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CNX Coal (CNXC) Misses on Q3 Earnings, Revenues Fall Y/Y
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Thermal coal producer CNX Coal Resources LP’s (CNXC - Free Report) third-quarter 2016 adjusted earnings of 21 cents per unit missed the Zacks Consensus Estimate of 27 cents by 22.22%. Quarterly earnings also plunged 66.1% year over year.
Revenues
CNX Coal’s total revenue plunged 14.3% year over year to $69.8 million. However, reported revenues topped the Zacks Consensus Estimate of $59 million by 18.3%.
The year-over-year decline in the top line was primarily due to the depressed commodity price environment and lower realized prices of coal sold than the year-ago quarter.
Operational Highlights
Average cost of coal sales per ton in the reported quarter was $35.79, down from the year-ago figure of $40.26. The improvement was driven by various cost-reduction measures.
Average realized price per ton of coal in the reported quarter was $44.30, down 22.3%, which offset the improvement in unit costs of coal sold.
The partnership’s adjusted earnings before interest, tax, depreciation & amortization (EBITDA) in the quarter were $19.5 million, down 36.5% from $30.7 million in the prior-year quarter.
Total costs and expenses were $63.4 million, up 1.4% from $62.5 million a year ago, primarily due to an increase in other costs, freight expenses and interest expenses.
As of Sep 30, 2016, CNX Coal had cash of $6.3 million, down from $6.5 million as of Dec 31, 2015.
Total long-term debts as of Sep 30, 2016 were $204.8 million, higher than $181 million as of Dec 31, 2015.
Cash from operating activities for the third quarter was $22.5 million, compared with an outflow of $0.71 million in the year-ago quarter.
Capital expenditure in the reported quarter was $3.1 million, lower than the year-ago level of $8.7 million.
Cash Distribution Update
CNX Coal announced third-quarter 2016 cash distribution of 51.25 cents per limited partner unit. The amount will be paid on Nov 15, 2016 to unitholders of record as of Nov 10.
Guidance
CNX Coal has provided its guidance for 2016. Coal sales are estimated to be 5.9–6.1 million tons. While adjusted EBITDA is expected to be $74–$82 million, maintenance capital expenditure is projected in the range of $15–$19 million.
Peer Releases
Alliance Resource Partners LP (ARLP - Free Report) reported third-quarter 2016 adjusted earnings of 91 cents per share, outpacing the Zacks Consensus Estimate of 80 cents by 13.75%. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cloud Peak Energy Inc. reported third-quarter 2016 adjusted earnings of 6 cents per share, while the Zacks Consensus Estimate was a loss of 12 cents. The stock carries a Zacks Rank #1.
SunCoke Energy Inc. (SXC - Free Report) reported third-quarter 2016 adjusted earnings of 7 cents per share, whereas the Zacks Consensus Estimate stood at a loss of 9 cents. The stock has a Zacks Rank #1.
Zacks Rank
CNX Coal currently sports a Zacks Rank #1.
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CNX Coal (CNXC) Misses on Q3 Earnings, Revenues Fall Y/Y
Thermal coal producer CNX Coal Resources LP’s (CNXC - Free Report) third-quarter 2016 adjusted earnings of 21 cents per unit missed the Zacks Consensus Estimate of 27 cents by 22.22%. Quarterly earnings also plunged 66.1% year over year.
Revenues
CNX Coal’s total revenue plunged 14.3% year over year to $69.8 million. However, reported revenues topped the Zacks Consensus Estimate of $59 million by 18.3%.
The year-over-year decline in the top line was primarily due to the depressed commodity price environment and lower realized prices of coal sold than the year-ago quarter.
Operational Highlights
Average cost of coal sales per ton in the reported quarter was $35.79, down from the year-ago figure of $40.26. The improvement was driven by various cost-reduction measures.
Average realized price per ton of coal in the reported quarter was $44.30, down 22.3%, which offset the improvement in unit costs of coal sold.
The partnership’s adjusted earnings before interest, tax, depreciation & amortization (EBITDA) in the quarter were $19.5 million, down 36.5% from $30.7 million in the prior-year quarter.
Total costs and expenses were $63.4 million, up 1.4% from $62.5 million a year ago, primarily due to an increase in other costs, freight expenses and interest expenses.
CNX COAL RESRCS Price, Consensus and EPS Surprise
CNX COAL RESRCS Price, Consensus and EPS Surprise | CNX COAL RESRCS Quote
Financial Update
As of Sep 30, 2016, CNX Coal had cash of $6.3 million, down from $6.5 million as of Dec 31, 2015.
Total long-term debts as of Sep 30, 2016 were $204.8 million, higher than $181 million as of Dec 31, 2015.
Cash from operating activities for the third quarter was $22.5 million, compared with an outflow of $0.71 million in the year-ago quarter.
Capital expenditure in the reported quarter was $3.1 million, lower than the year-ago level of $8.7 million.
Cash Distribution Update
CNX Coal announced third-quarter 2016 cash distribution of 51.25 cents per limited partner unit. The amount will be paid on Nov 15, 2016 to unitholders of record as of Nov 10.
Guidance
CNX Coal has provided its guidance for 2016. Coal sales are estimated to be 5.9–6.1 million tons. While adjusted EBITDA is expected to be $74–$82 million, maintenance capital expenditure is projected in the range of $15–$19 million.
Peer Releases
Alliance Resource Partners LP (ARLP - Free Report) reported third-quarter 2016 adjusted earnings of 91 cents per share, outpacing the Zacks Consensus Estimate of 80 cents by 13.75%. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cloud Peak Energy Inc. reported third-quarter 2016 adjusted earnings of 6 cents per share, while the Zacks Consensus Estimate was a loss of 12 cents. The stock carries a Zacks Rank #1.
SunCoke Energy Inc. (SXC - Free Report) reported third-quarter 2016 adjusted earnings of 7 cents per share, whereas the Zacks Consensus Estimate stood at a loss of 9 cents. The stock has a Zacks Rank #1.
Zacks Rank
CNX Coal currently sports a Zacks Rank #1.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>