This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Consol Income Falls 23 Percent On Lower Coal Sales

PITTSBURGH (AP) â¿¿ Consol Energy Inc. said Thursday that its net income dropped 23 percent in the fourth quarter on lower sales and prices of some kinds of coal.

Consol said earlier this month that it would concentrate on gas operations in the future and will not invest as much in coal. It said coal sales volumes fell by 500,000 tons compared to the fourth quarter of 2011, and prices for low- and high-volatility coal decreased. Thermal coal sales and prices improved.

The company reported a $328 million payment from partner Noble Energy, and recorded one-time gains after selling off some assets.

Net income fell to $149.9 million, or 65 cents per share, from $195.6 million, or 85 cents per share, a year ago. The results included a gain of $90 million, or 26 cents per share, from an asset sale and a severance charge that reduced its income by $13 million, or 4 cents per share. Revenue fell 10 percent, to $1.39 billion.

Analysts expected net income of 24 cents per share on $1.27 billion in revenue, according to FactSet.

Demand for coal has dropped partly because of low natural gas prices. Some utilities are using more natural gas, instead of coal, to generate electricity. In addition mild weather so far this winter has reduced demand for heating in homes and businesses.

Consol sold $350 million in "non-producing assets" in 2012. Those assets included coal reserves or resources in Central Appalachia, the Great Plains, and Western Canada. It expects to sell more assets in 2013. Consol also says it won't invest much in coal beyond maintaining existing projects and does not plan to invest in new coal growth projects once it completes its BMX mine. The mine is expected to be finished in the first quarter of 2014.

Net income fell 39 percent in 2012, to $388.5 million, or $1.70 per share, from $632.5 million, or $2.76 per share. Revenue fell 11 percent, to $5.43 billion.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,079.95 +49.74 0.28%
S&P 500 2,091.58 +9.70 0.47%
NASDAQ 4,798.9260 +25.4540 0.53%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs