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CNX Coal (CNXC) Misses Q4 Earnings, Issues 2017 Outlook
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Thermal coal producer CNX Coal Resources LP’s (CNXC - Free Report) fourth-quarter 2016 adjusted earnings of 41 cents per unit missed the Zacks Consensus Estimate of 59 cents by 30.5%. However, quarterly earnings were up 10.8% year over year.
Adjusted earnings for the full year came in at 83 cents, lagging the Zacks Consensus Estimate of $1.02 and the year-ago tally of 99 cents by 18.6% and 16.2%, respectively.
Revenues
CNX Coal’s total revenue surged 24% year over year to $84.3 million from the year-ago figure of around $68 million. Reported revenues also topped the Zacks Consensus Estimate of $78 million by 8.1%.
The year-over-year upside was primarily driven by an increase in coal revenues, freight revenues and other income.
Full-year revenues amounted to $281.1 million, down 14% year over year.
Operational Highlights
Average cost of coal sales per ton in the reported quarter was $33.90, down 14.6% from the year-ago figure of $39.70. The improvement was driven by various cost-reduction measures.
Average realized price per ton of coal in the reported quarter was $45.05, down 14.3% on account of higher priced coal contracts being rolled off and replaced by lower priced sales.
The partnership’s adjusted earnings before interest, tax, depreciation & amortization (EBITDA) in the quarter were $25.1 million, up 7.3% from $23.4 million in the prior-year quarter.
Total costs and expenses were $72.6 million, up 28.5% from $56.5 million a year ago.
CNX Coal Resources LP Price, Consensus and EPS Surprise
As of Dec 31, 2016, CNX Coal had cash of $9.8 million, up from $6.5 million as of Dec 31, 2015.
Total long-term debt as of Dec 31, 2016 was $198 million, higher than $181 million as of Dec 31, 2015.
Cash from operating activities for the fourth quarter was $25.8 million, down 12.2% $29.4 million in the year-ago quarter.
Capital expenditure in the reported quarter was $3.1 million, lower than the year-ago level of $8.4 million.
Cash Distribution Update
CNX Coal announced fourth-quarter 2016 cash distribution of 51.25 cents per limited partner unit. The amount will be paid on Feb 15, 2017 to unitholders of record as of Feb 9.
Guidance
CNX Coal also issued its guidance for 2017. Coal sales are estimated to be 6.25–6.75 million tons. Adjusted EBITDA is expected to be $90–$110 million, while maintenance capital expenditure is projected in the range of $30–$36 million.
Peer Releases
Alliance Resource Partners LP (ARLP - Free Report) reported fourth-quarter 2016 adjusted earnings of $1.30 per share, outpacing the Zacks Consensus Estimate of 86 cents by 51.2%. The stock sports a Zacks Rank #1 (Strong Buy).
SunCoke Energy Inc. (SXC - Free Report) reported fourth-quarter 2016 adjusted earnings of 26 cents per share, missing the Zacks Consensus Estimate of 44 cents by 40.9%. The stock carries a Zacks Rank #4 (Sell).
An Upcoming Peer Release
Cloud Peak Energy Inc. is scheduled to report fourth-quarter 2016 results on Feb 15. The Zacks Consensus Estimate stands at a loss of 5 cents. The stock carries a Zacks Rank #4.
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CNX Coal (CNXC) Misses Q4 Earnings, Issues 2017 Outlook
Thermal coal producer CNX Coal Resources LP’s (CNXC - Free Report) fourth-quarter 2016 adjusted earnings of 41 cents per unit missed the Zacks Consensus Estimate of 59 cents by 30.5%. However, quarterly earnings were up 10.8% year over year.
Adjusted earnings for the full year came in at 83 cents, lagging the Zacks Consensus Estimate of $1.02 and the year-ago tally of 99 cents by 18.6% and 16.2%, respectively.
Revenues
CNX Coal’s total revenue surged 24% year over year to $84.3 million from the year-ago figure of around $68 million. Reported revenues also topped the Zacks Consensus Estimate of $78 million by 8.1%.
The year-over-year upside was primarily driven by an increase in coal revenues, freight revenues and other income.
Full-year revenues amounted to $281.1 million, down 14% year over year.
Operational Highlights
Average cost of coal sales per ton in the reported quarter was $33.90, down 14.6% from the year-ago figure of $39.70. The improvement was driven by various cost-reduction measures.
Average realized price per ton of coal in the reported quarter was $45.05, down 14.3% on account of higher priced coal contracts being rolled off and replaced by lower priced sales.
The partnership’s adjusted earnings before interest, tax, depreciation & amortization (EBITDA) in the quarter were $25.1 million, up 7.3% from $23.4 million in the prior-year quarter.
Total costs and expenses were $72.6 million, up 28.5% from $56.5 million a year ago.
CNX Coal Resources LP Price, Consensus and EPS Surprise
CNX Coal Resources LP Price, Consensus and EPS Surprise | CNX Coal Resources LP Quote
Financial Update
As of Dec 31, 2016, CNX Coal had cash of $9.8 million, up from $6.5 million as of Dec 31, 2015.
Total long-term debt as of Dec 31, 2016 was $198 million, higher than $181 million as of Dec 31, 2015.
Cash from operating activities for the fourth quarter was $25.8 million, down 12.2% $29.4 million in the year-ago quarter.
Capital expenditure in the reported quarter was $3.1 million, lower than the year-ago level of $8.4 million.
Cash Distribution Update
CNX Coal announced fourth-quarter 2016 cash distribution of 51.25 cents per limited partner unit. The amount will be paid on Feb 15, 2017 to unitholders of record as of Feb 9.
Guidance
CNX Coal also issued its guidance for 2017. Coal sales are estimated to be 6.25–6.75 million tons. Adjusted EBITDA is expected to be $90–$110 million, while maintenance capital expenditure is projected in the range of $30–$36 million.
Peer Releases
Alliance Resource Partners LP (ARLP - Free Report) reported fourth-quarter 2016 adjusted earnings of $1.30 per share, outpacing the Zacks Consensus Estimate of 86 cents by 51.2%. The stock sports a Zacks Rank #1 (Strong Buy).
SunCoke Energy Inc. (SXC - Free Report) reported fourth-quarter 2016 adjusted earnings of 26 cents per share, missing the Zacks Consensus Estimate of 44 cents by 40.9%. The stock carries a Zacks Rank #4 (Sell).
An Upcoming Peer Release
Cloud Peak Energy Inc. is scheduled to report fourth-quarter 2016 results on Feb 15. The Zacks Consensus Estimate stands at a loss of 5 cents. The stock carries a Zacks Rank #4.
Zacks Rank
CNX Coal currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>