CONSOL Energy Reports Strong Financial and Operational Performance in Third Quarter 2024

CONSOL Energy Inc. (NYSE: CEIX) has recently disclosed its financial and operational results for the third quarter ending September 30, 2024. In this period, the company showcased robust performance, with GAAP net income amounting to $95.6 million and GAAP dilutive earnings per share of $3.22. Key highlights from the quarter include quarterly adjusted EBITDA of $179.2 million, net cash provided by operating activities totaling $161.3 million, and quarterly free cash flow amounting to $121.8 million. The total revenue and other income reported by CONSOL Energy stood at $574.9 million.

The Pennsylvania Mining Complex (PAMC) emerged as a significant player during this quarter, achieving record production levels with 7.2 million tons mined. Moreover, the CONSOL Marine Terminal (CMT) successfully shipped 4.7 million tons, contributing to the company’s strong performance. The planned merger with Arch Resources remains on track, with an anticipated closing by the end of the first quarter of 2025.

According to Jimmy Brock, Chairman and CEO of CONSOL Energy, “Despite operational challenges such as a longwall move at the PAMC and a maintenance shutdown, we achieved commendable financial results. Our teams have worked diligently to meet market demands, resulting in increased adjusted EBITDA and free cash flow, with a rise in cash equivalents by $116 million since June 30, 2024.”

Safety remained a top priority for CONSOL Energy, as reflected in the absence of employee recordable incidents at the Bailey Preparation Plant and Itmann Preparation Plant during the quarter. The company’s coal mining segment’s year-to-date total recordable incident rate stayed well below the national average for underground bituminous coal mines.

Looking ahead, CONSOL Energy provided its outlook for full fiscal year 2024. The guidance includes expected PAMC coal sales volume of 25.0-26.0 million tons and an average coal revenue per ton sold expectation of $64.50-$66.00. The company estimates total capital expenditures to range between $165 million and $190 million.

In terms of shareholder returns, CONSOL Energy declared a dividend of $0.25 per share, totaling approximately $7.3 million, payable on November 26, 2024, to shareholders on record as of November 15, 2024.

CONSOL Energy invites interested parties to join the upcoming conference call and webcast scheduled for November 5, 2024, at 10:00 AM Eastern Time. During this event, management will discuss the financial and operational results for the third quarter of 2024.

Investors seeking detailed financial information can refer to CONSOL Energy’s Form 10-Q, which will be filed with the Securities and Exchange Commission on November 5, 2024. Additional information can be found on the company’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CONSOL Energy’s 8K filing here.

About CONSOL Energy

CONSOL Energy Inc, together with its subsidiaries, produces and sells bituminous coal in the United States and internationally. It operates through two segments, Pennsylvania Mining Complex (PAMC) and CONSOL Marine Terminal. The company's PAMC segment engages in the mining, preparing, and marketing of bituminous coal to power generators, industrial end-users, and metallurgical end-users.