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Last10K.com | 10-Q Quarterly Report Mon Nov 01 2021
Exhibit 99.1
Investors and Media:
Shantanu Agrawal
(630) 824-1907
SUNCOKE ENERGY, INC. REPORTS STRONG THIRD QUARTER 2021 RESULTS
| • | Third quarter 2021 net income attributable to SXC was $23.0 million, or $0.27 per share; Year-to-date net income attributable to SXC was $30.7 million, or $0.37 per share |
| • | Adjusted EBITDA(1) for the quarter was $73.9 million, representing record third quarter performance; Year-to-date Adjusted EBITDA was $212.5 million |
| • | Well positioned to modestly exceed the full year 2021 Adjusted EBITDA guidance range of $255 million to $265 million |
LISLE, Ill. (November 1, 2021) - SunCoke Energy, Inc. (NYSE: SXC) today reported results for the third quarter 2021, reflecting strong performance in our Domestic Coke and Logistics segments.
“We are very pleased with the continued strong performance across all of our operating segments, which is the key driver of our excellent financial results. The resilient nature of our operations and the commitment of our employees was clearly visible in the rapid return to pre hurricane operating conditions at our CMT facility” said Mike Rippey, President and Chief Executive Officer of SunCoke Energy, Inc. “The progress we have made in the export and foundry markets is very encouraging and CMT continues to operate at a high utilization rate. With the backdrop of strong commodity markets and rising demand for our products and services, we are well positioned to modestly exceed the top end of full year 2021 Adjusted EBITDA guidance range.”
The following information was filed by Suncoke Energy, Inc. (SXC) on Monday, November 1, 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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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.
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Revenue - Product Highlight
Third Quarter Key Financial Results Our consolidated results of operations were as follows: Results for the three and nine months ended September 30, 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.
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Financial - Expense Highlight
Interest expense, net benefited during the three and nine months ended September 30, 2021 from lower interest rates as a result of the debt refinancing that occurred during the second quarter of 2021 and lower average debt balances on the Revolving Facility.
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Financial - Expense Highlight
The three and nine months ended September 30, 2021 benefited from the absence of $0.9 million and $2.3 million, respectively, of foundry related research and development costs incurred in 2020, as well as lower professional services as compared to the same prior year periods.
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Revenue - Product Highlight
Increases in Logistics results as compared to the same prior year periods reflect higher sales volumes and favorable pricing at CMT as a result of the improved export coal market as well as the handling of iron ore.
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Revenue - Product
(3)Energy and other increased primarily...Read more
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Revenue - Product
In July 2021, SunCoke increased...Read more
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Revenue - Product
These coke sales agreements have...Read more
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Financial - Cash Flow
Cash Flow Summary The following...Read more
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Financial - Cash Flow
Cash Flows from Investing Activities...Read more
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Revenue - Product
We continue to expect throughput...Read more
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Financial - Expense
Costs of our Logistics business...Read more
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Other - Other
Management believes Adjusted EBITDA is...Read more
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Financial - Debt
The increase was partially offset...Read more
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Revenue - Product
This has resulted in a...Read more
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Revenue - Product
Additionally, an increase in global...Read more
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Other - Other
The Company used the proceeds...Read more
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Revenue - Product
Additionally, sales and other operating...Read more
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Other - Other
The decline in price impacting...Read more
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Financial - Expense
Ongoing capital expenditures do not...Read more
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Financial - Income
The nine months ended September...Read more
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Financial - Shares
28 Table of Contents The...Read more
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Other - Other
Excluding these discrete items, SunCoke's...Read more
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Other - Other
This measure is not in...Read more
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Other - Other
22 Table of Contents Segment...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Consolidated Statements Of Equity (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Business Segment Information
Business Segment Information (Details Textual)
Business Segment Information (Tables)
Business Segment Information - Adjusted Ebitda (Details)
Business Segment Information - Segment Assets (Details)
Business Segment Information - Segment Profit Or Loss (Details)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Details)
Debt And Financing Obligation
Debt And Financing Obligation (Tables)
Debt And Financing Obligation - Covenants Narrative (Details)
Debt And Financing Obligation - Issuance Of 2029 Senior Notes (Details)
Debt And Financing Obligation - Maturities (Details)
Debt And Financing Obligation - Purchase And Redemption Of 2025 Senior Notes (Details)
Debt And Financing Obligation - Revolving Facility (Details)
Debt And Financing Obligation - Schedule Of Debt (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities Excluded From Eps Calculation (Details)
Earnings Per Share - Computation Of Eps (Details)
Fair Value Measurement
Fair Value Measurement (Details)
General
General (Details)
General (Policies)
Income Taxes
Income Taxes (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Goodwill Narrative (Details)
Intangible Assets - Gross And Net Intangible Assets (Details)
Intangible Assets - Intangible Assets Narrative (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Disaggregated Sales And Other Operating Revenue (Details)
Revenue From Contracts With Customers - Narrative (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Compensation Expense And Unrecognized Compensation Costs (Details)
Share-Based Compensation - Performance Share Units (Details)
Share-Based Compensation -Narrative (Details)
Material Contracts, Statements, Certifications & more
Suncoke Energy, Inc. provided additional information to their SEC Filing as exhibits
Ticker: SXC
CIK: 1514705
Form Type: 10-Q Quarterly Report
Accession Number: 0001514705-21-000019
Submitted to the SEC: Mon Nov 01 2021 11:21:30 AM EST
Accepted by the SEC: Mon Nov 01 2021
Period: Thursday, September 30, 2021
Industry: Steel Works Blast Furnaces And Rolling Mills Coke Ovens
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