CONSOL Energy announces ‘robust’ financial and operational results for 3Q24

3Q24 highlights include:

• GAAP net income of US$95.6 million and GAAP dilutive earnings per share of US$3.22.
• Quarterly adjusted EBITDA of US$179.2 million.
• Net cash provided by operating activities of US$161.3 million.
• Quarterly free cash flow of US$121.8 million.
• Total revenue and other income of US$574.9 million.
• Announced dividend of US$0.25/share, payable on 26 November 2024.
• Pennsylvania Mining Complex (PAMC) produced 7.2 million t.
• CONSOL Marine Terminal (CMT) shipped 4.7 million t.
• Merger with Arch Resources continues to progress as expected with closing anticipated by the end of 1Q25.

Jimmy Brock, Chairman and CEO of CONSOL Energy Inc., comments:

“During 3Q24, the CONSOL team achieved robust financial and operational results, despite a longwall move at the PAMC and an annual planned maintenance shutdown.

“With the CONSOL Marine Terminal rebounding from the impact of the Francis Scott Key Bridge collapse, which occurred on 26 March 2024, and affected much of 2Q24, the PAMC team delivered a strong production quarter in 3Q24, mining 7.2 million t, which was a third quarter record for the complex. As a result, we finished the quarter with approximately US$179 million of adjusted EBITDA and US$122 million of free cash flow, and we increased our cash and cash equivalents by US$116 million since 30 June 2024. The merger with Arch Resources continues to move forward and progress as expected, with closing still anticipated to occur by the end of 1Q25. Consistent with the capital return framework outlined in the merger agreement, we announced a US$0.25 per share dividend, which will be payable on 26 November 2024.

“On the safety front, the Bailey Preparation Plant and Itmann Preparation Plant each had zero employee recordable incidents in 3Q24, and our year-to-date employee total recordable incident rate across our coal mining segment remained well below the national average for underground bituminous coal mines.”

Read the article online at: https://www.worldcoal.com/mining/18112024/consol-energy-announces-robust-financial-and-operational-results-for-3q24/