CONSOL Energy Inc Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
CONSOL Energy Inc. Reports Q2 2024 Financial Results
CONSOL Energy Inc. has released its financial results for the fiscal quarter ending June 30, 2024. Below is a detailed summary and analysis based on the provided data and the company's earnings release.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY % Change | QoQ % Change | Consensus Estimates |
|---|---|---|---|---|---|---|
| Total Revenue | $409M | $448M | $541M | -24.40% | -8.70% | $429.9M |
| Earnings Per Share (EPS) | $1.04 | $1.02 | $1.50 | -30.67% | 1.96% | $1.04 |
Interpretation: The company reported total revenue of $409 million for Q2 2024, which signifies a 24.40% decrease year-over-year (YoY) and an 8.70% decrease quarter-over-quarter (QoQ). The revenue fell short of the expected consensus estimate of $429.9 million. Consolidated EPS met the consensus estimate at $1.04, representing a slight QoQ improvement of 1.96% but a 30.67% decline YoY.
Segment Revenue Performance
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Q1 2024 Revenue | YoY % Change | QoQ % Change |
|---|---|---|---|---|---|
| Pennsylvania Mining Complex (PAMC) | $384M | $521M | $417M | -26.29% | -7.92% |
| Itmann Mining Complex | $25M | $20M | $31M | 25.00% | -19.35% |
| CONSOL Marine Terminal | $12M | $31M | $25M | -61.29% | -52.00% |
Interpretation: - PAMC : Revenue decreased by 26.29% YoY, driven by a reduced operating schedule due to infrastructure constraints affecting export capabilities. - Itmann Mining Complex : Revenue increased by 25.00% YoY, reflecting a ramp-up in production but showing a 19.35% decline QoQ due to volatility in coal sales. - CONSOL Marine Terminal : Revenue saw a significant YoY decline of 61.29% and an even larger QoQ decline of 52.00%, heavily impacted by the Francis Scott Key Bridge collapse affecting export logistics.
Dividends and Share Repurchase Program
During Q2 2024, CONSOL Energy repurchased 747,351 shares of common stock at an average price of $89.49 per share. This indicates continued commitment to returning capital to shareholders.
Forward Guidance
The earnings release did not provide forward guidance specifics. The absence of forward guidance adds an element of uncertainty for investors regarding the company’s future performance.
Stock Price Movement
Following the earnings release, CONSOL Energy Inc.'s stock price saw an upward movement of approximately 4.30%.
This summary provides an encapsulated view of CONSOL Energy Inc.'s financial performance during Q2 2024. Markets may find the alignment with EPS estimates reassuring despite a notable decline in revenue and operational challenges.
