CONSOL Energy Inc. (CEIX) shares surged 5.14% on November 5, 2024, after the coal producer reported impressive third-quarter 2024 results and provided an optimistic outlook for the full year.
For the quarter ended September 30, 2024, CONSOL Energy reported net income of $95.6 million, or $3.22 per diluted share, up from $3.11 per share a year earlier. Total revenue and other income rose to $574.9 million, surpassing analyst estimates. The company's Pennsylvania Mining Complex (PAMC) achieved record production of 7.2 million tons, while the average cash cost of coal sold per ton declined to $35.85, compared to $38.36 in Q3 2023.
CONSOL Energy's solid performance was driven by robust demand for its coal products, both domestically and internationally. The company benefited from higher energy prices and increased coal burn in the Northern Appalachian region. Additionally, the company's crossover metallurgical coal product witnessed strong demand, particularly in China.
Comments