Suncoke Energy, Inc. (SXC) 10-Q Quarterly Report Thu Jul 29 2021

Second quarter 2021 net loss attributable to SXC was $8.8 million, or $0.11 per share, reflecting a $22.7 million, or $0.27 per share impact of debt extinguishment costs related to our debt refinancing

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Adjusted EBITDA⁽¹⁾ for the quarter was $68.0 million, up 15 percent versus the prior year period; Year-to-date Adjusted EBITDA was $138.6 million

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Completed debt refinancing, extending the revolver and notes maturities while achieving significant interest rate savings of approximately $17 million on an annual basis

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Increasing full-year 2021 Adjusted EBITDA guidance range from $215 million - $230 million to $255 million - $265 million reflecting successful execution of foundry/export coke initiatives and robust performance at CMT driven by strength in commodity markets

LISLE, Ill. (July 29, 2021) - SunCoke Energy, Inc. (NYSE: SXC) today reported results for the second quarter 2021, reflecting continued strong performance in both the Domestic Coke and Logistics segments.

“We are pleased with our second quarter results and the successful execution of our Company’s debt refinancing. This refinancing significantly lowers our cost of debt, extends debt maturities and aligns with the Company’s long term goal of gross leverage ratio of three times or lower.” said Mike Rippey, President and Chief Executive Officer of SunCoke Energy, Inc. “The strength in the global coke market along with strong operating performance are the key drivers of our excellent financial results in the Domestic Coke segment. Our Logistics business performance was driven by increased shipments from our Convent Marine Terminal. Record first half performance and the expected strength in steel and coal markets for the remainder of the year, leads us to significantly increase our full year Adjusted EBITDA guidance.”

The following information was filed by Suncoke Energy, Inc. (SXC) on Thursday, July 29, 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 - Expense Highlight
The three and six months ended June 30, 2021 benefited from lower legacy related expenses of $0.9 million and $1.1 million, respectively, and the absence of $0.6 million and $1.4 million, respectively, of foundry related research and development costs incurred in 2020, as well as lower professional services.

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 six months ended June 30, 2021 and 2020: Cash Flows from Operating Activities Net cash provided by operating activities increased by $56.0 million to $104.6 million for the six months ended June 30, 2021 as compared to the corresponding prior year period, reflecting higher operating results primarily in our logistics business and a favorable year-over-year change in primary working capital, which is comprised of accounts receivable, inventories and accounts payable, driven by timing of coal purchases.
Financial - Expense Highlight
Interest expense, net benefited during the three and six months ended June 30, 2021 from lower average debt balances on the Revolving Facility and repurchases of the 2025 Senior Notes during 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 $ 30 $ 40 Add: Depreciation and amortization expense 137 133 Interest expense, net 47 44 Loss on extinguishment of debt 32 32 Income tax expense 9 16 Adjusted EBITDA $ 255 $ 265 Subtract: Adjusted EBITDA attributable to noncontrolling interest(1) 9 9 Adjusted EBITDA attributable to SunCoke Energy, Inc. $ 246 $ 256 (1)Reflects noncontrolling interest in Indiana Harbor.
Revenue - Product Highlight
Second Quarter Key Financial Results Our consolidated results of operations were as follows: Results in the first half of 2021 reflect strong operating performance driven by an increase in volumes in our Logistics segment and the successful execution of our export and foundry coke initiatives.
Financial - Cash Flow
Cash Flows from Investing Activities...Read more
Revenue - Product
(3)Energy and other increased primarily...Read more
Revenue - Product
These coke sales agreements have...Read more
Financial - Expense
Selling, general and administrative expenses...Read more
Revenue - Product
We continue to expect throughput...Read more
Revenue - Geography
Higher natural gas prices in...Read more
Other - Other
Management believes Adjusted EBITDA is...Read more
Revenue - Product
Additionally, an increase in global...Read more
Other - Other
The Company used the proceeds...Read more
Revenue - Product
Sales and other operating revenue...Read more
Financial - Expense
Ongoing capital expenditures do not...Read more
Financial - Income
The six months ended June...Read more
Revenue - Product
Throughout the first half of...Read more
Financial - Shares
28 Table of Contents The...Read more
Other - Other
Excluding these discrete items, SunCoke's...Read more
Other - Other
Additionally, we expect the strong...Read more
Other - Other
This measure is not in...Read more
Other - Other
Forward curve projections of API2...Read more
Other - Other
22 Table of Contents Segment...Read more
Financial - Income
Income Tax (Benefit) Expense....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 32.1: Section 1350 Certification

Exhibit 95.1: Ex-95.1

Ticker: SXC
CIK: 1514705
Form Type: 10-Q Quarterly Report
Accession Number: 0001514705-21-000015
Submitted to the SEC: Thu Jul 29 2021 11:28:30 AM EST
Accepted by the SEC: Thu Jul 29 2021
Period: Wednesday, June 30, 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, June 30, 2021

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