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CNX Resources (CNX) Q2 Earnings Beat Estimates, Revenues Lag
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CNX Resources Corporation (CNX - Free Report) reported second-quarter 2024 operating earnings of 36 cents per share, which beat the Zacks Consensus Estimate of 27 cents by 33.3%. The bottom line also increased 24.1% from 29 cents in the year-ago quarter.
Revenues
The company reported revenues of $346 million, which missed the Zacks Consensus Estimate of $387 million by 10.6%. However, the top line increased 2.7% from the prior-year quarter’s $337 million.
CNX Resources Corporation. Price, Consensus and EPS Surprise
The average selling price in the quarter was $2.58 per thousand cubic feet equivalent (Mcfe), up 2.8% from the year-ago figure of $2.51. Total production cost was $1.71 per Mcfe, up 11% year over year.
Total production volumes were 134 billion cubic feet equivalent (Bcfe), down 0.1% year over year. The Zacks Consensus Estimate for the metric was pinned at 135.4 Bcfe.
Interest expenses totaled $38.6 million, up 10.9% year over year.
During the second quarter, CNX Resources repurchased 1.8 million shares at an average price of $24.45 per share for a total cost of $44 million. Over the past 15 quarters, CNX repurchased approximately 35% of its outstanding shares.
The company has reduced its adjusted net debt by $267 million since third-quarter 2020.
Financial Update
As of Jun 30, 2024, CNX Resources had cash and cash equivalents of $3.9 million compared with $0.4 million as of Dec 31, 2023.
Long-term debt as of Jun 30, 2024, was $1.96 billion compared with $1.89 billion recorded as of Dec 31, 2023.
Cash from operating activities for the quarter totaled $191.8 million compared with $198.7 million in the year-ago period. Free cash flow amounted to $47 million.
Capital expenditure for the quarter totaled $151.9 million compared with $196 million recorded in the year-ago period.
Guidance
CNX Resources reaffirmed its 2024 total capital expenditure guidance between $525 million and $575 million.
It lowered its expectation for 2024 production volume to the band of 545-555 Bcfe from the previously guided range of 540-560 Bcfe.
The company continues to expect free cash flow of $300 million in 2024.
CNX also lowered its expectation for 2024 adjusted EBITDAX to the range of $0.95-$1.05 billion from the previous guidance of $0.925-$1.075 billion.
ONEOK, Inc. (OKE - Free Report) is slated to report second-quarter results on Aug 5, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.18 per share.
OKE’s long-term (three to five years) earnings growth rate is 3.78%. The Zacks Consensus Estimate for sales is pinned at $5.52 billion.
Devon Energy (DVN - Free Report) is scheduled to report second-quarter results on Aug 6, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.28 per share.
DVN’s long-term earnings growth rate is 7.22%. The company delivered an average earnings surprise of 3.4% in the last four quarters.
Energy Transfer (ET - Free Report) is slated to report second-quarter results on Aug 7, after market close. The Zacks Consensus Estimate for earnings is pegged at 36 cents per unit.
ET’s long-term earnings growth rate is 25.22%. The Zacks Consensus Estimate for sales is pinned at $24.64 billion, implying a year-over-year increase of 34.5%.
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CNX Resources (CNX) Q2 Earnings Beat Estimates, Revenues Lag
CNX Resources Corporation (CNX - Free Report) reported second-quarter 2024 operating earnings of 36 cents per share, which beat the Zacks Consensus Estimate of 27 cents by 33.3%. The bottom line also increased 24.1% from 29 cents in the year-ago quarter.
Revenues
The company reported revenues of $346 million, which missed the Zacks Consensus Estimate of $387 million by 10.6%. However, the top line increased 2.7% from the prior-year quarter’s $337 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 $2.58 per thousand cubic feet equivalent (Mcfe), up 2.8% from the year-ago figure of $2.51. Total production cost was $1.71 per Mcfe, up 11% year over year.
Total production volumes were 134 billion cubic feet equivalent (Bcfe), down 0.1% year over year. The Zacks Consensus Estimate for the metric was pinned at 135.4 Bcfe.
Interest expenses totaled $38.6 million, up 10.9% year over year.
During the second quarter, CNX Resources repurchased 1.8 million shares at an average price of $24.45 per share for a total cost of $44 million. Over the past 15 quarters, CNX repurchased approximately 35% of its outstanding shares.
The company has reduced its adjusted net debt by $267 million since third-quarter 2020.
Financial Update
As of Jun 30, 2024, CNX Resources had cash and cash equivalents of $3.9 million compared with $0.4 million as of Dec 31, 2023.
Long-term debt as of Jun 30, 2024, was $1.96 billion compared with $1.89 billion recorded as of Dec 31, 2023.
Cash from operating activities for the quarter totaled $191.8 million compared with $198.7 million in the year-ago period. Free cash flow amounted to $47 million.
Capital expenditure for the quarter totaled $151.9 million compared with $196 million recorded in the year-ago period.
Guidance
CNX Resources reaffirmed its 2024 total capital expenditure guidance between $525 million and $575 million.
It lowered its expectation for 2024 production volume to the band of 545-555 Bcfe from the previously guided range of 540-560 Bcfe.
The company continues to expect free cash flow of $300 million in 2024.
CNX also lowered its expectation for 2024 adjusted EBITDAX to the range of $0.95-$1.05 billion from the previous guidance of $0.925-$1.075 billion.
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 second-quarter results on Aug 5, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.18 per share.
OKE’s long-term (three to five years) earnings growth rate is 3.78%. The Zacks Consensus Estimate for sales is pinned at $5.52 billion.
Devon Energy (DVN - Free Report) is scheduled to report second-quarter results on Aug 6, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.28 per share.
DVN’s long-term earnings growth rate is 7.22%. The company delivered an average earnings surprise of 3.4% in the last four quarters.
Energy Transfer (ET - Free Report) is slated to report second-quarter results on Aug 7, after market close. The Zacks Consensus Estimate for earnings is pegged at 36 cents per unit.
ET’s long-term earnings growth rate is 25.22%. The Zacks Consensus Estimate for sales is pinned at $24.64 billion, implying a year-over-year increase of 34.5%.