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CONSOL Energy (CEIX) Beats Q1 Earnings and Revenue Estimates
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CONSOL Energy Inc.'s (CEIX - Free Report) first-quarter 2018 adjusted earnings per unit of $2.20 beat the Zacks Consensus Estimate of 79 cents by a whopping 178.5%. The bottom line also improved year over year by 49.7%.
Revenues
CONSOL Energy’s total revenues of $410.3 million beat the Zacks Consensus Estimate of $358 million by 14.6%. The top line also improved 10.2% year over year.
The primary driving factor was $6.18 higher average sales price per ton sold which was on account of improved revenue under the company's netback contracts, partially offset by a 0.2 million decrease in tons sold. The decrease in tons sold was due to weather-related challenges that affected rail and port logistics and limited further upside to shipment volumes.
Average revenues per ton sold in the quarter was $52.98, up 13.2% from the year-ago figure of $46.80. The year-over-year improvement was driven largely by higher average revenue per ton on netback contracts.
Average cost of coal sales per ton in the reported quarter was $29.21, 1.6% higher than the year-ago figure of $28.75. This increase was essentially driven by higher royalties and production taxes, which are tied to the higher sales prices in the quarter.
Total cost of coal sold was $333 million, up 5.4% from $316 million the year-ago quarter.
Interest expenses were $21.1 million, 423.2% higher than $4 million in the year-ago quarter.
Financial Update
As of Mar 31, 2018, CONSOL Energy had cash of $191.7 million, up from $154 million as of Dec 31, 2017.
Total long-term debt as of Mar 31, 2018 was $866.3 million, higher than $865.3 million as of Dec 31, 2017.
Cash from operating activities for the first quarter was $115.7 million, up 138.4% from $48.5 million in the year-ago quarter.
Capital expenditure was $22 million, higher than the year-ago level of $9 million.
Guidance
CONSOL Energy expects coal sales volume (100% PAMC) for 2018 to be in the range of 26.2-27.2 million tons. Also, average revenue per ton sold is expected to be in the range of $47.15-$48.75.
Adjusted EBITDA is expected to be in the range of $370-$430 million. Capital expenditures are expected to be within $125-$145 million.
Upcoming Coal Releases
Contura Energy is scheduled to report first-quarter 2018 results on May 29. The Zacks Consensus Estimate for the quarter is pegged at $5.37.
Romaco Resources (METC - Free Report) is scheduled to report first-quarter 2018 results on May 9. The Zacks Consensus Estimate for the quarter is pegged at 31 cents.
Natural Resource Partners LP (NRP - Free Report) is scheduled to report first-quarter 2018 results on May 9. The Zacks Consensus Estimate for the quarter is pegged at $1.26.
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
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CONSOL Energy (CEIX) Beats Q1 Earnings and Revenue Estimates
CONSOL Energy Inc.'s (CEIX - Free Report) first-quarter 2018 adjusted earnings per unit of $2.20 beat the Zacks Consensus Estimate of 79 cents by a whopping 178.5%. The bottom line also improved year over year by 49.7%.
Revenues
CONSOL Energy’s total revenues of $410.3 million beat the Zacks Consensus Estimate of $358 million by 14.6%. The top line also improved 10.2% year over year.
The primary driving factor was $6.18 higher average sales price per ton sold which was on account of improved revenue under the company's netback contracts, partially offset by a 0.2 million decrease in tons sold. The decrease in tons sold was due to weather-related challenges that affected rail and port logistics and limited further upside to shipment volumes.
Consol Energy Inc. Price and EPS Surprise
Consol Energy Inc. Price and EPS Surprise | Consol Energy Inc. Quote
Operational Highlights
Average revenues per ton sold in the quarter was $52.98, up 13.2% from the year-ago figure of $46.80. The year-over-year improvement was driven largely by higher average revenue per ton on netback contracts.
Average cost of coal sales per ton in the reported quarter was $29.21, 1.6% higher than the year-ago figure of $28.75. This increase was essentially driven by higher royalties and production taxes, which are tied to the higher sales prices in the quarter.
Total cost of coal sold was $333 million, up 5.4% from $316 million the year-ago quarter.
Interest expenses were $21.1 million, 423.2% higher than $4 million in the year-ago quarter.
Financial Update
As of Mar 31, 2018, CONSOL Energy had cash of $191.7 million, up from $154 million as of Dec 31, 2017.
Total long-term debt as of Mar 31, 2018 was $866.3 million, higher than $865.3 million as of Dec 31, 2017.
Cash from operating activities for the first quarter was $115.7 million, up 138.4% from $48.5 million in the year-ago quarter.
Capital expenditure was $22 million, higher than the year-ago level of $9 million.
Guidance
CONSOL Energy expects coal sales volume (100% PAMC) for 2018 to be in the range of 26.2-27.2 million tons. Also, average revenue per ton sold is expected to be in the range of $47.15-$48.75.
Adjusted EBITDA is expected to be in the range of $370-$430 million. Capital expenditures are expected to be within $125-$145 million.
Upcoming Coal Releases
Contura Energy is scheduled to report first-quarter 2018 results on May 29. The Zacks Consensus Estimate for the quarter is pegged at $5.37.
Romaco Resources (METC - Free Report) is scheduled to report first-quarter 2018 results on May 9. The Zacks Consensus Estimate for the quarter is pegged at 31 cents.
Natural Resource Partners LP (NRP - Free Report) is scheduled to report first-quarter 2018 results on May 9. The Zacks Consensus Estimate for the quarter is pegged at $1.26.
Zacks Rank
CONSOL Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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