We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
CNX Resources (CNX) Q1 Earnings & Revenues Miss Estimates
Read MoreHide Full Article
CNX Resources Corporation (CNX - Free Report) reported adjusted earnings of 14 cents per share in first-quarter 2019, lagging the Zacks Consensus Estimate of 21 cents by a whopping 33.3%.
Revenues
Total revenues of $278.4 million in the first quarter missed the Zacks Consensus Estimate of $406 million by 31.4%.
Highlights of the Release
CNX Resources registered a 3% year-over-year increase in gas sales volumes to 133 billion cubic feet equivalent (Bcfe) in the quarter under review. The increase was primarily attributable to higher Marcellus sales volumes.
Since the inception of the current repurchase program in October 2017, the company repurchased nearly 36 million shares for around $518 million, which reduced total shares outstanding by about 15% to 195,467,633.
CNX Resources Corporation. Price, Consensus and EPS Surprise
As of Mar 31, 2019, CNX Resources had cash and cash equivalents of $23.9 million, up from $17.2 million on Dec 31, 2018.
Total long-term debt as of Mar 31, 2019 was $2,430.5 million, higher than $2,378.2 million on Dec 31, 2018.
Cash from operating activities in first-quarter 2019 was $308.6 million, up 18.99% from $259.4 million in the prior-year period.
Capital expenditure during the quarter was $299.1 million, higher than the year-ago level of $232.5 million.
Guidance
CNX Resources reiterated its 2019 capital expenditure guidance in the range of $1,000-$1,080 million. The company expects 2019 production in the range of 495-515 Bcfe, indicating a 5% increase from the 2018 level.
Apache Corporation (APA - Free Report) is scheduled to report first-quarter 2019 results on May 1. The Zacks Consensus Estimate for the quarter is pegged at 9 cents per share.
Cheniere Energy, Inc. (LNG - Free Report) is slated to report first-quarter 2019 results on May 9. The Zacks Consensus Estimate for the quarter to be reported is pegged at 28 cents per share.
California Resources Corporation (CRC - Free Report) is expected to announce first-quarter 2019 results on May 2. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 9 cents per share.
Is Your Investment Advisor Fumbling Your Financial Future?
See how you can more effectively safeguard your retirement with a new Special Report, “4 Warning Signs Your Investment Advisor Might Be Sabotaging Your Financial Future.”
Image: Bigstock
CNX Resources (CNX) Q1 Earnings & Revenues Miss Estimates
CNX Resources Corporation (CNX - Free Report) reported adjusted earnings of 14 cents per share in first-quarter 2019, lagging the Zacks Consensus Estimate of 21 cents by a whopping 33.3%.
Revenues
Total revenues of $278.4 million in the first quarter missed the Zacks Consensus Estimate of $406 million by 31.4%.
Highlights of the Release
CNX Resources registered a 3% year-over-year increase in gas sales volumes to 133 billion cubic feet equivalent (Bcfe) in the quarter under review. The increase was primarily attributable to higher Marcellus sales volumes.
Since the inception of the current repurchase program in October 2017, the company repurchased nearly 36 million shares for around $518 million, which reduced total shares outstanding by about 15% to 195,467,633.
CNX Resources Corporation. Price, Consensus and EPS Surprise
CNX Resources Corporation. Price, Consensus and EPS Surprise | CNX Resources Corporation. Quote
Financial Update
As of Mar 31, 2019, CNX Resources had cash and cash equivalents of $23.9 million, up from $17.2 million on Dec 31, 2018.
Total long-term debt as of Mar 31, 2019 was $2,430.5 million, higher than $2,378.2 million on Dec 31, 2018.
Cash from operating activities in first-quarter 2019 was $308.6 million, up 18.99% from $259.4 million in the prior-year period.
Capital expenditure during the quarter was $299.1 million, higher than the year-ago level of $232.5 million.
Guidance
CNX Resources reiterated its 2019 capital expenditure guidance in the range of $1,000-$1,080 million. The company expects 2019 production in the range of 495-515 Bcfe, indicating a 5% increase from the 2018 level.
Zacks Rank
CNX Resources currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Apache Corporation (APA - Free Report) is scheduled to report first-quarter 2019 results on May 1. The Zacks Consensus Estimate for the quarter is pegged at 9 cents per share.
Cheniere Energy, Inc. (LNG - Free Report) is slated to report first-quarter 2019 results on May 9. The Zacks Consensus Estimate for the quarter to be reported is pegged at 28 cents per share.
California Resources Corporation (CRC - Free Report) is expected to announce first-quarter 2019 results on May 2. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 9 cents per share.
Is Your Investment Advisor Fumbling Your Financial Future?
See how you can more effectively safeguard your retirement with a new Special Report, “4 Warning Signs Your Investment Advisor Might Be Sabotaging Your Financial Future.”
Click to get it free >>