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CONSOL Coal (CCR) Tops Q4 Earnings Estimates, Revenues Lag
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CONSOL Coal Resources LP’s fourth-quarter 2017 adjusted earnings per unit of 48 cents beat the Zacks Consensus Estimate of 45 cents by 6.7%. The bottom line also improved 17.1% year over year.
Revenues
CONSOL Coal Resources’ total revenues of $78.8 million lagged the Zacks Consensus Estimate of $80 million by 1.5%.
CONSOL Coal Resources LP Price, Consensus and EPS Surprise
In the quarter, the partnership was able to secure a multiyear coal export contract, which is slated to start from second-quarter 2018. About 50% of the export volumes are already priced and the remaining is contracted and collared.
Average revenues per ton sold in the quarter was $46.36, up 2.9% from the year-ago figure of $45.05. The year-over-year improvement was due to higher average revenue per ton on export shipments and higher netback prices on certain contracts compared to the year-ago period.
Average cost of coal sales per ton in the reported quarter was $27.30, 3.2% lower than the year-ago figure of $28.20.
Total cost of coal sold was $52.1 million, declining 1.37% from $60.4 million the year-ago quarter.
Average cash margin per ton sold improved 13.1% from the year-ago quarter due to higher average revenues and lower average cost per ton of coal sold.
Interest expenses were $2.05 million, 15.8% lower than $2.44 million in the year-ago quarter.
Financial Update
As of Dec 31, 2017, CONSOL Coal Resources had cash of $1.5 million, considerably down from $9.8 million as of Dec 31, 2016.
Total long-term debt as of Dec 31, 2017 was $196.7 million, lower than $198 million as of Dec 31, 2016.
Cash from operating activities for the fourth quarter was $11.9 million, down 54% from $25.8 million in the year-ago quarter.
Capital expenditure in the quarter was $7.3 million, higher than the year-ago level of $3.1 million.
Guidance
CONSOL Coal Resources expects coal sales for 2018 to be in the range of 6.55-6.80 million tons, higher than 6.50 million tons achieved in 2017.
Adjusted EBITDA is expected to be in the range of $90-$110 million. Capital expenditures are expected to be within $31-$36 million.
Another Coal Releases
CONSOL Energy Inc. (CEIX - Free Report) reported earnings of $1.06 per share in fourth-quarter 2017, beating the Zacks Consensus Estimate of 63 cents by 68.3%.
Upcoming Peer Releases
Cloud Peak Energy Inc. is expected to report fourth-quarter 2017 results on Feb 15. The Zacks Consensus Estimate is pegged at breakeven or 0.00.
Arch Coal Inc. (ARCH - Free Report) is expected to report fourth-quarter 2017 results on Feb 13. The Zacks Consensus Estimate is pegged at $2.32.
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CONSOL Coal (CCR) Tops Q4 Earnings Estimates, Revenues Lag
CONSOL Coal Resources LP’s fourth-quarter 2017 adjusted earnings per unit of 48 cents beat the Zacks Consensus Estimate of 45 cents by 6.7%. The bottom line also improved 17.1% year over year.
Revenues
CONSOL Coal Resources’ total revenues of $78.8 million lagged the Zacks Consensus Estimate of $80 million by 1.5%.
CONSOL Coal Resources LP Price, Consensus and EPS Surprise
CONSOL Coal Resources LP Price, Consensus and EPS Surprise | CONSOL Coal Resources LP Quote
Operational Highlights
In the quarter, the partnership was able to secure a multiyear coal export contract, which is slated to start from second-quarter 2018. About 50% of the export volumes are already priced and the remaining is contracted and collared.
Average revenues per ton sold in the quarter was $46.36, up 2.9% from the year-ago figure of $45.05. The year-over-year improvement was due to higher average revenue per ton on export shipments and higher netback prices on certain contracts compared to the year-ago period.
Average cost of coal sales per ton in the reported quarter was $27.30, 3.2% lower than the year-ago figure of $28.20.
Total cost of coal sold was $52.1 million, declining 1.37% from $60.4 million the year-ago quarter.
Average cash margin per ton sold improved 13.1% from the year-ago quarter due to higher average revenues and lower average cost per ton of coal sold.
Interest expenses were $2.05 million, 15.8% lower than $2.44 million in the year-ago quarter.
Financial Update
As of Dec 31, 2017, CONSOL Coal Resources had cash of $1.5 million, considerably down from $9.8 million as of Dec 31, 2016.
Total long-term debt as of Dec 31, 2017 was $196.7 million, lower than $198 million as of Dec 31, 2016.
Cash from operating activities for the fourth quarter was $11.9 million, down 54% from $25.8 million in the year-ago quarter.
Capital expenditure in the quarter was $7.3 million, higher than the year-ago level of $3.1 million.
Guidance
CONSOL Coal Resources expects coal sales for 2018 to be in the range of 6.55-6.80 million tons, higher than 6.50 million tons achieved in 2017.
Adjusted EBITDA is expected to be in the range of $90-$110 million. Capital expenditures are expected to be within $31-$36 million.
Another Coal Releases
CONSOL Energy Inc. (CEIX - Free Report) reported earnings of $1.06 per share in fourth-quarter 2017, beating the Zacks Consensus Estimate of 63 cents by 68.3%.
Upcoming Peer Releases
Cloud Peak Energy Inc. is expected to report fourth-quarter 2017 results on Feb 15. The Zacks Consensus Estimate is pegged at breakeven or 0.00.
Arch Coal Inc. (ARCH - Free Report) is expected to report fourth-quarter 2017 results on Feb 13. The Zacks Consensus Estimate is pegged at $2.32.
Zacks Rank
CONSOL Coal Resources carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Top 10 Stocks for 2018
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2018?
Last year's 2017 Zacks Top 10 Stocks portfolio produced double-digit winners, including FMC Corp. and VMware which racked up stellar gains of +67.9% and +61%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2018 today >>