CONSOL Energy Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period. Total revenue and other income for Q3 2024 reached $574.9 million, a slight increase from $569.9 million in Q3 2023. Coal revenue for the same period was $462.5 million, up from $449.6 million, driven by increased production and sales volumes.
However, the company experienced a decline in profitability. Net income for Q3 2024 was $95.6 million, down from $100.7 million in Q3 2023. Earnings before income tax also decreased to $113.2 million from $121.8 million year-over-year. For the nine months ended September 30, 2024, total revenue and other income fell to $1.641 billion from $1.919 billion in the same period of 2023, with net income dropping significantly to $255.6 million from $498.8 million.
The decline in profitability was attributed to several factors, including increased operating costs, which rose to $885.2 million for the nine months ended September 30, 2024, compared to $813.5 million in the prior year. The cash cost of coal sold also increased, reflecting inflationary pressures and higher transportation costs due to operational disruptions, including the collapse of the Francis Scott Key Bridge in March 2024.
Strategically, CONSOL Energy is pursuing a merger with Arch Resources, Inc., announced on August 20, 2024. The merger is expected to close by the end of Q1 2025, pending stockholder approval. The agreement includes termination fees and provisions that may limit the company's ability to pursue alternative acquisition opportunities.
In terms of capital management, CONSOL Energy repurchased 747,351 shares of common stock at an average price of $89.49 per share during the nine months ended September 30, 2024, a significant decrease from 3.98 million shares repurchased in the same period of 2023. The company has suspended share repurchases until the merger is completed.
As of September 30, 2024, CONSOL Energy reported total assets of $2.824 billion, with total equity increasing to $1.529 billion from $1.343 billion at the end of 2023. The company also maintained a strong liquidity position, with cash and cash equivalents of $331.7 million and total liquidity of $649 million.
About CONSOL Energy Inc.
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