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.