CNX Resources Corporation (CNX - Free Report) delivered adjusted earnings of 42 cents per share in second-quarter 2018, substantially beating the Zacks Consensus Estimate of 12 cents by 250%. Also, the bottom line skyrocketed 147.1% year over year.
CNX Resources’ total revenues of $402.1 million in the second quarter surpassed the Zacks Consensus Estimate of $383 million by 5%.
The top line was higher than the year-ago quarterly figure by 8.4%. This significant year-over-year growth was owing to higher contribution from Natural Gas, driven primarily by a considerable increase in Utica Shale volumes.
Highlights of the Release
CNX Resources registered a 33% year-over-year expansion in gas sales volumes to 122.6 billion cubic feet equivalent (Bcfe) in the quarter under review. The surge was primarily attributable to higher Utica Shale volumes.
The average sales price of $2.87 per thousand cubic feet gas equivalent (Mcfe), when combined with unit cost of $2 per Mcfe, resulted in a margin of 87 cents per Mcfe. This marked an increase from the year-earlier quarter due to improvement in average sales price and decline in total production costs.
In the reported quarter, the company bought back 5.3 million shares.
CNX Resources Corporation. Price, Consensus and EPS Surprise