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CNX Resources (CNX) Q1 Earnings & Revenues Miss Estimates

Zacks Equity Research

CNX Resources Corporation CNX reported adjusted earnings of 14 cents per share in first-quarter 2019, lagging the Zacks Consensus Estimate of 21 cents by a whopping 33.3%.

Revenues

Total revenues of $278.4 million in the first quarter missed the Zacks Consensus Estimate of $406 million by 31.4%.

Highlights of the Release

CNX Resources registered a 3% year-over-year increase in gas sales volumes to 133 billion cubic feet equivalent (Bcfe) in the quarter under review. The increase was primarily attributable to higher Marcellus sales volumes.

Since the inception of the current repurchase program in October 2017, the company repurchased nearly 36 million shares for around $518 million, which reduced total shares outstanding by about 15% to 195,467,633.

CNX Resources Corporation. Price, Consensus and EPS Surprise

CNX Resources Corporation. Price, Consensus and EPS Surprise | CNX Resources Corporation. Quote

Financial Update

As of Mar 31, 2019, CNX Resources had cash and cash equivalents of $23.9 million, up from $17.2 million on Dec 31, 2018.

Total long-term debt as of Mar 31, 2019 was $2,430.5 million, higher than $2,378.2 million on Dec 31, 2018.

Cash from operating activities in first-quarter 2019 was $308.6 million, up 18.99% from $259.4 million in the prior-year period.

Capital expenditure during the quarter was $299.1 million, higher than the year-ago level of $232.5 million.

Guidance

CNX Resources reiterated its 2019 capital expenditure guidance in the range of $1,000-$1,080 million. The company expects 2019 production in the range of 495-515 Bcfe, indicating a 5% increase from the 2018 level.

Zacks Rank

CNX Resources currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

Apache Corporation APA is scheduled to report first-quarter 2019 results on May 1. The Zacks Consensus Estimate for the quarter is pegged at 9 cents per share.

Cheniere Energy, Inc. LNG is slated to report first-quarter 2019 results on May 9. The Zacks Consensus Estimate for the quarter to be reported is pegged at 28 cents per share.

California Resources Corporation CRC is expected to announce first-quarter 2019 results on May 2. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 9 cents per share.

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CNX Resources Corporation. (CNX) : Free Stock Analysis Report
 
California Resources Corporation (CRC) : Free Stock Analysis Report
 
Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report
 
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