TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Consol profit down as energy demand falls, CEO says

CNX $31.34 +$0.19

at close on THURSDAY

Daily Photo Galleries

Thursday, Jan. 31, 2013, 11:38 a.m.
 

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

Most-Read Stories

  1. Steelers cut linebacker Kion Wilson, sign cornerback Toler
  2. Five questions facing Steelers entering training camp
  3. Small plane goes down near Grove City
  4. Route 22 accident in Monroeville causes traffic jam
  5. Suspended Penn-Trafford teacher charged with stalking student
  6. 1 hurt in Mt. Lebanon fire on Bower Hill Road
  7. North Huntingdon woman charged with threatening to burn down officer’s house
  8. Pirates’ Melancon has been consistent since moving into closer’s role
  9. Real estate executive Hanna’s gifts target needy Western Pa. families
  10. LaBar: John Cena leaving WWE for Hollywood?
  11. Manor woman trains blood-tracking dogs with hopes of helping state hunters
Subscribe today! Click here for our subscription offers.