Suncoke Energy, Inc. (SXC) 10-Q Quarterly Report April 2021

LISLE, Ill. (April 28, 2021) - SunCoke Energy, Inc. (NYSE: SXC) today reported results for the first quarter 2021, reflecting the strong performance in both the Domestic Coke and Logistics segments.

“I would like to thank all the SunCoke employees for their continued commitment and contributions through a challenging period. The dedication of our team is clearly visible through our excellent safety performance, where we achieved zero recordable injuries during the first quarter, a record for our company. While continuing to follow CDC mandated guidelines, our cokemaking operations returned to full capacity and delivered excellent results. Our logistics segment delivered strong results handling more than two million tons of coal, and we also signed a new take-or-pay agreement to handle iron ore at CMT.” said Mike Rippey, President and Chief Executive Officer of SunCoke Energy Inc. “We are very pleased to see our operations running at optimum levels, which is the key driver of our excellent financial results. Continued strength in steel and coal markets coupled with our first quarter results leads us to project full year results at the high end of our adjusted EBITDA guidance.”

The following information was filed by Suncoke Energy, Inc. (SXC) on Wednesday, April 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Suncoke Energy, Inc.'s 10-Q Quarterly Report:

Financial - Cash Flow Highlight
Cash Flow Summary The following table sets forth a summary of the net cash provided by (used in) operating, investing and financing activities for the three months ended March 31, 2021 and 2020: Cash Flows from Operating Activities Net cash provided by operating activities increased by $38.0 million to $64.8 million for the three months ended March 31, 2021 as compared to the corresponding prior year period, primarily reflecting a favorable impact from primary working capital, which is comprised of accounts receivable, inventories and accounts payable, driven by timing of coal purchases.

Financial - Earnings Highlight
Net income from Indiana Harbor has increased in the current year period due to improved operational efficiencies, which resulted in favorable coal-to-coke yields and higher volumes.
Financial - Expense Highlight
Selling, general and administrative expenses for the three months ended March 31, 2021 were impacted by lower professional services, the absence of foundry related research and development costs incurred in 2020, and lower employee related expenses, which were partly offset by $1.7 million of period-over-period, mark-to-market adjustments in deferred compensation driven by changes in the Company's share price during the three months ended March 31, 2021 as compared to the same prior year period.
Financial - Expense Highlight
The three months ended March 31, 2021 was impacted by lower professional services and employee related costs as well as the absence of $0.8 million foundry related research and development costs incurred in 2020.
Financial - Earnings Highlight
Below is a reconciliation of 2021 Adjusted EBITDA guidance from its closest GAAP measure: 2021 Low High (Dollars in millions) Net income $ 15 $ 35 Add: Depreciation and amortization expense 137 133 Interest expense, net 55 50 Income tax expense 8 12 Adjusted EBITDA $ 215 $ 230 Subtract: Adjusted EBITDA attributable to noncontrolling interest(1) 9 9 Adjusted EBITDA attributable to SunCoke Energy, Inc. $ 206 $ 221 (1)Reflects noncontrolling interest in Indiana Harbor.
Financial - Cash Flow
Cash Flows from Investing Activities...Read more
Revenue - Product
These coke sales agreements have...Read more
Revenue - Product
We continue to expect throughput...Read more
Other - Other
The prior year period reflects...Read more
Revenue - Product
First Quarter Key Financial Results...Read more
Revenue - Geography
Higher natural gas prices in...Read more
Financial - Expense
20 Table of Contents Additionally,...Read more
Other - Other
Management believes Adjusted EBITDA is...Read more
Financial - Expense
Depreciation and amortization expense for...Read more
Revenue - Product
Increases in Logistics results as...Read more
Other - Other
23 Table of Contents Non-GAAP...Read more
Other - Other
SunCoke is well positioned to...Read more
Revenue - Product
Revenues are recognized when services...Read more
Revenue - Product
Refer to further liquidity discussion...Read more
Financial - Expense
Ongoing capital expenditures do not...Read more
Financial - Shares
24 Table of Contents The...Read more
Other - Other
This measure is not in...Read more
Other - Other
The API2 forward curve projections...Read more
Other - Other
Segment Financial and Operating Data...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Suncoke Energy, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 22.1: Published Report Regarding Matters Submitted To Vote Of Security Holders

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 95.1: Ex-95.1

Exhibit 99.1: Additional Exhibits

Ticker: SXC
CIK: 1514705
Form Type: 10-Q Quarterly Report
Accession Number: 0001514705-21-000009
Submitted to the SEC: Wed Apr 28 2021 11:04:00 AM EST
Accepted by the SEC: Wed Apr 28 2021
Period: Wednesday, March 31, 2021
Industry: Steel Works Blast Furnaces And Rolling Mills Coke Ovens

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Suncoke Energy, Inc. (SXC) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

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