CNX Resources Reports Q3 Sales Decline, Misses Revenue Consensus
Portfolio Pulse from Akanksha Bakshi
CNX Resources Corp reported a 25% YoY decline in Q3 FY23 adjusted net sales to $357 million, missing the consensus of $388.93 million. Adjusted EPS was $0.35, above the consensus of $0.32. The company's Q3 operating margin was 27%, down from 34% in 3Q22. Adjusted EBITDAX for the quarter totaled $228 million, down 30.1% YoY. The company repurchased 2.4 million shares on the open market in the third quarter at an average price of $19.50 per share for a total cost of $48 million.
October 25, 2023 | 7:00 pm
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CNX Resources reported lower than expected Q3 FY23 sales and a decrease in operating margin. However, the company's adjusted EPS was above consensus and it continued its share repurchase program.
CNX Resources reported a decline in sales and operating margin, which could negatively impact investor sentiment and potentially lead to a decrease in the company's stock price. However, the company's higher than expected EPS and continued share repurchase program could provide some positive sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100