Coal miner Consol posts loss, says suspended ops to hit fourth-quarter
(Reuters) - Coal and natural gas producer Consol Energy Inc (CNX.N) reported a third-quarter loss and said the suspension of operations at several mines due to weak coal prices would continue to impact earnings in the current quarter.
The company, like most other U.S. coal producers, has slashed production due to tepid demand from power companies and steelmakers.
Production at Enlow Fork and Bailey mines in Pennsylvania was affected by the collapse of a conveyor belt at a plant in July. Consol said its third-quarter net income would have been an estimated $53 million higher had the incident not occurred.
The company expects the mines to return to normal production at the beginning of the fourth quarter, helping its earnings.
Consol said its flagship Buchanan mine, which was idled last month, is expected to restart on November 5.
The Amonate mining complex, which was idled last year, is likely to remain shut this year.
Consol's net loss was $11 million, or 5 cents per share, in the third quarter, compared with a net income of $167 million, or 73 cents per share, a year earlier.
Revenue fell 24 percent to $1.16 billion.
(Reporting by Swetha Gopinath in Bangalore; Editing by Don Sebastian)
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