Consol Energy sees Baltimore terminal shut through May after bridge collapse

By Steve Gelsi

Coal producer's net income beats lowered analyst estimate

Coal producer Consol Energy Inc. on Tuesday beat analysts' lowered expectations for its first-quarter profit after the collapse of the Francis Scott Key Bridge in Baltimore shuttered a terminal that will remain closed through May, the company said.

The bridge collapse "has limited our ability to ship coal and per consensus of various agencies, this restriction could continue through the end of May," the company said. "Our ability to ship coal to our customers will remain constrained until full access to the Consol Marine Terminal is restored."

Consol Energy's stock (CEIX) was down by 1.7% in premarket trading.

The company said its net income for the quarter fell to $101.9 million, or $3.39 a share, less than half the year-ago figure of $230.38 million, or $6.51 a share.

Consol Energy beat the FactSet consensus estimate of $2.37 a share.

Analysts had expected first-quarter earnings of $2.44 a share prior to the bridge collapse on March 28 after a cargo ship ran into it.

First-quarter revenue fell to $565.04 million from $688.61 million, in the year-ago quarter and beat the analyst expectation of $516.9 million.

Prior to Tuesday's trades, Consol Energy's stock was down by 17% so far in 2024, compared to a rise of 8.6% by the S&P 500 SPX.

-Steve Gelsi

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05-07-24 0856ET

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