SunCoke Energy, Inc. Announces 2024 Results and Provides Full-Year 2025 Guidance
SunCoke Energy (NYSE: SXC) reported strong financial results for 2024, with net income of $95.9 million ($1.12 per diluted share) and consolidated Adjusted EBITDA of $272.8 million. The company achieved record safety performance with a TRIR of 0.50 and generated operating cash flow of $168.8 million.
Q4 2024 results showed net income of $23.7 million ($0.28 per diluted share) and Adjusted EBITDA of $66.1 million. The company benefited from lower planned outage costs in Domestic Coke and higher transloading volumes in Logistics. A one-time gain of $9.5 million from eliminating legacy black lung liabilities contributed to full-year performance.
Looking ahead to 2025, SunCoke expects consolidated Adjusted EBITDA between $210-225 million, lower than 2024 due to the Granite City contract extension at reduced economics and challenging market conditions in the steel industry. The company maintains a solid balance sheet and plans to continue its quarterly dividend.
SunCoke Energy (NYSE: SXC) ha riportato risultati finanziari solidi per il 2024, con un reddito netto di 95,9 milioni di dollari (1,12 dollari per azione diluita) e un EBITDA consolidato rettificato di 272,8 milioni di dollari. L'azienda ha raggiunto un record per la sicurezza con un TRIR di 0,50 e ha generato un flusso di cassa operativo di 168,8 milioni di dollari.
I risultati del quarto trimestre del 2024 hanno mostrato un reddito netto di 23,7 milioni di dollari (0,28 dollari per azione diluita) e un EBITDA rettificato di 66,1 milioni di dollari. L'azienda ha beneficiato di costi di fermo macchina inferiori nel segmento Coke Domestico e di volumi di transshiping più elevati nella Logistica. Un guadagno una tantum di 9,5 milioni di dollari derivante dall'eliminazione delle passività per la malattia nera ha contribuito alla performance dell'intero anno.
Guardando al 2025, SunCoke prevede un EBITDA rettificato consolidato compreso tra 210 e 225 milioni di dollari, inferiore rispetto al 2024 a causa dell'estensione del contratto di Granite City con economie ridotte e delle condizioni di mercato difficili nell'industria dell'acciaio. L'azienda mantiene un solido bilancio e prevede di continuare il suo dividendo trimestrale.
SunCoke Energy (NYSE: SXC) reportó resultados financieros sólidos para 2024, con un ingreso neto de 95.9 millones de dólares (1.12 dólares por acción diluida) y un EBITDA ajustado consolidado de 272.8 millones de dólares. La compañía logró un rendimiento récord en seguridad con un TRIR de 0.50 y generó un flujo de efectivo operativo de 168.8 millones de dólares.
Los resultados del cuarto trimestre de 2024 mostraron un ingreso neto de 23.7 millones de dólares (0.28 dólares por acción diluida) y un EBITDA ajustado de 66.1 millones de dólares. La empresa se benefició de costos de apagón planificados más bajos en Coke Doméstico y de volúmenes de transbordo más altos en Logística. Una ganancia única de 9.5 millones de dólares por la eliminación de pasivos por neumoconiosis contribuyó al desempeño del año completo.
De cara al 2025, SunCoke espera un EBITDA ajustado consolidado entre 210 y 225 millones de dólares, inferior al 2024 debido a la extensión del contrato de Granite City con economías reducidas y condiciones de mercado desafiantes en la industria del acero. La empresa mantiene un sólido balance y planea continuar con su dividendo trimestral.
선코크 에너지 (NYSE: SXC)는 2024년 강력한 재무 성과를 보고했으며, 순이익은 9,590만 달러(희석주당 1.12달러)였고, 조정된 EBITDA는 2억 7,280만 달러에 달했습니다. 회사는 0.50의 TRIR로 기록적인 안전 성과를 달성했으며, 운영 현금 흐름은 1억 6,880만 달러를 생성했습니다.
2024년 4분기 결과는 순이익이 2,370만 달러(희석주당 0.28달러)였고 조정된 EBITDA는 6,610만 달러였습니다. 회사는 국내 코크스 부문에서 계획된 정전 비용이 줄어들고 물류 부문에서 전환 물량이 증가하여 혜택을 봤습니다. 유산인 흑폐병 책임을 없애면서 발생한 950만 달러의 일회성 이익이 연간 실적에 기여했습니다.
2025년을 전망하며, 선코크는 통합 조정 EBITDA가 2억 1천만 달러에서 2억 2,500만 달러 사이가 될 것으로 예상하며, 이는 Granite City 계약 연장으로 인해 경제성이 감소하고 철강 산업의 어려운 시장 상황으로 인해 2024년보다 낮습니다. 회사는 탄탄한 재무구조를 유지하며 분기별 배당금을 계속할 계획입니다.
SunCoke Energy (NYSE: SXC) a annoncé de solides résultats financiers pour 2024, avec un revenu net de 95,9 millions de dollars (1,12 $ par action diluée) et un EBITDA ajusté consolidé de 272,8 millions de dollars. L'entreprise a atteint des performances de sécurité record avec un TRIR de 0,50 et a généré un flux de trésorerie opérationnel de 168,8 millions de dollars.
Les résultats du quatrième trimestre 2024 ont montré un revenu net de 23,7 millions de dollars (0,28 $ par action diluée) et un EBITDA ajusté de 66,1 millions de dollars. L'entreprise a bénéficié de coûts de maintenance prévus plus faibles dans le secteur Coke National et d'un volume de transbordement plus élevé dans la Logistique. Un gain exceptionnel de 9,5 millions de dollars découlant de l'élimination des passifs liés à la silicose a contribué à la performance sur l'ensemble de l'année.
En regardant vers 2025, SunCoke s'attend à un EBITDA ajusté consolidé compris entre 210 et 225 millions de dollars, inférieur à celui de 2024 en raison de la prolongation du contrat de Granite City avec des économies réduites et des conditions de marché difficiles dans l'industrie de l'acier. L'entreprise maintient un bilan solide et prévoit de continuer son dividende trimestriel.
SunCoke Energy (NYSE: SXC) berichtete starke Finanzergebnisse für 2024 mit einem Nettogewinn von 95,9 Millionen US-Dollar (1,12 US-Dollar pro verwässerter Aktie) und einem konsolidierten bereinigten EBITDA von 272,8 Millionen US-Dollar. Das Unternehmen erzielte eine Rekordsicherheitsleistung mit einem TRIR von 0,50 und generierte einen operativen Cashflow von 168,8 Millionen US-Dollar.
Die Ergebnisse des 4. Quartals 2024 zeigten einen Nettogewinn von 23,7 Millionen US-Dollar (0,28 US-Dollar pro verwässerter Aktie) und ein bereinigtes EBITDA von 66,1 Millionen US-Dollar. Das Unternehmen profitierte von niedrigeren geplanten Stilllegungskosten im Bereich Domestic Coke und höheren Umschlagmengen im Bereich Logistik. Ein einmaliger Gewinn von 9,5 Millionen US-Dollar aus der Beseitigung von Altlasten im Bereich der „schwarzen Lunge“ trug zur Gesamtjahresleistung bei.
Für 2025 erwartet SunCoke ein konsolidiertes bereinigtes EBITDA zwischen 210 und 225 Millionen US-Dollar, was unter dem Wert von 2024 liegt, aufgrund der Vertragsverlängerung in Granite City mit reduzierten wirtschaftlichen Rahmenbedingungen und herausfordernden Marktbedingungen in der Stahlindustrie. Das Unternehmen hat eine solide Bilanz und plant, seine vierteljährliche Dividende beizubehalten.
- Net income increased to $95.9 million in 2024 from $57.5 million in 2023
- Record safety performance achieved with TRIR of 0.50
- Strong operating cash flow of $168.8 million for 2024
- One-time gain of $9.5 million from elimination of black lung liabilities
- 20% increase in quarterly dividend
- Expected lower 2025 Adjusted EBITDA guidance of $210-225M vs $272.8M in 2024
- Revenues decreased to $1,935.4M in 2024 from $2,063.2M in 2023
- Granite City contract extension with lower economics will impact 2025 results
- Lower margins expected on spot coke sales due to challenging market conditions
Insights
SunCoke Energy's 2024 financial performance demonstrates operational resilience despite market headwinds. The $95.9 million net income represents a 66.8% increase from 2023, bolstered by a
The Logistics segment emerged as a bright spot, with increased volumes and improved API2 price adjustments at Convent Marine Terminal. The successful execution of new agreements at Kanawha River Terminal and contract extension at CMT positions this segment for sustained growth. However, the Domestic Coke segment faced challenges with lower coal-to-coke yields impacting margins.
Looking ahead to 2025, multiple headwinds signal a challenging year: 1) The Granite City contract revision with reduced economics, 2) Lower spot coke pricing due to global oversupply and 3) Tepid steel demand outlook. The projected 22.9% decline in Adjusted EBITDA (midpoint of
Despite these headwinds, SunCoke maintains financial flexibility with:
- Projected operating cash flow of
$165-180 million - Manageable capital expenditure of
$65 million - Commitment to quarterly dividend payments
The company's focus on operational excellence, evidenced by record safety performance (TRIR of 0.50) and strategic capital allocation provides stability during this cyclical downturn in the steel industry.
-
Net income attributable to SXC was
$95.9 million $1.12 $23.7 million $0.28 -
Full-year 2024 consolidated Adjusted EBITDA(1) was
$272.8 million $66.1 million -
Operating cash flow was
$168.8 million - Record safety performance for 2024, with a Total Recordable Incident Rate (TRIR) of 0.50
-
Full-year 2025 consolidated Adjusted EBITDA(1) is expected to be between
$210 million $225 million
"2024 was another strong year for SunCoke, with our domestic coke fleet continuing to run at full capacity throughout the year. New domestic logistics business and higher API2 price adjustment at Convent Marine Terminal drove favorable results in the Logistics segment. Operational performance, coupled with the one-time gain from the elimination of the majority of our legacy black lung liabilities, resulted in full-year Adjusted EBITDA exceeding the high-end of our revised guidance range," said Katherine Gates, President and CEO of SunCoke Energy, Inc. "We achieved record safety performance in 2024, with an annual Total Recordable Incident Rate (TRIR) of 0.50. This best-in-class performance demonstrates the dedication and commitment of our employees, and I would like to thank them for their contributions. We made excellent progress growing our logistics business during the year, with the execution of a new coal handling agreement at Kanawha River Terminal and extension of the coal handling agreement at Convent Marine Terminal. Additionally, we continued to make progress on our capital allocation goals by increasing the quarterly dividend by 20 percent."
"Looking ahead to 2025, as previously announced, the
(1) See definition and reconciliation of Adjusted EBITDA elsewhere in this release.
CONSOLIDATED RESULTS
|
Three Months Ended
|
|
Years Ended
|
||||||||||||
(Dollars in millions) |
|
2024 |
|
2023 |
Increase
|
|
|
2024 |
|
2023 |
Increase
|
||||
Revenues |
$ |
486.0 |
$ |
520.6 |
$ |
(34.6 |
) |
|
$ |
1,935.4 |
$ |
2,063.2 |
$ |
(127.8 |
) |
Net income attributable to SXC |
$ |
23.7 |
$ |
13.8 |
$ |
9.9 |
|
|
$ |
95.9 |
$ |
57.5 |
$ |
38.4 |
|
Adjusted EBITDA(1) |
$ |
66.1 |
$ |
62.3 |
$ |
3.8 |
|
|
$ |
272.8 |
$ |
268.8 |
$ |
4.0 |
|
(1) See definition and reconciliation of Adjusted EBITDA elsewhere in this release. |
|||||||||||||||
Revenues decreased during both the fourth quarter and full-year 2024 as compared to the same prior year periods, primarily reflecting the pass-through of lower coal costs in the Domestic Coke segment.
Net income attributable to SXC for the fourth quarter 2024 increased from the same prior year period, primarily driven by lower depreciation expense. Net income attributable to SXC for the full-year 2024 increased from the same prior year period, primarily driven by lower depreciation expense, the one-time gain of
Fourth quarter 2024 Adjusted EBITDA increased as compared to the same prior year period, primarily driven by lower planned outage costs in the Domestic Coke segment and higher transloading volumes in the Logistics segment. Full-year 2024 Adjusted EBITDA increased as compared to the same prior year period, primarily driven by the one-time gain of
SEGMENT RESULTS
Domestic Coke
Domestic Coke consists of cokemaking facilities and heat recovery operations at our Jewell, Indiana Harbor, Haverhill,
|
Three Months Ended
|
|
Years Ended
|
||||||||||||
(Dollars in millions, except per ton amounts) |
|
2024 |
|
2023 |
Increase
|
|
|
2024 |
|
2023 |
Increase
|
||||
Revenues |
$ |
456.3 |
$ |
493.6 |
$ |
(37.3 |
) |
|
$ |
1,817.3 |
$ |
1,954.0 |
$ |
(136.7 |
) |
Adjusted EBITDA(1) |
$ |
57.3 |
$ |
55.2 |
$ |
2.1 |
|
|
$ |
234.7 |
$ |
247.8 |
$ |
(13.1 |
) |
Sales Volume (in thousands of tons) |
|
1,032 |
|
1,037 |
|
(5 |
) |
|
|
4,028 |
|
4,046 |
|
(18 |
) |
Adjusted EBITDA per ton(2) |
$ |
55.52 |
$ |
53.23 |
$ |
2.29 |
|
|
$ |
58.27 |
$ |
61.25 |
$ |
(2.98 |
) |
(1) See definition and reconciliation of Adjusted EBITDA elsewhere in this release. |
|||||||||||||||
(2) Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes. |
|||||||||||||||
The decreases in revenues for both the fourth quarter and full-year 2024 as compared to the same prior year periods primarily reflect the pass-through of lower coal costs.
Fourth quarter 2024 Adjusted EBITDA increased as compared to the same prior year period, primarily driven by lower planned outage costs. Full-year 2024 Adjusted EBITDA decreased as compared to the same prior year period primarily driven by lower coal-to-coke yields on our long-term, take-or-pay contracts.
Logistics
Logistics consists of the handling and mixing services of coal and other aggregates at our Convent Marine Terminal (“CMT”), Lake Terminal, and Kanawha River Terminals (“KRT”).
Three Months Ended
|
|
Years Ended
|
|||||||||||||
(Dollars in millions) |
|
2024 |
|
2023 |
Increase
|
|
|
2024 |
|
2023 |
Increase
|
||||
Revenues |
$ |
20.8 |
$ |
17.6 |
$ |
3.2 |
|
|
$ |
83.0 |
$ |
74.0 |
$ |
9.0 |
|
Intersegment sales |
$ |
5.1 |
$ |
5.2 |
$ |
(0.1 |
) |
|
$ |
22.9 |
$ |
22.1 |
$ |
0.8 |
|
Adjusted EBITDA(1) |
$ |
11.5 |
$ |
10.7 |
$ |
0.8 |
|
|
$ |
50.4 |
$ |
44.3 |
$ |
6.1 |
|
Tons handled (thousands of tons)(2) |
|
5,262 |
|
5,022 |
|
240 |
|
|
|
22,540 |
|
20,483 |
|
2,057 |
|
(1) See definition and reconciliation of Adjusted EBITDA elsewhere in this release. |
|||||||||||||||
(2) Reflects inbound tons handled during the period. |
|||||||||||||||
The increases in both revenues and Adjusted EBITDA for the fourth quarter and full-year 2024 as compared to the same prior year periods were driven by higher transloading volumes at domestic logistics terminals and higher API2 price adjustment benefit at CMT.
Brazil Coke
Brazil Coke consists of a cokemaking facility in Vitória,
|
Three Months Ended
|
Years Ended
|
||||||||||||||
(Dollars in millions) |
|
2024 |
|
2023 |
Increase
|
|
2024 |
|
2023 |
Increase
|
||||||
Revenues |
$ |
8.9 |
$ |
9.4 |
$ |
(0.5 |
) |
$ |
35.1 |
$ |
35.2 |
$ |
(0.1 |
) |
||
Adjusted EBITDA(1) |
$ |
2.5 |
$ |
2.2 |
$ |
0.3 |
|
$ |
9.9 |
$ |
9.1 |
$ |
0.8 |
|||
Brazilian Coke production—operated facility (thousands of tons) |
|
388 |
|
383 |
|
5 |
|
|
1,579 |
|
1,558 |
|
21 |
|||
(1) See definition and reconciliation of Adjusted EBITDA elsewhere in this release. |
||||||||||||||||
Revenues and Adjusted EBITDA for the fourth quarter and full-year 2024 were reasonably consistent with the same prior year periods.
Corporate and Other
Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and Other, which is not a reportable segment.
|
Three Months Ended
|
|
Years Ended
|
|||||||||||||||
(Dollars in millions) |
|
2024 |
|
|
2023 |
|
Increase
|
|
|
2024 |
|
2023 |
Increase
|
|||||
Adjusted EBITDA(1) |
$ |
(5.2 |
) |
$ |
(5.8 |
) |
$ |
0.6 |
|
$ |
(22.2 |
) |
$ |
(32.4 |
) |
$ |
10.2 |
|
(1) See definition and reconciliation of Adjusted EBITDA elsewhere in this release. |
||||||||||||||||||
Corporate and Other Adjusted EBITDA results for the fourth quarter 2024 were reasonably consistent with the same prior year period. Corporate and Other Adjusted EBITDA results for the full-year 2024 were favorable as compared to the same prior year period, primarily driven by the one-time gain of
2025 OUTLOOK
Our 2025 guidance is as follows:
- Domestic coke total production is expected to be approximately 4.0 million tons
-
Consolidated Net Income is expected to be between
$52 million $69 million
-
Consolidated Adjusted EBITDA is expected to be between
$210 million $225 million
-
Capital expenditures are projected to be approximately
$65 million
-
Operating cash flow is estimated to be between
$165 million $180 million
-
Cash taxes are projected to be between
$17 million $21 million
RELATED COMMUNICATIONS
We will host our quarterly earnings call at 11:00 am ET today. The conference call will be webcast live at https://event.choruscall.com/mediaframe/webcast.html?webcastid=6xIbD7GY and archived for replay in the Investors section of www.suncoke.com. Investors and analysts may participate in this call by dialing 1-866-652-5200 in the
SUNCOKE ENERGY, INC.
SunCoke Energy, Inc. (NYSE: SXC) supplies high-quality coke to domestic and international customers. Our coke is used in the blast furnace production of steel as well as the foundry production of casted iron, with the majority of sales under long-term, take-or-pay contracts. We also export coke to overseas customers seeking high-quality product for their blast furnaces. Our process utilizes an innovative heat-recovery technology that captures excess heat for steam or electrical power generation and draws upon more than 60 years of cokemaking experience to operate our facilities in
SunCoke routinely announces material information to investors and the marketplace using press releases, Securities and Exchange Commission filings, public conference calls, webcasts and SunCoke's website at www.suncoke.com/en/investors/overview. The information that SunCoke posts to its website may be deemed to be material. Accordingly, SunCoke encourages investors and others interested in SunCoke to routinely monitor and review the information that SunCoke posts on its website, in addition to following SunCoke's press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
NON-GAAP FINANCIAL MEASURES
In addition to
DEFINITIONS
-
Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted for any impairments, restructuring costs, gains or losses on extinguishment of debt, and/or transaction costs ("Adjusted EBITDA"). EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or operating income under
U.S. GAAP and may not be comparable to other similarly titled measures in other businesses. Management believes Adjusted EBITDA is an important measure in assessing operating performance. Adjusted EBITDA provides useful information to investors because it highlights trends in our business that may not otherwise be apparent when relying solely onU.S. GAAP measures and because it eliminates items that have less bearing on our operating performance. EBITDA and Adjusted EBITDA are not measures calculated in accordance withU.S. GAAP, and they should not be considered a substitute for net income, or any other measure of financial performance presented in accordance withU.S. GAAP. - EBITDA represents earnings before interest, taxes, depreciation and amortization.
- Adjusted EBITDA attributable to SXC represents Adjusted EBITDA less Adjusted EBITDA attributable to noncontrolling interests.
- Domestic logistics terminals represents Lake Terminal and Kanawha River Terminals.
FORWARD-LOOKING STATEMENTS
This press release and related conference call contain “forward-looking statements” (as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended). Forward-looking statements often may be identified by the use of such words as "believe," "expect," "plan," "project," "intend," "anticipate," "estimate," "predict," "potential," "continue," "may," "will," "should," or the negative of these terms, or similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Any statements made in this press release or during the related conference call that are not statements of historical fact, including statements about our full-year 2025 guidance and outlook, anticipated lower margins on coke sales and challenging market conditions, our ability to deliver significant value to our stakeholders, our intention to remain focused on safety performance and maintain a balanced approach to capital allocation, and our anticipation to continue a quarterly dividend, are forward-looking statements and should be evaluated as such. Forward-looking statements represent only our beliefs regarding future events, many of which are inherently uncertain and involve significant known and unknown risks and uncertainties (many of which are beyond the control of SunCoke) that could cause our actual results and financial condition to differ materially from the anticipated results and financial condition indicated in such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties described in Item 1A (“Risk Factors”) of our Annual Report on Form 10-K for the most recently completed fiscal year, as well as those described from time to time in our other reports and filings with the Securities and Exchange Commission (SEC).
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, SunCoke has included in its filings with the SEC cautionary language identifying important factors (but not necessarily all the important factors) that could cause actual results to differ materially from those expressed in any forward-looking statement made by SunCoke. For information concerning these factors and other important information regarding the matters discussed in this press release and related conference call, see SunCoke's SEC filings, copies of which are available free of charge on SunCoke's website at www.suncoke.com or on the SEC's website at www.sec.gov. All forward-looking statements included in this press release and related conference call are expressly qualified in their entirety by such cautionary statements. Unpredictable or unknown factors not discussed in this press release and related conference call also could have material adverse effects on forward-looking statements.
Forward-looking statements are not guarantees of future performance, but are based upon the current knowledge, beliefs and expectations of SunCoke management, and upon assumptions by SunCoke concerning future conditions, any or all of which ultimately may prove to be inaccurate. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. SunCoke does not intend, and expressly disclaims any obligation, to update or alter its forward-looking statements (or associated cautionary language), whether as a result of new information, future events, or otherwise, after the date of this press release except as required by applicable law.
SunCoke Energy, Inc. Consolidated Statements of Income |
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|
||||||||||||
|
|
Three Months Ended
|
|
Years Ended
|
||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Audited) |
||||
|
|
(Dollars and shares in millions, except per share amounts) |
||||||||||
Revenues |
|
|
|
|
|
|
|
|
||||
Sales and other operating revenue |
|
$ |
486.0 |
|
$ |
520.6 |
|
$ |
1,935.4 |
|
$ |
2,063.2 |
Costs and operating expenses |
|
|
|
|
|
|
|
|
||||
Cost of products sold and operating expenses |
|
|
406.3 |
|
|
443.4 |
|
|
1,603.4 |
|
|
1,724.6 |
Selling, general and administrative expenses |
|
|
15.4 |
|
|
15.4 |
|
|
61.2 |
|
|
70.7 |
Depreciation and amortization expense |
|
|
28.8 |
|
|
35.6 |
|
|
118.9 |
|
|
142.8 |
Total costs and operating expenses |
|
|
450.5 |
|
|
494.4 |
|
|
1,783.5 |
|
|
1,938.1 |
Operating income |
|
|
35.5 |
|
|
26.2 |
|
|
151.9 |
|
|
125.1 |
Interest expense, net |
|
|
5.6 |
|
|
6.3 |
|
|
23.4 |
|
|
27.3 |
Income before income tax expense |
|
|
29.9 |
|
|
19.9 |
|
|
128.5 |
|
|
97.8 |
Income tax expense |
|
|
4.1 |
|
|
4.6 |
|
|
25.0 |
|
|
34.3 |
Net income |
|
|
25.8 |
|
|
15.3 |
|
|
103.5 |
|
|
63.5 |
Less: Net income attributable to noncontrolling interests |
|
|
2.1 |
|
|
1.5 |
|
|
7.6 |
|
|
6.0 |
Net income attributable to SunCoke Energy, Inc. |
|
$ |
23.7 |
|
$ |
13.8 |
|
$ |
95.9 |
|
$ |
57.5 |
Earnings attributable to SunCoke Energy, Inc. per common share: |
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.28 |
|
$ |
0.16 |
|
$ |
1.13 |
|
$ |
0.68 |
Diluted |
|
$ |
0.28 |
|
$ |
0.16 |
|
$ |
1.12 |
|
$ |
0.68 |
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
||||
Basic |
|
|
85.3 |
|
|
84.8 |
|
|
85.1 |
|
|
84.7 |
Diluted |
|
|
85.5 |
|
|
85.0 |
|
|
85.3 |
|
|
84.9 |
SunCoke Energy, Inc. Consolidated Balance Sheets |
|||||||
|
|||||||
|
December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
|
(Unaudited) |
|
(Audited) |
||||
|
(Dollars in millions, except par value amounts) |
||||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
189.6 |
|
|
$ |
140.1 |
|
Receivables, net |
|
96.6 |
|
|
|
88.3 |
|
Inventories |
|
180.8 |
|
|
|
182.6 |
|
Income tax receivable |
|
— |
|
|
|
1.4 |
|
Other current assets |
|
7.6 |
|
|
|
4.4 |
|
Total current assets |
|
474.6 |
|
|
|
416.8 |
|
Properties, plants and equipment (net of accumulated depreciation of |
|
1,143.6 |
|
|
|
1,191.1 |
|
Intangible assets, net |
|
29.2 |
|
|
|
31.1 |
|
Deferred charges and other assets |
|
20.8 |
|
|
|
21.4 |
|
Total assets |
$ |
1,668.2 |
|
|
$ |
1,660.4 |
|
Liabilities and Equity |
|
|
|
||||
Accounts payable |
$ |
153.2 |
|
|
$ |
172.1 |
|
Accrued liabilities |
|
52.6 |
|
|
|
51.7 |
|
Total current liabilities |
|
205.8 |
|
|
|
223.8 |
|
Long-term debt |
|
492.3 |
|
|
|
490.3 |
|
Accrual for black lung benefits |
|
12.7 |
|
|
|
53.2 |
|
Retirement benefit liabilities |
|
7.6 |
|
|
|
15.8 |
|
Deferred income taxes |
|
196.8 |
|
|
|
190.4 |
|
Asset retirement obligations |
|
17.2 |
|
|
|
14.1 |
|
Other deferred credits and liabilities |
|
24.8 |
|
|
|
27.3 |
|
Total liabilities |
|
957.2 |
|
|
|
1,014.9 |
|
Equity |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
1.0 |
|
|
|
1.0 |
|
Treasury stock, 15,404,482 shares at both December 31, 2024 and 2023 |
|
(184.0 |
) |
|
|
(184.0 |
) |
Additional paid-in capital |
|
732.8 |
|
|
|
729.8 |
|
Accumulated other comprehensive loss |
|
(7.7 |
) |
|
|
(12.8 |
) |
Retained earnings |
|
138.1 |
|
|
|
80.2 |
|
Total SunCoke Energy, Inc. stockholders' equity |
|
680.2 |
|
|
|
614.2 |
|
Noncontrolling interests |
|
30.8 |
|
|
|
31.3 |
|
Total equity |
|
711.0 |
|
|
|
645.5 |
|
Total liabilities and equity |
$ |
1,668.2 |
|
|
$ |
1,660.4 |
|
SunCoke Energy, Inc. Consolidated Statements of Cash Flows |
|||||||
|
Years Ended December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
|
(Unaudited) |
|
(Audited) |
||||
|
(Dollars in millions) |
||||||
Cash Flows from Operating Activities: |
|
|
|
||||
Net income |
$ |
103.5 |
|
|
$ |
63.5 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization expense |
|
118.9 |
|
|
|
142.8 |
|
Deferred income tax expense |
|
4.5 |
|
|
|
18.6 |
|
Share-based compensation expense |
|
4.0 |
|
|
|
5.1 |
|
Gain on extinguishment of legacy coal liabilities |
|
(9.5 |
) |
|
|
— |
|
Changes in working capital pertaining to operating activities: |
|
|
|
||||
Receivables, net |
|
(8.9 |
) |
|
|
16.8 |
|
Inventories |
|
1.8 |
|
|
|
(7.2 |
) |
Accounts payable |
|
(12.9 |
) |
|
|
19.7 |
|
Accrued liabilities |
|
(31.9 |
) |
|
|
(10.2 |
) |
Income taxes |
|
1.4 |
|
|
|
(1.4 |
) |
Other |
|
(2.1 |
) |
|
|
1.3 |
|
Net cash provided by operating activities |
|
168.8 |
|
|
|
249.0 |
|
Cash Flows from Investing Activities: |
|
|
|
||||
Capital expenditures |
|
(72.9 |
) |
|
|
(109.2 |
) |
Other investing activities |
|
0.6 |
|
|
|
— |
|
Net cash used in investing activities |
|
(72.3 |
) |
|
|
(109.2 |
) |
Cash Flows from Financing Activities: |
|
|
|
||||
Proceeds from revolving facility |
|
11.0 |
|
|
|
291.0 |
|
Repayment of revolving facility |
|
(11.0 |
) |
|
|
(326.0 |
) |
Repayment of financing obligation |
|
— |
|
|
|
(8.8 |
) |
Dividends paid |
|
(37.6 |
) |
|
|
(30.7 |
) |
Cash distributions to noncontrolling interests |
|
(8.1 |
) |
|
|
(11.8 |
) |
Other financing activities |
|
(1.3 |
) |
|
|
(3.4 |
) |
Net cash used in financing activities |
|
(47.0 |
) |
|
|
(89.7 |
) |
Net increase in cash and cash equivalents |
|
49.5 |
|
|
|
50.1 |
|
Cash and cash equivalents at beginning of year |
|
140.1 |
|
|
|
90.0 |
|
Cash and cash equivalents at end of year |
$ |
189.6 |
|
|
$ |
140.1 |
|
Supplemental Disclosure of Cash Flow Information |
|
|
|
||||
Interest paid |
$ |
24.4 |
|
|
$ |
25.7 |
|
Income taxes paid, net of refunds of |
$ |
18.0 |
|
|
$ |
17.7 |
|
SunCoke Energy, Inc. Segment Operating Data |
||||||||||||||||
|
||||||||||||||||
|
|
Three Months Ended
|
|
Years Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Audited) |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
(Dollars in millions) |
||||||||||||||
Sales and other operating revenues: |
|
|
|
|
|
|
|
|
||||||||
Domestic Coke |
|
$ |
456.3 |
|
|
$ |
493.6 |
|
|
$ |
1,817.3 |
|
|
$ |
1,954.0 |
|
Brazil Coke |
|
|
8.9 |
|
|
|
9.4 |
|
|
|
35.1 |
|
|
|
35.2 |
|
Logistics |
|
|
20.8 |
|
|
|
17.6 |
|
|
|
83.0 |
|
|
|
74.0 |
|
Logistics intersegment sales |
|
|
5.1 |
|
|
|
5.2 |
|
|
|
22.9 |
|
|
|
22.1 |
|
Elimination of intersegment sales |
|
|
(5.1 |
) |
|
|
(5.2 |
) |
|
|
(22.9 |
) |
|
|
(22.1 |
) |
Total sales and other operating revenue |
|
$ |
486.0 |
|
|
$ |
520.6 |
|
|
$ |
1,935.4 |
|
|
$ |
2,063.2 |
|
Adjusted EBITDA(1) |
|
|
|
|
|
|
|
|
||||||||
Domestic Coke |
|
$ |
57.3 |
|
|
$ |
55.2 |
|
|
$ |
234.7 |
|
|
$ |
247.8 |
|
Brazil Coke |
|
|
2.5 |
|
|
|
2.2 |
|
|
|
9.9 |
|
|
|
9.1 |
|
Logistics |
|
|
11.5 |
|
|
|
10.7 |
|
|
|
50.4 |
|
|
|
44.3 |
|
Corporate and Other(2) |
|
|
(5.2 |
) |
|
|
(5.8 |
) |
|
|
(22.2 |
) |
|
|
(32.4 |
) |
Total Adjusted EBITDA |
|
$ |
66.1 |
|
|
$ |
62.3 |
|
|
$ |
272.8 |
|
|
$ |
268.8 |
|
Coke Operating Data: |
|
|
|
|
|
|
|
|
||||||||
Domestic Coke capacity utilization(3) |
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
101 |
% |
Domestic Coke production volumes (thousands of tons) |
|
|
1,023 |
|
|
|
1,025 |
|
|
|
4,032 |
|
|
|
4,049 |
|
Domestic Coke sales volumes (thousands of tons) |
|
|
1,032 |
|
|
|
1,037 |
|
|
|
4,028 |
|
|
|
4,046 |
|
Domestic Coke Adjusted EBITDA per ton(4) |
|
$ |
55.52 |
|
|
$ |
53.23 |
|
|
$ |
58.27 |
|
|
$ |
61.25 |
|
Brazilian Coke production—operated facility (thousands of tons) |
|
|
388 |
|
|
|
383 |
|
|
|
1,579 |
|
|
|
1,558 |
|
Logistics Operating Data: |
|
|
|
|
|
|
|
|
||||||||
Tons handled (thousands of tons) |
|
|
5,262 |
|
|
|
5,022 |
|
|
|
22,540 |
|
|
|
20,483 |
|
(1) See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release. |
||||||||||||||||
(2) Corporate and Other is not a reportable segment. |
||||||||||||||||
(3) The production of foundry coke tons does not replace blast furnace coke tons on a ton for ton basis, as foundry coke requires longer coking time. The Domestic Coke capacity utilization is calculated assuming a single ton of foundry coke replaces approximately two tons of blast furnace coke. |
||||||||||||||||
(4) Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes. |
||||||||||||||||
SunCoke Energy, Inc. Reconciliation of Non-GAAP Information Net Income to Adjusted EBITDA |
||||||||||||
|
||||||||||||
|
|
Three Months Ended
|
|
Years Ended
|
||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Audited) |
||||
|
|
(Dollars in millions) |
||||||||||
Net income |
|
$ |
25.8 |
|
$ |
15.3 |
|
$ |
103.5 |
|
$ |
63.5 |
Add: |
|
|
|
|
|
|
|
|
||||
Depreciation and amortization expense |
|
|
28.8 |
|
|
35.6 |
|
|
118.9 |
|
|
142.8 |
Interest expense, net |
|
|
5.6 |
|
|
6.3 |
|
|
23.4 |
|
|
27.3 |
Income tax expense |
|
|
4.1 |
|
|
4.6 |
|
|
25.0 |
|
|
34.3 |
Transaction costs(1) |
|
|
1.8 |
|
|
0.5 |
|
|
2.0 |
|
|
0.9 |
Adjusted EBITDA |
|
$ |
66.1 |
|
$ |
62.3 |
|
$ |
272.8 |
|
$ |
268.8 |
(1) Reflects costs incurred related to potential mergers and acquisitions and the granulated pig iron project with |
||||||||||||
SunCoke Energy, Inc Reconciliation of Non-GAAP Information Estimated 2025 Net Income to Estimated 2025 Adjusted EBITDA |
||||||
|
||||||
|
|
2025
|
||||
|
|
Low |
|
High |
||
Net income |
|
$ |
52 |
|
$ |
69 |
Add: |
|
|
|
|
||
Depreciation and amortization expense |
|
|
121 |
|
|
117 |
Interest expense, net |
|
|
26 |
|
|
24 |
Income tax expense |
|
|
11 |
|
|
15 |
Adjusted EBITDA |
|
$ |
210 |
|
$ |
225 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250130359807/en/
Investor/Media Inquiries:
Sharon Doyle
Manager, Investor Relations
(630) 824-1907
Source: SunCoke Energy, Inc.
FAQ
What was SunCoke Energy's (SXC) net income for full-year 2024?
What is SunCoke's (SXC) Adjusted EBITDA guidance for 2025?
How did SXC's safety performance improve in 2024?
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How much operating cash flow did SXC generate in 2024?
