CONSOL Energy Bucks Lower Coal Prices by Cutting Costs; Q4 Results Beat Expectations (CNX)
Coal producer CONSOL Energy Inc. (CNX) on Thursday posted better-than-expected fourth quarter earnings results, as its low cost structure helped offset weak coal prices and demand.
Investors applauded the results, as shares gained nearly 6% in premarket trading.
The Canonsburg, PA-based company reported fourth quarter net income of $150 million, or 65 cents per share, compared with $196 million, or 85 cents per share, in the year-ago period. Excluding special items, adjusted profit was 43 cents per share.
Revenue fell 10% from last year to $1.39 billion.
On average, Wall Street analysts expected a smaller profit of 24 cents per share, on lower revenue of $1.3 billion.
CONSOL Energy shares rose $1.84, or +5.9%, in premarket trading Thursday.
The Bottom Line
Shares of CNX currently offer a 1.61% dividend yield, based on last night’s closing price of $31.15 and the company’s annualized dividend payout of 50 cents per share.
CONSOL Energy Inc. (CNX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.
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