Consol Energy reports lower Q1 profit as it accounts for Dominion acquisition and other costs

Consol Energy Q1 profit drops on buyout charges

CHARLESTON, W.Va. — Consol Energy reported its first-quarter earnings fell 49 percent as the company recorded $47 million in acquisition charges.

Adjusted for one-time expenses, including another $25 million tied to mine reclamation, the coal producer beat the expectations of most analysts and shares rose nearly 2 percent.

Consol said Thursday it earned $100 million, or 54 center per share, in the quarter. Consol earned $195.8 million, or $1.08 per share, in the same period of 2009.

The company, based in Canonsburg, Pa., said that excluding one-time charges and accounting adjustments it earned $154 million, or 85 cents per share.

Analysts surveyed by Thomson Reuters had expected 75 cents per share and the price for Consol stock rose 69 cents to $44.79.

Revenue rose 1.7 percent to $1.24 billion.

Consol said its $3.5 billion acquisition of most of Appalachian oil and gas exploration and production business of Virginia-based Dominion Resources should close Friday.