Consol Energy reports surging Q4 profit
TORONTO (miningweekly.com) – US fossil fuels producer Consol Energy on Friday reported surging fourth-quarter profit, boosted by the “transformative” $3.5-billion deal through which it had sold five West Virginia thermal coal mines.
For the three months ended December 31, Consol reported a profit of $738.2-million, or $3.20 a share, up from $149.9-million, or $0.65 a share, a year earlier. The company reported income of $591.1-million from discontinued operations, up from $42.1-million a year earlier.
Total revenue shrank 12% to $825.2-million, while total costs rose 2.4% to $809.4-million.
Full-year net income jumped 70% to $660.4-million, or $2.87 a share, from $388.5-million, or $1.70 a share, in the prior year.
During a Friday analyst conference call, company executives said they would work to restructure their 150-year-old firm to take advantage of the US natural gas boom, while cutting investment from coal.
Consol last week said it expected to lift its 2014 gas output while keeping coal production steady owing to slumping demand and prices for coal. The company said it would spend three-quarters of its $1.5-billion capital budget on natural gas production in 2014 as the US coal industry comes under increased regulatory pressure.
However, the company on Friday noted that continued cold weather and a rebounding domestic economy could begin to support higher thermal coal prices.
Consol’s NYSE-listed shares traded at $37.99 apiece on Friday, having gained about 20% over the past year.
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