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SunCoke Energy, Inc. Announces Fourth Quarter And Full-Year 2016 Results And Provides Full-Year 2017 Guidance

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PR Newswire

LISLE, Ill., Jan. 26, 2017

LISLE, Ill., Jan. 26, 2017 /PRNewswire/ -- SunCoke Energy, Inc. (NYSE: SXC) today reported fourth quarter 2016 net income attributable to SXC of $17.0 million, or $0.26 per share, down $2.0 million versus the prior year period. Fourth quarter Consolidated Adjusted EBITDA was $77.3 million, up $22.3 million versus the prior year period primarily due to the recognition of CMT deferred revenue.

Full-year 2016 net income attributable to SXC was $14.4 million, or $0.22 per share, representing a $36.4 million increase versus the same prior year period. The Company delivered full-year 2016 Consolidated Adjusted EBITDA of $217.0 million, which was in line with its full-year guidance, and $31.6 million higher than full-year 2015.

"Fourth quarter and full-year results were in line with expectations, and again illustrate the ability for our coke and coal logistics segments to consistently generate stable results," said Fritz Henderson, President, Chairman and Chief Executive Officer of SunCoke Energy, Inc. "In 2016, we set out to manage through the challenging market conditions that our customers faced while continuing to focus on de-levering our balance sheet and achieving our financial objectives. I am pleased that we have successfully delivered against these initiatives."

Looking forward, the Company expects 2017 Consolidated Adjusted EBITDA to be between $220 million and $235 million. This outlook reflects higher Coal Logistics volumes and lower Corporate spending, partially offset by the impact of the continued oven work at the Company's Indiana Harbor facility.

Henderson continued, "As we move into 2017, we are focused on executing against our 2017 objectives and delivering value to SunCoke shareholders."

2016 CONSOLIDATED RESULTS⁽¹⁾

ARIVA.DE Börsen-Geflüster

Kurse

SunCoke Energy

9,55 €

-3,54%

Three Months Ended
December 31,

Years Ended
December 31,

(Dollars in millions)

2016

2015

Increase/ (Decrease)

2016

2015

Increase/ (Decrease)

Total revenues

325.6

353.6

(28.0)

1,223.3

1,362.7

(139.4)

Net income (loss) attributable to SXC

17.0

19.0

(2.0)

14.4

(22.0)

36.4

Adjusted EBITDA⁽²⁾

77.3

55.0

22.3

217.0

185.4

31.6


(1)	The current and prior year periods are not comparable due to the divestiture of our Coal Mining business in April 2016 and the contribution of Convent Marine Terminal, which was acquired on August 12, 2015.
(2)	See definition of Adjusted EBITDA and reconciliation elsewhere in this release.

Total revenues from operations were $325.6 million and $1,223.3 million in fourth quarter and full-year 2016, respectively, a decrease of $28.0 million and $139.4 million, respectively, compared with the same prior year periods. These decreases in revenue primarily reflect the pass-through of lower coal prices and lower sales volumes in our Domestic Coke segment. The full-year impact was partly offset by the full-year contribution from the Convent Marine Terminal ("CMT") versus the prior year period.

Fourth quarter 2016 net income attributable to SXC was $17.0 million, or $0.26 per share, down from net income of $19.0 million, or $0.30 per share, in the same prior year period. The prior year results include $8.9 million of gains on debt extinguishment and lower income taxes driven primarily by a deduction related to the liquidation of a coal mining subsidiary.

Full-year 2016 net income attributable to SXC was $14.4 million, or $0.22 per share, versus a loss of $22.0 million, or $0.34 per share, for full-year 2015. The improvement in full-year results was impacted by current year gains on extinguishment of debt of $25.0 million and favorable fair value adjustments to our contingent consideration obligation of $10.1 million. Additionally, in 2015 we recorded a $19.4 million impairment on our equity method investment in Visa SunCoke. These year-over-year improvements were offset by the unfavorable current year impacts from higher income tax expense, higher non-controlling interest related to earnings at SXCP, as well as losses of $14.7 million relating to the divestiture of our coal mining business.

Adjusted EBITDA was $77.3 million and $217.0 million in fourth quarter and full-year 2016, respectively, representing an increase of $22.3 million and $31.6 million compared to the same prior year periods. Both fourth quarter and full-year 2016 were favorably impacted by increased contributions from CMT of $21.9 million and $29.9 million, respectively. The divestiture of our coal mining business, as discussed above, resulted in lower operating costs which favorably impacted Adjusted EBITDA in 2016. Offsetting these contributions were lower year-over-year operating results in our Domestic Coke segment of $8.8 million and $16.2 million in the fourth quarter and full-year 2016, respectively, driven by a turbine failure at our Haverhill facility in the fourth quarter as well as lower energy sales and coal-to-coke yield gains in the full-year period. Full-year 2016 also benefited from the absence of a $12.6 million non-cash pension plan termination charge recorded in 2015.

FOURTH QUARTER 2016 SEGMENT RESULTS

Domestic Coke

Domestic Coke consists of cokemaking facilities and heat recovery operations at our Jewell, Indiana Harbor, Haverhill, Granite City and Middletown plants.

	Three Months Ended December 31,
(Dollars in millions, except per ton amounts)	2016		2015		Increase/ (Decrease)
Sales and other operating revenues	$	261.2	$	302.5	$	(41.3)
Adjusted EBITDA⁽¹⁾	$	36.5	$	45.3	$	(8.8)
Sales Volume (in thousands of tons)	964		1,013		(49)
Adjusted EBITDA per ton⁽²⁾	$	37.86	$	44.72	$	(6.86)

(1)

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