Consol profit down as energy demand falls, CEO says
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.
Add Alex Nixon to your Google+ circles.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Pirates analyst Kent Tekulve recovering after heart transplant
- Steelers veteran defenders want young teammates to step up
- New approach on offense has Pirates in playoff contention this season
- Pitt football coach Chryst refutes analyst Wannstedt’s opinion
- Wheel separation incidents can prove deadly; NTSB doesn’t track them
- Man found shot dead in Penn Hills
- Woman killed in crash on Birmingham Bridge
- Steelers’ Brown combats disruptive defensive ploys
- Woman killed after car hits tree in Norvelt
- Police investigate Hempfield fight
- Fuel cell company leaves New York to operate plant in Mt. Pleasant Township