CNX Gas Corp. (CXG) said Thursday that its fourth quarter profit declined over last year, hurt by lower average price realized for its production. Looking ahead, the company reaffirmed its production outlook for fiscal 2010.
Net income attributable to CNX Gas shareholders was $41.1 million or $0.27 per share for the fourth quarter, compared to $57.5 million or $0.38 per share in the prior year quarter. On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Fourth quarter revenue and other income declined to $177.8 million from $206.1 million in the same quarter last year. Five analysts had a consensus revenue estimate of $175.11 million for the fourth quarter.
Production for the quarter was 25.1 billion cubic feet or Bcf, or 273 million cubic feet or MMcf per day, 13% higher than the 22.2 Bcf or 242 MMcf per day in the year-ago quarter.
The average price realized for the company's gas production fell to $6.47 per Mcf from $8.35 per Mcf in the previous year quarter.
For fiscal 2009, net income attributable to CNX Gas shareholders was $164.5 million or $1.09 per share, down from $239.1 million or $1.58 per share in the previous year.
Total revenue and other income declined to $683.4 million from $789.4 million in the prior year.
Analysts expected the company to report earnings of $1.11 per share on revenue of $675.94 million for the full year.
For 2010, CNX Gas continues to expect production to be at 100 Bcf.
CXG closed Thursday's regular trading session at $27.40, down 87 cents or 3.08%. In the after-hours, the shares gained 22 cents.
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