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 Beat, Sales Miss Estimates
Read MoreHide Full Article
CNX Resources Corporation (CNX - Free Report) reported first-quarter 2023 operating earnings of 56 cents per share, beating the Zacks Consensus Estimate of 44 cents by 27.3%. In the year-ago quarter, CNX Resources reported earnings of 79 cents per share.
Revenues
CNX Resources’ first-quarter revenues of $395 million missed the Zacks Consensus Estimate of $441 million by 10.4%. Total revenues in the reported quarter decreased 16.7% year over year from the prior quarter’s $474 million.
CNX Resources Corporation. Price, Consensus and EPS Surprise
The average selling price in the quarter was $2.9 per thousand cubic feet equivalent (Mcfe), down 8.3% from the year-ago figure of $3.14. In the reported quarter, total production cost was $1.66 per Mcfe, up 9.2% year-over-year.
Total first-quarter production volumes were 135.9 billion cubic feet equivalent (Bcfe), down 9.9% year over year. Interest expenses in the reported quarter were $35.8 million, up 32.1%.
CNX Resources repurchased 5.9 million shares during the quarter. Due to the systematic buyback of shares, the company repurchased nearly 28% of its outstanding shares, or 62.2 million shares for $868 million, in the last ten quarters.
The company has reduced adjusted net debt by $345 million since third-quarter 2020.
Financial Update
As of Mar 31, 2023, CNX Resources had cash and cash equivalents of $2.8 million, down from $21.3 million on Dec 31, 2022.
Long-term debt as of Mar 31, 2023, was $2,203.1 million, lower than $2,205.7 million as of Dec 31, 2022.
First-quarter 2023 cash from operating activities was $248.8 million, down 26.1% from $336.4 million in the year-ago period. Free cash flow in the reported quarter was $89 million.
First-quarter capital expenditure was $170.1 million, higher than $122.3 million invested in the year-ago period.
Guidance
CNX Resources reiterates its 2023 total capital expenditure to be in the range of $575-$675 million. CNX expects its 2023 production volume to be in the band of 555-575 Bcfe, and its 2024 production volume to be nearly 590 Bcfe.
CNX Resources expects its 2023 free cash flow to be $375 million.
Its 2023 adjusted EBITDAX is expected to be in the range of $950-$1,050 million.
Zacks Rank
CNX Resources currently has a Zacks Rank #3 (Hold).
APA Corporation (APA - Free Report) is slated to report its first-quarter results on May 4, before market open. The Zacks Consensus Estimate for first-quarter earnings is pegged at 97 cents per share, implying a year-over-year decline of 49.5%. Long-term (three to five years) earnings growth is currently pegged at 2.4%.
Devon Energy (DVN - Free Report) is scheduled to report its first-quarter results on May 8, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1.42 per share, indicating a year-over-year decrease of 24.5%. Long-term earnings growth is currently pegged at 51.4%.
Occidental Petroleum Corporation (OXY - Free Report) is slated to report its first-quarter results on May 15, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1.30 per share, implying a year-over-year decline of 38.7%. Long-term earnings growth is currently pegged at 21.99%.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
CNX Resources (CNX) Q1 Earnings Beat, Sales Miss Estimates
CNX Resources Corporation (CNX - Free Report) reported first-quarter 2023 operating earnings of 56 cents per share, beating the Zacks Consensus Estimate of 44 cents by 27.3%. In the year-ago quarter, CNX Resources reported earnings of 79 cents per share.
Revenues
CNX Resources’ first-quarter revenues of $395 million missed the Zacks Consensus Estimate of $441 million by 10.4%. Total revenues in the reported quarter decreased 16.7% year over year from the prior quarter’s $474 million.
CNX Resources Corporation. Price, Consensus and EPS Surprise
CNX Resources Corporation. price-consensus-eps-surprise-chart | CNX Resources Corporation. Quote
Highlights of the Release
The average selling price in the quarter was $2.9 per thousand cubic feet equivalent (Mcfe), down 8.3% from the year-ago figure of $3.14. In the reported quarter, total production cost was $1.66 per Mcfe, up 9.2% year-over-year.
Total first-quarter production volumes were 135.9 billion cubic feet equivalent (Bcfe), down 9.9% year over year. Interest expenses in the reported quarter were $35.8 million, up 32.1%.
CNX Resources repurchased 5.9 million shares during the quarter. Due to the systematic buyback of shares, the company repurchased nearly 28% of its outstanding shares, or 62.2 million shares for $868 million, in the last ten quarters.
The company has reduced adjusted net debt by $345 million since third-quarter 2020.
Financial Update
As of Mar 31, 2023, CNX Resources had cash and cash equivalents of $2.8 million, down from $21.3 million on Dec 31, 2022.
Long-term debt as of Mar 31, 2023, was $2,203.1 million, lower than $2,205.7 million as of Dec 31, 2022.
First-quarter 2023 cash from operating activities was $248.8 million, down 26.1% from $336.4 million in the year-ago period. Free cash flow in the reported quarter was $89 million.
First-quarter capital expenditure was $170.1 million, higher than $122.3 million invested in the year-ago period.
Guidance
CNX Resources reiterates its 2023 total capital expenditure to be in the range of $575-$675 million. CNX expects its 2023 production volume to be in the band of 555-575 Bcfe, and its 2024 production volume to be nearly 590 Bcfe.
CNX Resources expects its 2023 free cash flow to be $375 million.
Its 2023 adjusted EBITDAX is expected to be in the range of $950-$1,050 million.
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
APA Corporation (APA - Free Report) is slated to report its first-quarter results on May 4, before market open. The Zacks Consensus Estimate for first-quarter earnings is pegged at 97 cents per share, implying a year-over-year decline of 49.5%. Long-term (three to five years) earnings growth is currently pegged at 2.4%.
Devon Energy (DVN - Free Report) is scheduled to report its first-quarter results on May 8, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1.42 per share, indicating a year-over-year decrease of 24.5%. Long-term earnings growth is currently pegged at 51.4%.
Occidental Petroleum Corporation (OXY - Free Report) is slated to report its first-quarter results on May 15, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1.30 per share, implying a year-over-year decline of 38.7%. Long-term earnings growth is currently pegged at 21.99%.