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27.07.2017 12:45
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SunCoke Energy, Inc. Announces Second Quarter 2017 Results
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PR Newswire
LISLE, Ill., July 27, 2017
LISLE, Ill., July 27, 2017 /PRNewswire/ --
- Net loss attributable to SXC was $24.2 million, or $0.38 per share, in the current period compared to a loss of $4.6 million, or $0.07 per share, in the prior year period
- Adjusted EBITDA for the quarter was $47.5 million, up $1.0 million versus the prior year period
- Purchased approximately 1.5 million SXCP units in the quarter; 1.6 million total units through July 26, 2017
- Reaffirm full-year 2017 Consolidated Adjusted EBITDA guidance of $220 million to $235 million
SunCoke Energy, Inc. (NYSE: SXC) today reported results for the second quarter 2017, which reflect comparable consolidated operating results and current period charges related to the debt refinancing completed in the quarter.
"Our second quarter operating performance finished in line with our expectations and positions us to achieve our full-year financial guidance targets in 2017," said Fritz Henderson, Chairman, President and Chief Executive Officer of SunCoke Energy, Inc. "In the quarter, work commenced on our 2017 Indiana Harbor oven rebuild campaign and we successfully completed our scheduled outage at Granite City."
Additionally, the company began executing against its capital allocation strategy to purchase SXCP units in the open market. Through July 26, 2017, the company had spent approximately $27 million to acquire 1.6 million SXCP units. The company also completed its debt refinancing at both SXC and SXCP.
Henderson continued, "We remained focused on allocating capital in the most efficient manner for SXC shareholders and are pleased with the execution of our SXCP unit purchases to-date. Additionally, we successfully completed our debt refinancing which extends our revolver and SXCP note maturities and provides the flexibility to execute our growth and capital allocation strategies going forward."
SECOND QUARTER CONSOLIDATED RESULTS
| | Three Months Ended June 30, | ||||||||||
| (Dollars in millions) | 2017 | | 2016 | | Increase/(Decrease) | ||||||
| Revenues | $ | 323.2 | | | $ | 292.7 | | | $ | 30.5 | |
| Adjusted EBITDA(1) | $ | 47.5 | | | $ | 46.5 | | | $ | 1.0 | |
| Net loss attributable to SXC | $ | (24.2) | | | $ | (4.6) | | | $ | (19.6) | |
| | |
| (1) | See definition of Adjusted EBITDA and reconciliation elsewhere in this release. |
Revenues during the second quarter 2017 increased $30.5 million compared to the same prior year period, reflecting the pass-through of higher coal prices in our Domestic Coke segment as well as higher sales volumes in our Coal Logistics segment.
Adjusted EBITDA during the second quarter 2017 increased $1.0 million to $47.5 million, primarily due to higher sales volumes in our Coal Logistics segment and higher technology and licensing fees earned in our Brazil Coke segment. These improvements were partially offset by lower Adjusted EBITDA in our Domestic Coke segment, driven primarily by the impact of oven rebuilds at our Indiana Harbor facility as well as the planned outage at our Granite City facility in the current year period.
Net loss attributable to SXC was $24.2 million, or $0.38 per share, for the second quarter 2017 which is $19.6 million unfavorable to second quarter 2016 loss of $4.6 million, or $0.07 per share. This change is driven primarily by $20.2 million of debt extinguishment costs related to our refinancing activities in the current year period.
SECOND QUARTER 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 June 30, | ||||||||||
| (Dollars in millions, except per ton amounts) | 2017 | | 2016 | | Increase/(Decrease) | ||||||
| Revenues | $ | 296.5 | | | $ | 274.0 | | | $ | 22.5 | |
| Adjusted EBITDA(1) | $ | 44.0 | | | $ | 51.0 | | | $ | (7.0) | |
| Sales volumes (thousands of tons) | 953 | | | 992 | | | (39) | | |||
| Adjusted EBITDA per ton(2) | $ | 46.17 | | | $ | 51.41 | | | $ | (5.24) | |
| | |
| (1) | See definition of Adjusted EBITDA and reconciliation elsewhere in this release. |
| (2) | Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes. |
- Revenues increased $22.5 million, reflecting the pass-through of higher coal prices in our Domestic Coke segment, partially offset by a decrease in sales volume of 39 thousand tons, primarily due to lower production at Indiana Harbor associated with oven rebuilds in the current year period. Revenue was also impacted by lower energy sales due to the planned outage at our Granite City facility in the current year period.
- Adjusted EBITDA decreased $7.0 million, reflecting lower volumes as discussed above, $3.5 million in higher operating and maintenance spending at Indiana Harbor due primarily to the oven rebuilds, as well as lower energy sales and higher operating and maintenance spend for the planned outage at Granite City. Adjusted EBITDA was also impacted by $1.0 million of favorable contracted coal prices at our Jewell facility in the current year period.
Coal Logistics
Coal Logistics consists of the coal handling and mixing services operated by SXCP at Convent Marine Terminal ("CMT") located on the Mississippi river in Louisiana, Lake Terminal in East Chicago, Indiana and Kanawha River Terminals, LLC ("KRT"), which has terminals along the Ohio and Kanawha rivers in West Virginia. Additionally, Dismal River Terminal ("DRT"), located in Virginia adjacent to our Jewell Cokemaking facility, is operated by SXC. DRT was formed to accommodate Jewell in its direct procurement of third-party coal, beginning in 2016.
| | Three Months Ended June 30, | ||||||||||
| (Dollars in millions) | 2017 | | 2016 | | Increase/(Decrease) | ||||||
| Revenues | $ | 16.2 | | | $ | 11.3 | | | $ | 4.9 | |
| Intersegment sales | $ | 5.1 | | | $ | 5.2 | | | $ | (0.1) | |
| Adjusted EBITDA(1) | $ | 10.0 Werbung Mehr Nachrichten zur SunCoke Energy Aktie kostenlos abonnieren
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