PR Newswire
LISLE, Ill., April 26, 2018
LISLE, Ill., April 26, 2018 /PRNewswire/ -- SunCoke Energy Partners, L.P. (NYSE: SXCP) today reported results for the first quarter 2018, which reflect solid operating results across SXCP's coke and logistics businesses.
"We continue to execute against our objectives and our solid first quarter performance was a testament to that focus. We remain on pace to achieve our full-year Adjusted EBITDA guidance," said Mike Rippey, Chairman, President and Chief Executive Officer of SunCoke Energy Partners, L.P.
Additionally, SunCoke Energy Partners, L.P. today announced its first quarter distribution of $0.40 per unit, which was a reduction from the $0.5940 per unit fourth quarter distribution.
Rippey continued, "Maintaining the distribution at this reduced level will allow us to further pay down debt and reach our stated leverage target of at or below 3.5x debt to EBITDA by the end of 2019. It will provide the desired cushion for our revolving credit facility's leverage covenant, which steps-down to 4.0x in June 2020, while also increasing SXCP's financial flexibility and driving long-term unitholder value."
FIRST QUARTER RESULTS
| Three Months Ended March 31, | ||||||||||
(Dollars in millions) | 2018 | | 2017 | | Increase/ | ||||||
Revenues | $ | 214.8 | | | $ | 195.6 | | | $ | 19.2 | |
Adjusted EBITDA(1) | $ | 49.5 | | | $ | 51.7 | | | $ | (2.2) | |
Net income (loss) attributable to SXCP | $ | 12.2 | | | $ | (129.3) | | | $ | 141.5 | |
| |
(1) | See definition of Adjusted EBITDA and reconciliation elsewhere in this release. |
Revenues in first quarter 2018 increased $19.2 million from the prior year period, primarily reflecting the pass-through of higher coal prices in our Domestic Coke segment.
Adjusted EBITDA in the quarter decreased $2.2 million, as a result the timing of planned outage and maintenance costs in our Domestic Coke segment.
Net income attributable to SXCP in the first quarter 2018 was $12.2 million, up $141.5 million versus the same prior year period. The improvement was driven by the absence of the $145.6 million of deferred tax expense attributable to SXCP recorded in the prior year period related to the change in the qualifying income regulations finalized by the internal revenue service. This favorable impact was partially offset by lower operating results discussed above as well as higher interest expense as a result of the 2017 debt refinancing activities.
FIRST QUARTER SEGMENT INFORMATION
Domestic Coke
Domestic Coke consists of cokemaking facilities and heat recovery operations at our Haverhill, Middletown and Granite City cokemaking facilities, located in Franklin Furnace and Middletown, Ohio, and Granite City, Illinois, respectively.
| Three Months Ended March 31, | ||||||||||
(Dollars in millions, except per ton amounts) | 2018 | | 2017 | | Increase/ | ||||||
Revenues | $ | 190.0 | | | $ | 173.2 | | | $ | 16.8 | |
Adjusted EBITDA(1) | $ | 40.3 | | | $ | 42.5 | | | $ | (2.2) | |
Sales Volume (thousands of tons) | 568 | | | 564 | | | 4 | | |||
Adjusted EBITDA per ton(2) | $ | 70.95 | | | $ | 75.35 | | | $ | (4.40) | |
| |
(1) | See definition of Adjusted EBITDA and reconciliation elsewhere in this release. |
(2) | Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes. |
Logistics
Logistics consists of the handling and mixing services of coal and other aggregates operated by SXCP at our Convent Marine Terminal ("CMT"), Lake Terminal and Kanawha River Terminals ("KRT").
| Three Months Ended March 31, | ||||||||||
(Dollars in millions, except per ton amounts) | 2018 | | 2017 | | Increase/ | ||||||
Revenues | $ | 24.8 | | | $ | 22.4 | | | $ | 2.4 | |
Intersegment sales | $ | 1.7 | | | $ | 1.8 | | | $ | (0.1) | |
Adjusted EBITDA(1) | $ Werbung Mehr Nachrichten zur SunCoke Energy Aktie kostenlos abonnieren
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