SunCoke Energy Partners, L.P. Announces Third Quarter 2018 Results

LISLE, Ill., Oct. 25, 2018

Mike Rippey, President and Chief Executive Officer of SunCoke Energy Partners, L.P. commented, "We continue to be pleased with strong operating performance at CMT as our customers continue to leverage our unique capabilities to capitalize on the attractive export market and our Middletown and Haverhill coke facilities continue to perform in line with our expectations."

Granite City began a planned outage during the quarter, in which the scope and duration increased materially versus original estimates. Our analysis revealed that additional improvements would benefit the facility and it was prudent to accelerate the timing of this work.  Additionally, as discussed on the company's second quarter earnings call, Granite City experienced a fire on a major piece of equipment which resulted in lost production and lower revenues during the third quarter.  The incremental impact of these two events, which was not factored into the company's full-year guidance, is approximately $9 million.  As a result, full year 2018 Adjusted EBITDA attributable to SXCP guidance has been adjusted to range between $210 million to $215 million.

Rippey continued, "While we are disappointed to revise our full-year 2018 guidance as a result of incremental expense and lower revenue at Granite City, our focus has been, and always will be, on driving operational excellence and maximizing long-term performance at our facilities.  Based on the expertise we have built across our fleet, it became a clear decision to increase the scope of the work at Granite City in order to improve the long-term reliability and operational performance of those assets."

THIRD QUARTER RESULTS

	Three Months Ended September 30, ARIVA.DE Börsen-Geflüster Kurse SunCoke Energy 10,78 $ +0,19%
(Dollars in millions)	2018				2017				Increase (Decrease)
Revenues	$	224.1			$	214.0			$	10.1
Adjusted EBITDA(1)	$	54.6			$	58.4			$	(3.8)
Net income attributable to SXCP	$	15.3			$	22.6			$	(7.3)

Revenues in third quarter 2018 increased $10.1 million from the prior year period, primarily reflecting the higher sales volumes at CMT.

Adjusted EBITDA in the quarter decreased $3.8 million, driven primarily by the incremental operating and maintenance costs and lower revenues related to a planned outage and an unrelated machinery fire at our Granite City cokemaking facility offset by higher sales volumes at CMT.

Net income attributable to SXCP in the third quarter 2018 was $15.3 million, down $7.3 million versus the prior period. The decrease in the current year period was driven by the operating results discussed above and higher depreciation expense due to revisions in estimated useful lives of certain assets in our Domestic Coke segment.

THIRD 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.

Revenues decreased $0.3 million primarily driven by the increased scope and duration of the planned outage at Granite City as well as a machinery fire that occurred at Granite City in July 2018, which lowered volume and energy revenues compared to the prior period. These decreases were offset by the pass-through of higher coal prices of $4.4 million compared to the prior period.

Adjusted EBITDA decreased $12.6 million driven by higher operating and maintenance costs and lower revenues from the outage and the machinery fire discussed above, which negatively impacted results by $8.2 million and $2.6 million, respectively, as compared to the prior period. We anticipate the Granite City outage will be completed by late-November and will decrease fourth quarter Adjusted EBITDA results by approximately $4 million. The incremental impact of these two events, which was not factored into the company's full-year guidance, is approximately $9 million.

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 September 30,
(Dollars in millions, except per ton amounts)	2018				2017				Increase (Decrease)
Revenues	$	31.0			$	20.6			$	10.4
Intersegment sales	$	1.7			$	1.6			$	0.1
Adjusted EBITDA(1)	$	20.9			$	12.3			$ Werbung Mehr Nachrichten zur SunCoke Energy Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 08:41 - PR Newswire Cohen & Steers Capital Management - Form 8.3 - Tritax Big Box REIT plc 02:00 - PR Newswire Vesuvius Plc - Transaction in Own Shares Der KI-Boom ist vorbei!    Aber dieser heiße Sektor verspricht, weiter zu wachsen... weiterlesen» Anzeige wo-site-teaser-box-16737_site-teaser-box_2024-04-23_09%253A00%253A00_2024-04-24_09%253A00%253A59