Consol Energy posts record quarterly earnings
Oct 27, 2005 | 02:23 PM
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Consol Energy Inc. posted record earnings during the third quarter, driven by higher coal prices and production despite an outage at one of its metallurgical coal mines.
The Pittsburgh-based company reported third-quarter net income of $377 million in contrast to a net loss of $11.6 million in the same period last year on sales of $1.21 billion, an 83-percent jump from $659.9 million.
The company's Buchanan metallurgical coal mine near Mavisdale, Va., is expected to be back in operation next month. Consol declared force majeure at the mine in late September after the skip hoist mechanism, which lifts coal from the mine to the surface, was damaged in an accident, forcing coal production to be halted (AMM, Sept. 20). The company is completing repairs and plans to resume production by Nov. 15, said William Lyons, Consol's chief....
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