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How Did CONSOL Energy Perform in 2Q16?

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CONSOL Energy misses 2Q16 EPS estimates

CONSOL Energy (CNX) announced its 2Q16 earnings on July 26, 2016, before the markets opened. CONSOL Energy reported an adjusted loss of $0.21 per share, $0.04 worse than the Wall Street analyst consensus for a loss of $0.17 per share.

CNX’s 2Q16 EPS (earnings per share) is higher by $0.16 per share when compared with the 2Q15 loss of $0.37 per share. But when compared sequentially with 1Q16, CNX’s 2Q16 EPS is lower by $0.14 per share.

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CONSOL Energy’s 2Q16 revenues miss estimates

For 2Q16, CNX reported adjusted revenues of ~$560 million, ~1% lower than Wall Street analyst consensus for revenues of ~$568 million. CNX’s 2Q16 revenues are lower by ~13% when compared with 2Q15 revenues of ~$645 million. Even when compared sequentially with 1Q16, CNX’s 2Q16 revenues are lower by ~6%.

CONSOL Energy’s earnings trend

As seen in the above chart, CONSOL Energy reported much lower EPS (earnings per share) in 2Q15 due to lower realized natural gas (UNG) prices. In 2Q15, CNX saw its adjusted earnings turn negative for the first time since 3Q13. Since 2013, CNX has beaten the earnings expectations ~36% of the time.

Since 2013, other upstream players like ConocoPhillips (COP), Marathon Oil (MRO), and EOG Resources (EOG) have beat earnings expectations ~64%, ~54%, and ~92% of the time, respectively.

In this series

In this series, we’ll analyze CONSOL Energy’s 2Q16 earnings and revenue performance. We’ll also look at the company’s 2Q16 cash flow, operational performance, Wall Street analyst ratings, price forecasts using implied volatility, and how CONSOL Energy’s stock price reacted to past earnings misses.

In the next article, we’ll take a look at how much cash CONSOL Energy generated in 2Q16.

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