Consol profit down as energy demand falls, CEO says
By Alex Nixon
Published: Thursday, January 31, 2013, 11:38 a.m.
Updated: Thursday, January 31, 2013
Consol Energy Inc.'s profit in the fourth quarter dropped on weaker demand for energy caused by warmer than average winter weather and a “tepid economy,” the Cecil-based coal and natural gas company said Thursday.
Consol reported net income of $149.9 million, or 65 cents a share, for the October-December quarter, compared with $195.6 million, or 85 cents a share, in the same period a year earlier.
Sales were $1.4 billion in the quarter, down from $1.5 billion the year before.
Earnings were impacted by two one-time items, the company said. Consol recorded a pre-tax charge of $13 million, or 4 cents a share, for a voluntary severance program. It also realized a pre-tax gain of $90 million, or 26 cents a share, on the sale of assets.
“Consol Energy continued to rebalance its world class portfolio of assets in 2012, while successfully managing our coal and gas businesses through a very challenging environment,” CEO J. Brett Harvey said.
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