range of 570-590 Bcfe.
The company continues to expect free cash flow of $300 million for 2024.
CNX also lowered its expectation for 2024 adjusted EBITDAX to the range of $925-$1,075 million from the previous guidance of $1,000-$1,150 million.
Zacks Rank
CNX Resources currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
ONEOK, Inc. (OKE - Free Report) is slated to report first-quarter results on Apr 30, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1.20 per share.
OKE’s long-term (three to five years) earnings growth rate is 3.3%. It delivered an average earnings surprise of 3.9% in the last four quarters.
Devon Energy (DVN - Free Report) is scheduled to report first-quarter results on May 1, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1.10 per share.
The Zacks Consensus Estimate for first-quarter sales is pinned at $3.62 billion. The company delivered an average earnings surprise of 3.3% in the last four quarters.
Energy Transfer (ET - Free Report) is slated to report first-quarter results on May 8, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at 31 cents per unit.
The Zacks Consensus Estimate for first-quarter sales is pinned at $23.44 billion, implying a year-over-year increase of 23.4%.