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Exhibit 99.1
Investors and Media:
Andy Kellogg & Kory Kutzke
(630) 824-1907
SUNCOKE ENERGY, INC. ANNOUNCES THIRD QUARTER 2018 RESULTS
| Net income attributable to SXC was $11.5 million, or $0.18 per share, and operating cash flow was $85.3 million in the current period |
| Adjusted EBITDA for the quarter was $66.0 million up $3.9 million, or 6 percent, versus the prior year period driven by strong operating performance at Indiana Harbor and Convent Marine Terminal |
| Increased Indiana Harbor full-year 2018 Adjusted EBITDA guidance range to $10 million to $15 million on approximately 950 thousand tons from approximately break-even on 870 to 900 thousand tons |
| Well positioned to deliver full-year 2018 results at the top-end of Consolidated Adjusted EBITDA guidance range of $240 million to $255 million |
LISLE, Ill. (October 25, 2018) - SunCoke Energy, Inc. (NYSE: SXC) today reported results for the third quarter 2018, which reflect strong operating results in our coke and logistics businesses. Third quarter results reflect the strong performance at the companys Indiana Harbor facility and logistics business as well as the impact of a planned outage and unrelated machinery fire at the companys Granite City facility.
We are pleased with our third quarter consolidated operating results in both the coke and logistics businesses. In the quarter, we continue to see significant operational improvement at Indiana Harbor driven by the diligent progress on our oven rebuild initiative, and our CMT business continues to deliver strong throughput volumes, said Mike Rippey, President and Chief Executive Officer of SunCoke Energy, Inc. The solid performance we have achieved through the first nine months of the year has positioned us well to deliver full-year results at the top-end of our 2018 Adjusted EBITDA guidance range.
The Company continued to execute its Indiana Harbor oven rebuild initiative during the third quarter. Rippey commented, The majority of the A-battery ovens have been rebuilt as of the end of the third quarter, and the improved operating performance has allowed us to meaningfully increase our 2018 Indiana Harbor guidance range.
Additionally, the Company will start on the last phase of our multi-year rebuild initiative, completing comprehensive rebuilds on all 57 remaining B-battery ovens in 2019. Rippey commented, We have demonstrated our ability to dramatically improve operational performance through this rebuild process. We look forward to implementing the knowledge and resources we have honed to successfully execute the final phase of the rebuild project and generate lasting benefits for our shareholders, customer, employees, and the surrounding community.
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Expansion capital expenditures to acquire andor construct complementary assets to grow our business and to expand existing facilities as well as capital expenditures made to enable the renewal of a coke sales agreement andor logistics service agreement and on which we expect to earn a reasonable return.
While our steelmaking customers continue to operate in an environment that is challenged by global overcapacity, they have recently benefited from improved steel pricing, favorable trade policies, including U.S. steel tariffs signed into order during the first half of 2018, and solid end market demand.
The improvements reflect lower legal and employee related costs.
These coke sales agreements have an average remaining term of approximately six years and contain pass-through provisions for costs we incur in the cokemaking process, including coal costs subject to meeting contractual coal-to-coke yields, operating and maintenance expenses, costs related to the transportation of coke to our customers, taxes other than income taxes and costs associated with changes in regulation.
Selling, general and administrative expenses during the three and nine months ended September 30, 2018 decreased compared to the same prior year period due to lower legal and employee related costs.
Additionally, revenue and Adjusted EBITDA...Read more
Sales and other operating revenue...Read more
As a result, the Partnership...Read more
The Company now anticipates that...Read more
The increase during the three...Read more
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our ability to enter into...Read more
We continue to see increased...Read more
will be recognized at the...Read more
Management believes Adjusted EBITDA is...Read more
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our ability to consummate investments...Read more
Corporate and Other Adjusted EBITDA...Read more
The following table explains year-over-year...Read more
The following table explains year-over-year...Read more
However, the Company had previously...Read more
In the third quarter of...Read more
Additionally, there was a favorable...Read more
The increase in depreciation and...Read more
effects of railroad, barge, truck...Read more
The year to date improvements...Read more
our ability to consummate asset...Read more
For the three and nine...Read more
our ability to identify acquisitions,...Read more
the Partnerships ability to enter...Read more
Strong API2 and API5 index...Read more
This distribution policy will enable...Read more
our ability to enter into...Read more
During the nine months ended...Read more
our ability to comply with...Read more
proposed or final changes in...Read more
The increase in volumes was...Read more
Full year guidance also includes...Read more
The coke sales agreement and...Read more
At KRT, metallurgical market conditions...Read more
Higher sales volumes in our...Read more
Billings to CMT customers for...Read more
changes in the marketplace that...Read more
changes in the marketplace that...Read more
The increase reflects improved operations...Read more
This measure is not in...Read more
Net income loss attributable to...Read more
For a reconciliation of these...Read more
Additionally, in May 2018, Moodys...Read more
However, KRT volumes were suppressed...Read more
Financial Statements, Disclosures and Schedules
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Suncoke Energy, Inc. provided additional information to their SEC Filing as exhibits
Ticker: SXC
CIK: 1514705
Form Type: 10-Q Quarterly Report
Accession Number: 0001514705-18-000019
Submitted to the SEC: Thu Oct 25 2018 10:41:31 AM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Steel Works Blast Furnaces And Rolling Mills Coke Ovens