CANONSBURG, Pa. (AP) -- Consol Energy reported a larger-than expected in the fourth quarter, but strong revenue numbers sent shares higher Friday.
Like many other energy companies, Consol has had to cut spending on oil production to deal with plummeting oil prices.
The coal and natural gas company reported net income of $30.4 million, 13 cents per share, in the fourth quarter, compared with $73.7 million, or 32 cents per share, in the same quarter a year ago.
Losses, adjusted for non-recurring gains, came to 11 cents per share. The results did not meet Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 5 cents per share.
The Canonsburg, Pennsylvania, company said revenue fell 19 percent to $761.9 million in the period, better than the $717.2 million analysts expected.
For the year, the company reported a loss of $374.9 million, or $1.64 per share, swinging to a loss in the period. Revenue was reported as $3.11 billion.
Shares of Consol Energy Inc. rose $1.62, or 24 percent, to $8.37. However, its shares are still down 72 percent in the past 12 months.
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Elements of this This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CNX at http://www.zacks.com/ap/CNX
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Keywords: Consol Energy, Earnings Report