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Exhibit 99.1 |
Investors:
Lisa Ciota: 630-824-1907
Media:
Steve Carlson: 630-824-1783
SUNCOKE ENERGY, INC. ANNOUNCES FOURTH QUARTER 2014 RESULTS
| Net loss from continuing operations attributable to shareholders in fourth quarter 2014 was $25.3 million, or $0.38 per share, and reflects impact of impairment on VISA SunCoke, our India cokemaking joint venture of $30.5 million, or $0.46 per share, and higher black lung liability charges of $8.7 million, net of tax, or $0.13 per share |
| Adjusted EBITDA from continuing operations increased $7.2 million to $70.0 million in fourth quarter 2014, benefiting from year-over-year improvement at Indiana Harbor |
| Domestic Coke Adjusted EBITDA increased $8.0 million in fourth quarter 2014 to $64.4 million |
| Discontinued operations, net of tax, which consists of our Coal Mining operations, lost $40.1 million, or $0.60 per share, in fourth quarter 2014. The quarter was impacted by a $17 per ton decline in average coal sale price and additional asset impairment charges |
LISLE, Ill. (January 29, 2015) - SunCoke Energy, Inc. (NYSE: SXC) today reported a fourth quarter and full year 2014 consolidated net loss attributable to SXC of $65.4 million and $126.1 million, respectively. These results include losses from discontinued operations, net of tax, of $40.1 million, or $0.60 per share, in fourth quarter and $106.0 million, or $1.54 per share, in full year 2014. Fourth quarter and full year 2013 consolidated net income attributable to shareholders was $11.0 million and $25.0 million, respectively.
Fourth quarter 2014 net loss from continuing operations attributable to shareholders was $25.3 million, down from $15.4 million in the same prior year period, due primarily to impairment charges related to our India joint venture and black lung charges. Full year 2014 net loss from continuing operations attributable to shareholders was $20.1 million, compared to income of $40.5 million for full year 2013.
2014 was a year of transformation for SunCoke Energy, as we achieved solid operating performance across most of our domestic cokemaking fleet, began our transition to a pure-play GP with our first cokemaking asset dropdown, launched a $150 million share repurchase program and paid our first cash dividend, said Fritz Henderson, Chairman and Chief Executive Officer of SunCoke Energy, Inc. We faced our share of challenges as well. We werent able to sell the coal business. While we continue to explore coal sale options in 2015, we have aggressively rationalized these operations to reduce ongoing cash losses. Our Indiana Harbor turnaround is taking longer than we anticipated and we did not achieve our growth objectives in 2014. Each of these areas remain top priorities in 2015.
We expect 2015 Adjusted EBITDA from continuing operations to be between $225 million and $245 million. This outlook reflects our view for sustained solid operations in our Domestic Coke and Coal Logistics businesses and continued improvement at our Indiana Harbor facility, offset by the standalone cost impact to our Jewel Coke facility from the downsizing of our coal mining operations.
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Ticker: SXC
CIK: 1514705
Form Type: 10-K Annual Report
Accession Number: 0001628280-15-000974
Submitted to the SEC: Tue Feb 24 2015 2:11:29 PM EST
Accepted by the SEC: Tue Feb 24 2015
Period: Wednesday, December 31, 2014
Industry: Steel Works Blast Furnaces And Rolling Mills Coke Ovens