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CNX Resources (CNX) Q4 Earnings Beat Estimates, Revenues Lag
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CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2023 operating earnings of 68 cents per share, which beat the Zacks Consensus Estimate of 27 cents by 151.9%. In the year-ago quarter, the company reported earnings of $1.64 per share.
Revenues
Fourth-quarter revenues of $376 million missed the Zacks Consensus Estimate of $391 million by 3.8%. The top line also decreased 9.6% from the prior-year quarter’s level of $416 million.
CNX Resources Corporation. Price, Consensus and EPS Surprise
The average selling price in the quarter was $2.57 per thousand cubic feet equivalent (Mcfe), down 13.2% from the year-ago figure of $2.96. Total production cost was $1.58 per Mcfe, down 5.4% year over year.
Total production volumes were 146.9 billion cubic feet equivalent (Bcfe), up 4.5% year over year. The Zacks Consensus Estimate for total production volumes was pinned at 141.1 Bcfe for the same quarter.
Interest expenses totaled $37.3 million, up 6% year over year.
CNX Resources repurchased 5.3 million shares at an average price of $21.41 per share for a total cost of $113 million. Over the past 13 quarters, CNX repurchased approximately 33% of its outstanding shares.
The company has reduced its adjusted net debt by $331 million since third-quarter 2020.
Financial Update
As of Dec 31, 2023, CNX Resources had cash and cash equivalents of $0.4 million compared with $21.3 million as of Dec 31, 2022.
Long-term debt as of Dec 31, 2023, was $1,888.7 million, lower than $2,205.7 million recorded as of Dec 31, 2022.
Cash from operating activities totaled $161.1 million compared with $442.3 million in the year-ago period. Free cash flow in the reported quarter amounted to $62 million.
Capital expenditure totaled $107.7 million compared with $173.2 million recorded in the year-ago period.
Guidance
CNX Resources continues to expect 2024 total capital expenditure in the range of $575-$625 million.
It expects production volume in the band of 570-590 Bcfe for 2024.
The company expects free cash flow of $300 million for 2024.
Adjusted EBITDAX is anticipated in the band of $1,000-$1,150 million for the same year.
Energy Transfer (ET - Free Report) is slated to report fourth-quarter results on Feb 14, after market close. The Zacks Consensus Estimate for earnings is pegged at 29 cents per unit.
The Zacks Consensus Estimate for sales is pinned at $23.6 billion, implying a year-over-year increase of 15%.
ONEOK, Inc. (OKE - Free Report) is slated to report fourth-quarter results on Feb 26, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.16 per share, implying a year-over-year increase of 7.4%.
OKE’s long-term (three to five years) earnings growth rate is 7.64%. It delivered an average earnings surprise of 6% in the last four quarters.
Devon Energy (DVN - Free Report) is scheduled to report fourth-quarter results on Feb 27, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.38 per share.
DVN’s long-term earnings growth rate is 51.35%. The company delivered an average earnings surprise of 1.6% in the last four quarters.
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CNX Resources (CNX) Q4 Earnings Beat Estimates, Revenues Lag
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2023 operating earnings of 68 cents per share, which beat the Zacks Consensus Estimate of 27 cents by 151.9%. In the year-ago quarter, the company reported earnings of $1.64 per share.
Revenues
Fourth-quarter revenues of $376 million missed the Zacks Consensus Estimate of $391 million by 3.8%. The top line also decreased 9.6% from the prior-year quarter’s level of $416 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 $2.57 per thousand cubic feet equivalent (Mcfe), down 13.2% from the year-ago figure of $2.96. Total production cost was $1.58 per Mcfe, down 5.4% year over year.
Total production volumes were 146.9 billion cubic feet equivalent (Bcfe), up 4.5% year over year. The Zacks Consensus Estimate for total production volumes was pinned at 141.1 Bcfe for the same quarter.
Interest expenses totaled $37.3 million, up 6% year over year.
CNX Resources repurchased 5.3 million shares at an average price of $21.41 per share for a total cost of $113 million. Over the past 13 quarters, CNX repurchased approximately 33% of its outstanding shares.
The company has reduced its adjusted net debt by $331 million since third-quarter 2020.
Financial Update
As of Dec 31, 2023, CNX Resources had cash and cash equivalents of $0.4 million compared with $21.3 million as of Dec 31, 2022.
Long-term debt as of Dec 31, 2023, was $1,888.7 million, lower than $2,205.7 million recorded as of Dec 31, 2022.
Cash from operating activities totaled $161.1 million compared with $442.3 million in the year-ago period. Free cash flow in the reported quarter amounted to $62 million.
Capital expenditure totaled $107.7 million compared with $173.2 million recorded in the year-ago period.
Guidance
CNX Resources continues to expect 2024 total capital expenditure in the range of $575-$625 million.
It expects production volume in the band of 570-590 Bcfe for 2024.
The company expects free cash flow of $300 million for 2024.
Adjusted EBITDAX is anticipated in the band of $1,000-$1,150 million for the same year.
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
Energy Transfer (ET - Free Report) is slated to report fourth-quarter results on Feb 14, after market close. The Zacks Consensus Estimate for earnings is pegged at 29 cents per unit.
The Zacks Consensus Estimate for sales is pinned at $23.6 billion, implying a year-over-year increase of 15%.
ONEOK, Inc. (OKE - Free Report) is slated to report fourth-quarter results on Feb 26, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.16 per share, implying a year-over-year increase of 7.4%.
OKE’s long-term (three to five years) earnings growth rate is 7.64%. It delivered an average earnings surprise of 6% in the last four quarters.
Devon Energy (DVN - Free Report) is scheduled to report fourth-quarter results on Feb 27, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.38 per share.
DVN’s long-term earnings growth rate is 51.35%. The company delivered an average earnings surprise of 1.6% in the last four quarters.