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SunCoke Energy, Inc. Announces Full-Year 2017 Results At Top End Of Guidance Range And Provides Guidance For Further Improvement In 2018
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PR Newswire
LISLE, Ill., Jan. 31, 2018
LISLE, Ill., Jan. 31, 2018 /PRNewswire/ -- SunCoke Energy, Inc. (NYSE: SXC) today reported fourth quarter and full-year 2017 results, reflecting improved operating performance and tax benefits associated with recently passed legislation.
"A solid fourth quarter contributed to SunCoke's success in delivering full-year Adjusted EBITDA at the top end of our guidance range, and again illustrated the strength of our coke and logistics businesses," said Mike Rippey, President and Chief Executive Officer of SunCoke Energy, Inc. "In 2017, our teams delivered strong operating results, which included our successful efforts to diversify CMT's customer and product base, optimized our capital structure and remained disciplined in deploying SunCoke capital."
Looking forward, the Company expects 2018 consolidated Adjusted EBITDA to be between $240 million and $255 million, reflecting improvement at Indiana Harbor and higher logistics volumes.
Rippey continued, "As we move into 2018, we will remain focused on operations excellence, including the rebuild initiative at our Indiana Harbor facility and our continued efforts to secure new business at CMT. In doing so, I am confident that we can again execute against our objectives and deliver value to SunCoke shareholders."
CONSOLIDATED RESULTS
| | Three Months Ended | | Years Ended | ||||||||||||||||
| (Dollars in millions) | 2017 | 2016 | Increase/ | | 2017 | 2016 | Increase | ||||||||||||
| Total revenues | $ | 359.6 | | $ | 325.6 | | $ | 34.0 | | | $ | 1,331.5 | | $ | 1,223.3 | | $ | 108.2 | |
| Net income attributable to SXC | $ | 134.0 | | $ | 17.0 | | $ | 117.0 | | | $ | 122.4 | | $ | 14.4 | | $ | 108.0 | |
| Adjusted EBITDA(1) | $ | 69.5 | | $ | 77.3 | | $ | (7.8) | | | $ | 234.7 | | $ | 217.0 | | $ | 17.7 | |
| | |
| (1) | See definition of Adjusted EBITDA and reconciliation elsewhere in this release. |
Total revenues from operations increased $34.0 million and $108.2 million for the fourth quarter and full-year 2017, respectively, compared with the same prior year periods, primarily reflecting the pass-through of higher coal prices in our Domestic Coke segment.
Adjusted EBITDA during the fourth quarter of 2017 decreased $7.8 million to $69.5 million compared to the same prior year periods, primarily driven by the timing of revenue recognized on our Logistics take-or-pay contracts discussed in the segment results below. Excluding this timing impact, fourth quarter 2017 results improved $7.3 million as compared to the prior year period.
Full-year Adjusted EBITDA increased $17.7 million to $234.7 million, primarily reflecting higher volumes in our Logistics segment and a $4.5 million benefit of the full-year absence of our legacy coal mining business, which was disposed of in April 2016. Lower Adjusted EBITDA in our Domestic Coke segment was offset by record production performance in our Brazil Coke segment and lower employee-related corporate costs.
Fourth quarter and full-year 2017 net income attributable to SXC was $134.0 million, or $2.05 per share, and $122.4 million, or $1.88 per share, reflecting operating results discussed above as well as income tax benefits associated with the recently passed tax legislation, which lowered corporate tax rates. These full-year period benefits were partially offset by the net impact of current year losses on extinguishment of debt and the absence of prior year gains on extinguishment of debt.
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 | | Years Ended | ||||||||||||||||
| (Dollars in millions, except per ton amounts) | 2017 | 2016 | Increase | | 2017 | 2016 | Increase/ | ||||||||||||
| Sales and other operating revenues | $ | 310.1 | | $ | 261.4 | | $ | 48.7 | | | $ | 1,195.0 | | $ | 1,097.6 | | $ | 97.4 | |
| Adjusted EBITDA(1) | $ | 39.6 | | $ | 36.5 | | $ | 3.1 | | | $ | 188.9 | | $ | 193.9 | | $ | (5.0) Werbung Mehr Nachrichten zur SunCoke Energy Aktie kostenlos abonnieren
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