Core Natural Resources Q3 adjusted EBITDA misses estimates 

Overview

• US coal producer's Q3 adjusted EBITDA missed analyst expectations

• Q3 revenue was $1.1 bln and EPS was $0.18

• Company returned $90 mln to shareholders, reducing share count by ~10% since Feb 2025

Outlook

• Core Natural Resources sees 2026 coking coal sales volume at 9.0-9.5 mln tons

• Company expects 2026 high CV thermal coal sales of 31.5-32.5 mln tons

• Core forecasts 2026 Powder River Basin coal sales of 47.5-49.5 mln tons

Result Drivers

• HIGH CV THERMAL SEGMENT - Coal sales and realized revenue per ton declined due to sales mix and geologic variability at Pennsylvania Mining Complex

• METALLURGICAL SEGMENT - Realized coal revenue per ton increased 5% but cash costs rose due to short-term contract labor; sales volumes affected by stormy weather delays

• POWDER RIVER BASIN SEGMENT - Sales volumes rose 32% due to seasonally stronger demand; cash cost per ton improved with higher volumes

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the coal peer group is "buy"

• Wall Street's median 12-month price target for Core Natural Resources, Inc. is $110.00, about 37.1% above its November 4 closing price of $80.22

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 17 three months ago

Reuters Recommended Reads

• Nov 3 - Ramaco Resources Q3 adjusted EBITDA misses estimates on higher costs; lowers FY production guidance

• Nov 4 - Peabody Energy Q3 revenue beats on stronger export coal prices

• Nov 4 - Warrior Met Coal Q3 revenue beats estimates on Blue Creek mine production

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)