Stock Falls Sharply after Consol Releases 2Q Results

July 31, 2008 8:31:52 AM PDT
Consol Energy's stock has fallen more than $10 a share this morning since the coal mine operator reported disappointing second-quarter profits. Pittsburgh-based Consol says it earned 101 million dollars, or 54 cents per share, in the quarter. Consol earned 153.1 million dollars, 83 cents per share, in second-quarter 2007. Last year's second quarter included 59 million dollars in profit from asset sales.

Analysts polled by Thomson Financial expected earnings of 80 cents per share in the most recent quarter.

The company says lower productivity and higher costs pushed up operating costs.

Consol operates in Pennsylvania, West Virginia, Virginia, Utah, Kentucky and Ohio.