CNX Slips To Loss In Q2, Adj. EBITDAX Up; Updates FY24 View; Stock Up In Pre-market

(RTTNews) - CNX Resources Corp. (CNX) reported Thursday a net loss in its second quarter, compared to prior year's profit on sharply lower revenues. Adjusted EBITDAX, a key earnings metric, however, increased. The company further tightened its outlook for fiscal 2024 Adjusted EBITDAX.

In pre-market activity on the NYSE, CNX shares were gaining around 6 percent to trade at $26.39.

For the second quarter, net loss was $18.26 million, compared to last year's profit of $474.96 million. Loss per share was $0.12, compared to profit of $2.47 a year ago.

Adjusted net income was $55 million, compared to $57 million a year ago. Adjusted EBITDAX, however, grew to $242 million from last year's $217 million.

Total revenue and other operating income fell to $321.44 million from prior year's $839.70 million.

Looking ahead for fiscal 2024, the company now expects adjusted EBITDAX of $950 million to $1.050 billion, compared to previous estimate of $925 million to $1.075 billion.

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