Core Natural Resources Q3 adjusted EBITDA misses estimates
CNR•Core Natural Resources reported third-quarter adjusted EBITDA of $165.2 million, below the $206.2 million consensus estimate. Revenue was $1.1 billion and EPS was $0.18; the company forecast 2026 coal sales volumes across three segments.
1. Quarterly results
Core Natural Resources' third-quarter adjusted EBITDA was $165.2 million, missing the $206.2 million consensus estimate from five analysts. Revenue was $1.10 billion and EPS was $0.18.
2. 2026 sales outlook
The company expects 2026 coking coal sales of 9.0 million to 9.5 million tons, high-CV thermal coal sales of 31.5 million to 32.5 million tons, and Powder River Basin coal sales of 47.5 million to 49.5 million tons.
3. Segment results and returns
High-CV thermal coal sales and realized revenue per ton declined due to sales mix and geologic variability at the Pennsylvania Mining Complex. Metallurgical coal realized revenue per ton rose 5%, while cash costs increased with short-term contract labor and stormy weather delayed sales volumes. Powder River Basin sales volumes rose 32% on seasonally stronger demand, and cash cost per ton improved with higher volumes. The company returned $90 million to shareholders and reduced its share count by about 10% since February 2025.
