Consol Energy Reports Higher 1Q Profit

TIM HUBER

CHARLESTON, W.Va. (AP) — Coal producer Consol Energy Inc. said Thursday its first-quarter earnings more than doubled on higher prices and increased natural gas output, though it further trimmed 2009 coal production plans.

The earnings beat Wall Street expectations, and its shares rose more than 12 percent.

Canonsburg, Pa.-based Consol said it earned $195.8 million, or $1.08 per share, in the first three months of the year. Consol earned $75.1 million, or 41 cents a share, in the same period last year. Revenue increased 19 percent to $1.22 billion, compared with $1.03 billion in first-quarter 2007.

Analysts surveyed by Thomson Reuters, on average, expected 93 cents per share on revenue of $1.24 billion.

Shares of Consol jumped $3.28, or 12.7 percent, to $29.18 in Thursday trading. The stock has ranged from $18.50 to $119.10 over the past year.

Consol continued to benefit from 2009 delivery contracts signed when prices were high last summer. The company said it realized an average price of $59.63 a ton during the quarter, up 26.9 percent from first-quarter 2007.