Higher Coal Prices Boost Consol’s 3Q08 Profit to $90.1 Million Despite Lower Production, an Industrial Info News Alert
Researched by Industrial Info Resources (Sugar Land, Texas) — Consol Energy Incorporated (NYSE:CNX) (Canonsburg, Pennsylvania) has reported a third-quarter 2008 profit of $90.1 million, up from a $5.4 million deficit in the same period last year. The increase is attributed to higher coal prices, totaling $751 million in sales compared with $615 million year over year. The average price of coal was $51.07 per ton for the third quarter, up $10.79 per ton, or 27%, over last year. “From an earnings standpoint, this is the best third quarter we have had in 15 years,” said William Lyons, Executive Vice President and Chief Financial Officer. Industrial Info is tracking five projects worth $353 million involving Consol, including a $100 million expansion at the Buchanan mine, which resumed operation this year after shutting down in mid-2007 from roof collapses.
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SOURCE: Industrial Info Resources