Consol Energy Q3 Loss Widens

(RTTNews) - Consol Energy Inc. (CNX) Tuesday reported a wider loss for the third-quarter, mirroring an increase in income taxes for the quarter.

Net loss attributable to Consol Energy shareholders was $63.65 million or $0.28 per share, compared with loss of $11.37 million or $0.05 per share last year.

On average, twenty two analysts polled by Thomson Reuters expected the company to report earnings per share of $0.03 for the quarter. Analysts' estimates typically exclude one-time items. Adjusted EBITDA was $244 million compared with $210 million last year.

Total revenue and other income was $1.23 billion, compared with $1.16 billion last year. Analysts expected the company to generate revenues of $1.23 billion for the quarter.

Income Taxes for the three-month period was $74.6 million, compared with $19.8 million last year.

Consol's fourth quarter gas production is expected to be about 46 to 48 Bcfe. If achieved, this would result in 2013 annual production of about 170 to 172 Bcfe. The company expects 2014 annual gas production to be between 210 to 225 Bcfe with annual production growth, thereafter, between 25 percent to 30 percent through 2016. Total hedged gas production in the 2013 fourth quarter is 24.0 Bcf, at an average price of $4.64 per Mcf.