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.
For details, view the entire article by subscribing to Industrial Info’s Premium Industry News at http://www.industrialinfo.com/showNews.jsp?newsitemID=140554, or browse other breaking industrial news stories at www.industrialinfo.com.
Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services. For more information send inquiries to firstname.lastname@example.org or visit us at www.industrialinfo.com.
Related News Articles
Credit Markets Claim Synthesis Energy’s $800 Million West Virginia Synthetic Gasoline Project
Cooler Summer Brings Slight Increase in Profits for Southern Company
Copper and Zinc Prices Drive Down Teck Cominco’s 3Q08 Profit 13%
Contact: Joe Govreau 713-783-5147
SOURCE: Industrial Info Resources