Consol Posts $104M Profit In 4Q 2010

By Pittsburgh Business Times

Consol Energy Inc. posted net income of $104 million, or 46 cents per share, for the fourth quarter of 2010, down from $143 million, or 78 cents per share, during the same period in 2009.

The Canonsburg-based companyâ¿¿s revenue for the quarter was $1.36 billion, with more than $1 billion coming from coal sales, compared with $1.24 billion in the fourth quarter of 2009.

For the full year, the company posted a profit of $346.78 million, or $1.60 per share, down from $539.7 million, or $2.95 per share, a record, in 2009. Sales were $5.24 billion, up from $4.62 billion in 2009.

The effort to push Appalachian metalurgical coal to international markets, which Consol began last year, is contributing to its bottom line, the firm's President and Chairman Brett Harvey said in the earnings release.

The company (NYSE:CNX) also announced plans to spend $1.4 billion on a capital program in 2011, with $675 million slotted for gas development and $615 million for coal.

"We look forward to continued improvement in the economy in 2011 and expect coal prices to strengthen and our gas division to continue to demonstrate the quality of the asset base that we control," Harvey said in the release.

Copyright 2011 American City Business Journals

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