Core Natural Resources, Inc. (CNR) · Nov 5, 2026 · Earnings

Core Natural Resources earnings miss as higher costs squeeze coal margins

Miss — Diluted EPS $0.18 vs ~$0.83 consensus

Core Natural Resources’ Q3 earnings missed sharply despite revenue in line and stronger coal pricing; higher segment costs and tighter guidance ranges are the key read.

Core is a newly combined, diversified coal producer trying to convert stronger thermal and metallurgical markets into higher volumes, margins, and sustained shareholder returns. Before this report, the market already expected a sharp profit reset from Q2’s unusually high $2.51 EPS; published Q3 expectations had fallen to roughly $0.83 per share while revenue expectations stayed near $1.14 billion, signaling that the debate was mainly about margins, not demand.

The earnings miss was much larger than the market was prepared for. Core delivered $0.18 of diluted EPS versus roughly $0.83 expected, while revenue of $1.145 billion was broadly in line with the approximately $1.14 billion consensus. The revenue result says the top line held up; the problem was conversion into profit.

Metric	Q3 2026	Q2 2026	Q3 2025	Consensus
Diluted EPS (Financial Highlights)	$0.18	$2.51	$0.61	~$0.83
Revenue (Financial Highlights)	$1,145.1M	$1,141.0M	$1,002.5M	~$1.14B
High CV thermal cash margin/ton (Segment results)	$15.14	$19.53	$19.25
Metallurgical cash margin/ton (Segment results)	$27.26	$28.48	$7.42
PRB cash margin/ton (Segment results)	$0.80	$(0.57)	$1.05
Adjusted EBITDA (Financial Highlights)	$165.2M

The central operating issue was cost inflation, not a collapse in coal pricing. High-CV thermal realized pricing fell modestly to $56.58 per ton, but cash cost rose 7% to $41.44 because of geologic variability. Metallurgical pricing improved materially to $120.18 per ton, yet costs jumped 8% to $92.92 because of higher contract-labor use, leaving the segment’s cash margin slightly below Q2. 〔0〕〔1〕

PRB provided the one clear execution improvement. Volumes rose 32% sequentially to 13.5 million tons as seasonal demand returned, and unit costs fell 9% to $13.49. That helped restore a positive margin, but PRB’s $0.80-per-ton margin remains thin and did not offset weakness in the higher-margin thermal and metallurgical businesses. 〔2〕

The new sales commitments improve visibility, but the guidance reset is less comfortable. Core secured 29.4 million tons for future delivery, including 2.4 million tons of 2027 coking coal at fixed prices above last year’s commitments. However, compared with the prior Q2 framework, the updated full-year ranges are narrower and the cost ranges are higher: metallurgical cost guidance moved to $88-$90 per ton from $86-$91, high-CV thermal to $40-$41 from $39-$40.50, and PRB to $13.75-$14 from $13.25-$13.75. The company is still pointing to a constructive market, but it now has less room for operating slippage.

Capital returns remain intact, but they are not the main surprise here. Core repurchased $84.7 million of stock in Q3 and retained $586.1 million of authorization, consistent with the established capital-return program rather than a new strategic change. Cash generation was still positive at $80.3 million of free cash flow, but materially less powerful than Q2’s $148 million, when insurance proceeds boosted results.

Bottom line: Stronger coal demand and pricing are not yet translating cleanly into earnings because mining and labor costs rose sharply. This is a clear earnings miss that weakens the near-term execution story, even though the longer-term contract book and market backdrop remain constructive.

What to watch next

Q4 results and 2027 coking-coal pricing

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

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Core Natural Resources earnings miss as higher costs squeeze coal margins

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