SunCoke Energy, Inc. Reports Third Quarter 2024 Results
SunCoke Energy (SXC) reported strong Q3 2024 results with net income of $33.3 million, up from $8.5 million in the prior year. Net income attributable to SXC was $30.7 million ($0.36 per diluted share), compared to $7.0 million ($0.08 per diluted share) last year. Consolidated Adjusted EBITDA reached $75.3 million, up from $65.4 million.
The company received a DOL regulatory exemption, eliminating most legacy black lung liabilities for a $36.0 million payment, resulting in a $9.5 million gain. SXC extended its Granite City coke supply agreement with U.S. Steel through June 2025 and signed a new three-year coal handling agreement at Kanawha River Terminal. The company increased its 2024 Consolidated Adjusted EBITDA guidance to $260-270 million.
SunCoke Energy (SXC) ha riportato risultati solidi per il terzo trimestre del 2024, con un utile netto di 33,3 milioni di dollari, in aumento rispetto agli 8,5 milioni dell'anno precedente. L'utile netto attribuibile a SXC è stato di 30,7 milioni di dollari (0,36 dollari per azione diluita), rispetto ai 7,0 milioni di dollari (0,08 dollari per azione diluita) dell'anno scorso. L'EBITDA consolidato rettificato ha raggiunto i 75,3 milioni di dollari, rispetto ai 65,4 milioni di dollari dell'anno passato.
L'azienda ha ricevuto un'esenzione normativa dal DOL, eliminando la maggior parte delle responsabilità legate alla silicosi storica per un pagamento di 36,0 milioni di dollari, portando a un guadagno di 9,5 milioni di dollari. SXC ha esteso il suo contratto di fornitura di coke a Granite City con U.S. Steel fino a giugno 2025 e ha firmato un nuovo contratto triennale per la gestione del carbone presso il terminal di Kanawha River. L'azienda ha aumentato le sue previsioni di EBITDA consolidato rettificato per il 2024 a 260-270 milioni di dollari.
SunCoke Energy (SXC) reportó resultados sólidos en el tercer trimestre de 2024, con un ingreso neto de 33.3 millones de dólares, un aumento desde los 8.5 millones del año anterior. El ingreso neto atribuible a SXC fue de 30.7 millones de dólares (0.36 dólares por acción diluida), en comparación con 7.0 millones de dólares (0.08 dólares por acción diluida) el año pasado. El EBITDA ajustado consolidado alcanzó los 75.3 millones de dólares, un aumento desde los 65.4 millones de dólares.
La compañía recibió una exención regulatoria del DOL, eliminando la mayoría de las responsabilidades históricas por enfermedades pulmonares por un pago de 36.0 millones de dólares, lo que resultó en una ganancia de 9.5 millones de dólares. SXC extendió su acuerdo de suministro de coque en Granite City con U.S. Steel hasta junio de 2025 y firmó un nuevo contrato de manejo de carbón de tres años en el terminal del río Kanawha. La compañía aumentó su guía de EBITDA ajustado consolidado para 2024 a entre 260 y 270 millones de dólares.
SunCoke Energy (SXC)는 2024년 3분기 강력한 실적을 보고했으며, 순이익은 3,330만 달러로 작년 850만 달러에서 증가했습니다. SXC에 귀속된 순이익은 3,070만 달러(희석 주당 0.36 달러)였으며, 작년에는 700만 달러(희석 주당 0.08 달러)였습니다. 통합 조정 EBITDA는 7,530만 달러에 도달하여 작년의 6,540만 달러에서 증가했습니다.
회사는 DOL 규제 면제를 받아 과거 석탄 광산 노출에 대한 대부분의 책임을 3,600만 달러의 지급으로 없앴으며, 이는 950만 달러의 이익을 가져왔습니다. SXC는 U.S. Steel과의 Granite City 코크스 공급 계약을 2025년 6월까지 연장하였으며, Kanawha River Terminal에서 3년 기간의 석탄 처리 계약을 체결했습니다. 회사는 2024년 통합 조정 EBITDA 가이드를 2억 6천만 달러에서 2억 7천만 달러로 증가시켰습니다.
SunCoke Energy (SXC) a annoncé de solides résultats pour le troisième trimestre 2024, avec un bénéfice net de 33,3 millions de dollars, en hausse par rapport à 8,5 millions de dollars l'année précédente. Le bénéfice net attribuable à SXC s'est élevé à 30,7 millions de dollars (0,36 dollar par action diluée), contre 7,0 millions de dollars (0,08 dollar par action diluée) l'année dernière. L'EBITDA ajusté consolidé a atteint 75,3 millions de dollars, contre 65,4 millions de dollars l'année précédente.
L'entreprise a reçu une exemption réglementaire du DOL, éliminant la plupart des responsabilités liées à la pneumoconiose pour un paiement de 36,0 millions de dollars, entraînant un gain de 9,5 millions de dollars. SXC a prolongé son contrat d'approvisionnement en coke à Granite City avec U.S. Steel jusqu'en juin 2025 et a signé un nouveau contrat de traitement du charbon de trois ans au terminal de Kanawha River. L'entreprise a révisé à la hausse sa prévision d'EBITDA ajusté consolidé pour 2024 à 260-270 millions de dollars.
SunCoke Energy (SXC) meldete im dritten Quartal 2024 starke Ergebnisse mit einem Nettogewinn von 33,3 Millionen Dollar, ein Anstieg von 8,5 Millionen Dollar im Vorjahr. Der Nettogewinn, der SXC zuzurechnen ist, betrug 30,7 Millionen Dollar (0,36 Dollar pro verwässerter Aktie), verglichen mit 7,0 Millionen Dollar (0,08 Dollar pro verwässerter Aktie) im Vorjahr. Das konsolidierte bereinigte EBITDA erreichte 75,3 Millionen Dollar, ein Anstieg von 65,4 Millionen Dollar.
Das Unternehmen erhielt eine DOL-Regulierungsbefreiung, die die meisten historischen Belastungen durch Black Lung für eine Zahlung von 36,0 Millionen Dollar eliminierte, was zu einem Gewinn von 9,5 Millionen Dollar führte. SXC verlängerte seinen Koksversorgungsvertrag mit U.S. Steel in Granite City bis Juni 2025 und unterzeichnete einen neuen drei Jahre gültigen Kohlehändlervertrag am Kanawha River Terminal. Das Unternehmen erhöhte seine Guidance für das konsolidierte bereinigte EBITDA für 2024 auf 260-270 Millionen Dollar.
- Net income increased significantly to $33.3M from $8.5M YoY
- Adjusted EBITDA grew to $75.3M from $65.4M YoY
- Eliminated majority of legacy black lung liabilities, reducing future expenses
- Secured new three-year take-or-pay coal handling agreement
- Increased 2024 Adjusted EBITDA guidance to $260-270M
- Domestic coke fleet operating at full capacity
- Revenues decreased by $30.3M to $490.1M YoY
- Lower coal-to-coke yields on long-term contracts
- $12M capital investment required for new handling capacity
Insights
The Q3 results show significant financial improvement with
- Strategic elimination of black lung liabilities through a
$36 million one-time payment, resulting in$9.5 million gain - Extended Granite City agreement with U.S. Steel
- New three-year logistics contract with
$12 million capital investment - Increased 2024 EBITDA guidance to
$260-270 million
The logistics segment shows particular strength with
The operational metrics reveal strong fundamentals across key business segments. The domestic coke production maintained full capacity with 1,027 thousand tons, showing resilient demand. The logistics segment handled 5,843 thousand tons, an impressive
The new Kanawha River Terminal agreement and Granite City extension demonstrate strong customer relationships and operational flexibility. The
-
Third quarter 2024 net income was
, compared to$33.3 million in the prior year period; third quarter 2024 net income attributable to SXC was$8.5 million , or$30.7 million per diluted share, compared to$0.36 , or$7.0 million per diluted share in the prior year period$0.08 -
Consolidated Adjusted EBITDA(1) for the quarter was
, compared to$75.3 million in the prior year period$65.4 million -
Received a regulatory exemption from the United States Department of Labor (DOL), eliminating the majority of our legacy black lung liabilities in exchange for a one-time payment of
, resulting in a one-time gain of$36.0 million $9.5 million -
Extended
Granite City coke supply agreement withU.S. Steel through June 2025 -
Signed a three-year, take-or-pay coal handling agreement at Kanawha River Terminal, beginning in Q2 2025; capital investment of
to develop additional handling capacity$12 million -
Increasing full-year 2024 Consolidated Adjusted EBITDA(1) guidance range to
-$260 million , reflecting favorable logistics performance, and the gain resulting from the DOL regulatory exemption$270 million
"Our domestic coke fleet continued running at full capacity this quarter, and our logistics segment again delivered strong results," said Katherine Gates, President and CEO of SunCoke Energy, Inc. "We are pleased to have reached an agreement with the United States Department of Labor for a regulatory exemption that eliminates the majority of our legacy black lung liabilities, resulting in a
(1) See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release.
THIRD QUARTER CONSOLIDATED RESULTS
|
Three Months Ended September 30, |
||||||||
(Dollars in millions) |
|
2024 |
|
|
2023 |
|
Increase (decrease) |
||
Revenues |
$ |
490.1 |
|
$ |
520.4 |
|
$ |
(30.3 |
) |
Net income attributable to SXC |
$ |
30.7 |
|
$ |
7.0 |
|
$ |
23.7 |
|
Adjusted EBITDA(1) |
$ |
75.3 |
|
$ |
65.4 |
|
$ |
9.9 |
|
(1) See definition of Adjusted EBITDA and reconciliation to |
Revenues in the third quarter of 2024 decreased
Net income attributable to SXC increased
Adjusted EBITDA increased
THIRD QUARTER SEGMENT RESULTS
Domestic Coke
Domestic Coke consists of cokemaking facilities and heat recovery operations at our Jewell, Indiana Harbor, Haverhill,
|
Three Months Ended September 30, |
||||||||
(Dollars in millions, except per ton amounts) |
|
2024 |
|
|
2023 |
|
Increase (decrease) |
||
Revenues |
$ |
459.9 |
|
$ |
495.7 |
|
$ |
(35.8 |
) |
Adjusted EBITDA(1) |
$ |
58.1 |
|
$ |
64.0 |
|
$ |
(5.9 |
) |
Sales volumes (thousands of tons) |
|
1,027 |
|
|
1,016 |
|
|
11 |
|
Adjusted EBITDA per ton(2) |
$ |
56.57 |
|
$ |
62.99 |
|
$ |
(6.42 |
) |
(1) See definition of Adjusted EBITDA elsewhere in this release. |
|||||||||
(2) Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes. |
Revenues in the third quarter of 2024 decreased
Adjusted EBITDA in the third quarter of 2024 decreased
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 September 30, |
||||||||
(Dollars in millions, except per ton amounts) |
|
2024 |
|
|
2023 |
|
Increase (decrease) |
||
Revenues |
$ |
21.4 |
|
$ |
15.6 |
|
$ |
5.8 |
|
Intersegment sales |
$ |
6.0 |
|
$ |
5.6 |
|
$ |
0.4 |
|
Adjusted EBITDA(1) |
$ |
13.7 |
|
$ |
8.4 |
|
$ |
5.3 |
|
Tons handled (thousands of tons)(2) |
|
5,843 |
|
|
4,961 |
|
|
882 |
|
(1) See definition of Adjusted EBITDA elsewhere in this release. |
|||||||||
(2) Reflects inbound tons handled during the period. |
Revenues in the third quarter of 2024 increased
Adjusted EBITDA increased by
Brazil Coke
Brazil Coke consists of a cokemaking facility in Vitória,
Revenues were
Corporate and Other
Corporate and Other, which includes activity from our legacy coal mining business, was a net positive
2024 REVISED OUTLOOK
Our 2024 revised guidance reflects favorable performance from our Logistics segment, and impacts from the agreement with the DOL.
Our 2024 revised guidance is as follows:
- Domestic Coke total production is expected to be approximately 4.1 million tons
-
Consolidated Net Income is expected to be between
and$85 million $97 million -
Consolidated Adjusted EBITDA is expected to be between
and$260 million $270 million -
Capital expenditures are projected to be between
and$75 million $80 million -
Operating cash flow is estimated to be between
to$155 million $165 million -
Cash taxes are projected to be between
to$16 million $20 million
Disclaimer: The Company's 2024 outlook and guidance are based on the Company's current estimates and assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these estimates and assumptions, the Company's expectations may change. There can be no assurances that SunCoke will achieve the results expressed by this outlook and guidance.
RELATED COMMUNICATIONS
We will host our quarterly earnings call at 11:00 am ET (10:00 a.m. CT) today. The conference call will be webcast live at https://event.choruscall.com/mediaframe/webcast.html?webcastid=jnUmKXiR 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 https://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. - 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 2024 outlook and guidance, our 2024 key initiatives, the ability of our domestic coke plants to continue to operate at full capacity, future dividends and the timing of such dividend payments, the expected lower annual legacy expenses and elimination of potential higher collateral requirements resulting from the DOL exemption, the anticipated timing, completion, and increased volume capabilities as a result of the capital investment project at the KRT logistics facility, and future sales commitments, are forward-looking statements and should be evaluated as such. Forward-looking statements represent only our present 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 |
||||||||||||
(Unaudited) |
||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
||||
|
|
(Dollars and shares in millions, except per share amounts) |
||||||||||
Revenues |
|
|
|
|
|
|
|
|
||||
Sales and other operating revenue |
|
$ |
490.1 |
|
$ |
520.4 |
|
$ |
1,449.4 |
|
$ |
1,542.6 |
Costs and operating expenses |
|
|
|
|
|
|
|
|
||||
Cost of products sold and operating expenses |
|
|
405.2 |
|
|
436.1 |
|
|
1,197.1 |
|
|
1,281.2 |
Selling, general and administrative expenses |
|
|
9.6 |
|
|
19.1 |
|
|
45.8 |
|
|
55.3 |
Depreciation and amortization expense |
|
|
28.1 |
|
|
35.5 |
|
|
90.1 |
|
|
107.2 |
Total costs and operating expenses |
|
|
442.9 |
|
|
490.7 |
|
|
1,333.0 |
|
|
1,443.7 |
Operating income |
|
|
47.2 |
|
|
29.7 |
|
|
116.4 |
|
|
98.9 |
Interest expense, net |
|
|
5.7 |
|
|
6.6 |
|
|
17.8 |
|
|
21.0 |
Income before income tax expense |
|
|
41.5 |
|
|
23.1 |
|
|
98.6 |
|
|
77.9 |
Income tax expense |
|
|
8.2 |
|
|
14.6 |
|
|
20.9 |
|
|
29.7 |
Net income |
|
|
33.3 |
|
|
8.5 |
|
|
77.7 |
|
|
48.2 |
Less: Net income attributable to noncontrolling interests |
|
|
2.6 |
|
|
1.5 |
|
|
5.5 |
|
|
4.5 |
Net income attributable to SunCoke Energy, Inc. |
|
$ |
30.7 |
|
$ |
7.0 |
|
$ |
72.2 |
|
$ |
43.7 |
Earnings attributable to SunCoke Energy, Inc. per common share: |
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.36 |
|
$ |
0.08 |
|
$ |
0.85 |
|
$ |
0.52 |
Diluted |
|
$ |
0.36 |
|
$ |
0.08 |
|
$ |
0.85 |
|
$ |
0.51 |
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
||||
Basic |
|
|
85.1 |
|
|
84.8 |
|
|
85.1 |
|
|
84.7 |
Diluted |
|
|
85.3 |
|
|
85.1 |
|
|
85.3 |
|
|
84.9 |
SunCoke Energy, Inc. |
||||||||
Consolidated Balance Sheets |
||||||||
|
|
September 30, 2024 |
|
December 31, 2023 |
||||
|
|
(Unaudited) |
|
|
||||
|
|
(Dollars in millions, except par value amounts) |
||||||
Assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
164.7 |
|
|
$ |
140.1 |
|
Receivables, net |
|
|
80.2 |
|
|
|
88.3 |
|
Inventories |
|
|
195.9 |
|
|
|
182.6 |
|
Income tax receivable |
|
|
5.6 |
|
|
|
1.4 |
|
Other current assets |
|
|
9.6 |
|
|
|
4.4 |
|
Total current assets |
|
|
456.0 |
|
|
|
416.8 |
|
Properties, plants and equipment (net of accumulated depreciation of |
|
|
1,147.4 |
|
|
|
1,191.1 |
|
Intangible assets, net |
|
|
29.6 |
|
|
|
31.1 |
|
Deferred charges and other assets |
|
|
21.8 |
|
|
|
21.4 |
|
Total assets |
|
$ |
1,654.8 |
|
|
$ |
1,660.4 |
|
Liabilities and Equity |
|
|
|
|
||||
Accounts payable |
|
$ |
152.0 |
|
|
$ |
172.1 |
|
Accrued liabilities |
|
|
47.1 |
|
|
|
51.7 |
|
Interest payable |
|
|
6.1 |
|
|
|
— |
|
Total current liabilities |
|
|
205.2 |
|
|
|
223.8 |
|
Long-term debt |
|
|
491.8 |
|
|
|
490.3 |
|
Accrual for black lung benefits |
|
|
13.2 |
|
|
|
53.2 |
|
Retirement benefit liabilities |
|
|
14.8 |
|
|
|
15.8 |
|
Deferred income taxes |
|
|
198.1 |
|
|
|
190.4 |
|
Asset retirement obligations |
|
|
14.9 |
|
|
|
14.1 |
|
Other deferred credits and liabilities |
|
|
25.8 |
|
|
|
27.3 |
|
Total liabilities |
|
|
963.8 |
|
|
|
1,014.9 |
|
Equity |
|
|
|
|
||||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
1.0 |
|
|
|
1.0 |
|
Treasury stock, 15,404,482 shares at both September 30, 2024 and December 31, 2023 |
|
|
(184.0 |
) |
|
|
(184.0 |
) |
Additional paid-in capital |
|
|
730.3 |
|
|
|
729.8 |
|
Accumulated other comprehensive loss |
|
|
(13.5 |
) |
|
|
(12.8 |
) |
Retained earnings |
|
|
124.8 |
|
|
|
80.2 |
|
Total SunCoke Energy, Inc. stockholders’ equity |
|
|
658.6 |
|
|
|
614.2 |
|
Noncontrolling interest |
|
|
32.4 |
|
|
|
31.3 |
|
Total equity |
|
|
691.0 |
|
|
|
645.5 |
|
Total liabilities and equity |
|
$ |
1,654.8 |
|
|
$ |
1,660.4 |
|
SunCoke Energy, Inc. |
||||||||
Consolidated Statements of Cash Flows |
||||||||
(Unaudited) |
||||||||
|
|
Nine Months Ended September 30, |
||||||
|
|
2024 |
|
2023 |
||||
|
|
(Dollars in millions) |
||||||
Cash Flows from Operating Activities |
|
|
|
|
||||
Net income |
|
$ |
77.7 |
|
|
$ |
48.2 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization expense |
|
|
90.1 |
|
|
|
107.2 |
|
Deferred income tax expense |
|
|
7.7 |
|
|
|
15.8 |
|
Share-based compensation expense |
|
|
4.1 |
|
|
|
4.3 |
|
Gain on extinguishment of legacy coal liabilities |
|
|
(9.5 |
) |
|
|
— |
|
Changes in working capital pertaining to operating activities: |
|
|
|
|
||||
Receivables, net |
|
|
7.6 |
|
|
|
24.3 |
|
Inventories |
|
|
(13.2 |
) |
|
|
(31.3 |
) |
Accounts payable |
|
|
(17.0 |
) |
|
|
25.5 |
|
Accrued liabilities |
|
|
(35.1 |
) |
|
|
(6.2 |
) |
Interest payable |
|
|
6.1 |
|
|
|
6.1 |
|
Income taxes |
|
|
(4.2 |
) |
|
|
0.7 |
|
Other operating activities |
|
|
(6.4 |
) |
|
|
(2.0 |
) |
Net cash provided by operating activities |
|
|
107.9 |
|
|
|
192.6 |
|
Cash Flows from Investing Activities |
|
|
|
|
||||
Capital expenditures |
|
|
(48.1 |
) |
|
|
(84.5 |
) |
Other investing activities |
|
|
0.5 |
|
|
|
(0.9 |
) |
Net cash used in investing activities |
|
|
(47.6 |
) |
|
|
(85.4 |
) |
Cash Flows from Financing Activities |
|
|
|
|
||||
Proceeds from revolving facility |
|
|
11.0 |
|
|
|
273.0 |
|
Repayment of revolving facility |
|
|
(11.0 |
) |
|
|
(308.0 |
) |
Repayment of financing obligation |
|
|
— |
|
|
|
(2.5 |
) |
Dividends paid |
|
|
(27.5 |
) |
|
|
(22.3 |
) |
Cash distribution to noncontrolling interests |
|
|
(4.4 |
) |
|
|
(8.1 |
) |
Other financing activities |
|
|
(3.8 |
) |
|
|
(3.4 |
) |
Net cash used in financing activities |
|
|
(35.7 |
) |
|
|
(71.3 |
) |
Net increase in cash and cash equivalents |
|
|
24.6 |
|
|
|
35.9 |
|
Cash and cash equivalents at beginning of period |
|
|
140.1 |
|
|
|
90.0 |
|
Cash and cash equivalents at end of period |
|
$ |
164.7 |
|
|
$ |
125.9 |
|
Supplemental Disclosure of Cash Flow Information |
|
|
|
|
||||
Interest paid |
|
$ |
12.2 |
|
|
$ |
13.4 |
|
Income taxes paid |
|
$ |
17.3 |
|
|
$ |
13.1 |
|
SunCoke Energy, Inc. |
||||||||||||||||
Segment Financial and Operating Data |
||||||||||||||||
The following tables set forth financial and operating data for the three and nine months ended September 30, 2024 and 2023, respectively: |
||||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
(Dollars in millions, except per ton amounts) |
||||||||||||||
Sales and Other Operating Revenues: |
|
|
|
|
|
|
|
|
||||||||
Domestic Coke |
|
$ |
459.9 |
|
|
$ |
495.7 |
|
|
$ |
1,361.0 |
|
|
$ |
1,460.4 |
|
Brazil Coke |
|
|
8.8 |
|
|
|
9.1 |
|
|
|
26.2 |
|
|
|
25.8 |
|
Logistics |
|
|
21.4 |
|
|
|
15.6 |
|
|
|
62.2 |
|
|
|
56.4 |
|
Logistics intersegment sales |
|
|
6.0 |
|
|
|
5.6 |
|
|
|
17.8 |
|
|
|
16.9 |
|
Elimination of intersegment sales |
|
|
(6.0 |
) |
|
|
(5.6 |
) |
|
|
(17.8 |
) |
|
|
(16.9 |
) |
Total sales and other operating revenues |
|
$ |
490.1 |
|
|
$ |
520.4 |
|
|
$ |
1,449.4 |
|
|
$ |
1,542.6 |
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
||||||||
Domestic Coke |
|
$ |
58.1 |
|
|
$ |
64.0 |
|
|
$ |
177.4 |
|
|
$ |
192.6 |
|
Brazil Coke |
|
|
2.5 |
|
|
|
2.2 |
|
|
|
7.4 |
|
|
|
6.9 |
|
Logistics |
|
|
13.7 |
|
|
|
8.4 |
|
|
|
38.9 |
|
|
|
33.6 |
|
Corporate and Other, net(1) |
|
|
1.0 |
|
|
|
(9.2 |
) |
|
|
(17.0 |
) |
|
|
(26.6 |
) |
Total Adjusted EBITDA(2) |
|
$ |
75.3 |
|
|
$ |
65.4 |
|
|
$ |
206.7 |
|
|
$ |
206.5 |
|
Coke Operating Data: |
|
|
|
|
|
|
|
|
||||||||
Domestic Coke capacity utilization(3) |
|
|
102 |
% |
|
|
102 |
% |
|
|
100 |
% |
|
|
101 |
% |
Domestic Coke production volumes (thousands of tons) |
|
|
1,031 |
|
|
|
1,032 |
|
|
|
3,009 |
|
|
|
3,024 |
|
Domestic Coke sales volumes (thousands of tons) |
|
|
1,027 |
|
|
|
1,016 |
|
|
|
2,996 |
|
|
|
3,009 |
|
Domestic Coke Adjusted EBITDA per ton(4) |
|
$ |
56.57 |
|
|
$ |
62.99 |
|
|
$ |
59.21 |
|
|
$ |
64.01 |
|
Brazilian Coke production—operated facility (thousands of tons) |
|
|
423 |
|
|
|
381 |
|
|
|
1,191 |
|
|
|
1,175 |
|
Logistics Operating Data: |
|
|
|
|
|
|
|
|
||||||||
Tons handled (thousands of tons) |
|
|
5,843 |
|
|
|
4,961 |
|
|
|
17,277 |
|
|
|
15,461 |
|
(1) Corporate and Other, net is not a reportable segment. |
||||||||||||||||
(2) See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release. | ||||||||||||||||
(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 Consolidated Adjusted EBITDA |
||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
(Dollars in millions) |
||||||||||
Net income |
|
$ |
33.3 |
|
$ |
8.5 |
|
$ |
77.7 |
|
$ |
48.2 |
Add: |
|
|
|
|
|
|
|
|
||||
Depreciation and amortization expense |
|
|
28.1 |
|
|
35.5 |
|
|
90.1 |
|
|
107.2 |
Interest expense, net |
|
|
5.7 |
|
|
6.6 |
|
|
17.8 |
|
|
21.0 |
Income tax expense |
|
|
8.2 |
|
|
14.6 |
|
|
20.9 |
|
|
29.7 |
Transaction costs(1) |
|
|
— |
|
|
0.2 |
|
|
0.2 |
|
|
0.4 |
Adjusted EBITDA |
|
$ |
75.3 |
|
$ |
65.4 |
|
$ |
206.7 |
|
$ |
206.5 |
(1) Costs incurred as part of the granulated pig iron project with |
||||||||||||
SunCoke Energy, Inc. |
||||||
Reconciliation of Non-GAAP Information |
||||||
Estimated 2024 Net Income |
||||||
to Estimated 2024 Consolidated Adjusted EBITDA |
||||||
|
|
2024 |
||||
|
|
Low |
|
High |
||
|
|
(Dollars in millions) |
||||
Net income |
|
$ |
85 |
|
$ |
97 |
Add: |
|
|
|
|
||
Depreciation and amortization expense |
|
|
122 |
|
|
118 |
Interest expense, net |
|
|
28 |
|
|
26 |
Income tax expense |
|
|
25 |
|
|
29 |
Adjusted EBITDA |
|
$ |
260 |
|
$ |
270 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031424477/en/
Investor/Media Inquiries:
Sharon Doyle
Manager, Investor Relations
(630) 824-1907
Source: SunCoke Energy, Inc.
FAQ
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