- Net income attributable to SXC was $100.7 million, or $1.19 per share, for the full-year 2022; Net
income attributable to SXC was $11.8
million, or $0.14 per share,
in the fourth quarter 2022
- Full-year 2022 consolidated Adjusted EBITDA was $297.7 million, representing record full-year
financial performance; Fourth quarter Adjusted EBITDA was
$58.9 million
- Operating cash flow was $208.9
million for the full-year 2022, within our revised guidance
of $200 million to $215 million
- Full-year 2023 consolidated Adjusted EBITDA is expected to be
between $250 million and $265 million
LISLE,
Ill., Feb. 2, 2023 /PRNewswire/ -- SunCoke
Energy, Inc. (NYSE: SXC) (the "Company" or "SunCoke") today
reported fourth quarter and full-year 2022 results, reflecting
record financial performance for the second consecutive year from
our cokemaking and logistics businesses.
"2022 was an exceptional year for SunCoke, with favorable
contribution margins from export coke sales and strong volumes and
pricing within our Logistics segment contributing to another record
year for Adjusted EBITDA," said Mike
Rippey, Chief Executive Officer of SunCoke Energy, Inc. "We
made significant progress on our capital allocation goals in 2022:
reducing gross debt by $83 million,
increasing quarterly dividends by 33%, and entering into a
non-binding letter of intent with United States Steel Corporation
("U. S. Steel") for a new granulated pig iron facility at
Granite City. We also expanded our
footprint in the foundry business by increasing our market
participation."
"As we enter 2023, we remain focused on executing against our
well established objectives of exceptional safety performance,
operational excellence, and a balanced approach to capital
allocation," said Katherine Gates,
President of SunCoke Energy, Inc. "We expect 2023 consolidated
Adjusted EBITDA to be between $250
million and $265 million,
driven by our Domestic Coke plants continuing to operate at full
capacity, but with the backdrop of a weaker export market. We
anticipate capital expenditures of approximately $95 million, including the foundry coke expansion
project which will allow us to build upon our success in this
market. We plan to execute against these objectives and deliver
significant value to SunCoke stakeholders."
CONSOLIDATED RESULTS
|
Three Months
Ended
December 31,
|
|
Years Ended
December 31,
|
(Dollars in
millions)
|
2022
|
2021
|
Increase/
(Decrease)
|
|
2022
|
2021
|
Increase/
(Decrease)
|
Sales and other
operating revenues
|
$
514.0
|
$
365.3
|
$ 148.7
|
|
$ 1,972.5
|
$ 1,456.0
|
$ 516.5
|
Net income attributable
to SXC
|
$
11.8
|
$
12.7
|
$
(0.9)
|
|
$
100.7
|
$ 43.4
|
$
57.3
|
Adjusted
EBITDA(1)
|
$
58.9
|
$
62.9
|
$
(4.0)
|
|
$
297.7
|
$
275.4
|
$
22.3
|
(1)
|
See definition of
Adjusted EBITDA and reconciliation elsewhere in this
release.
|
Revenues increased during both the fourth quarter and full-year
2022 as compared to the same prior year periods, primarily
reflecting the pass-through of higher coal costs in the Domestic
Coke segment and higher volumes in the Logistics segment. Full-year
2022 revenues additionally benefit from higher pricing on export
coke sales and higher pricing in the Logistics segment.
Net income attributable to SXC for the fourth quarter 2022
decreased from the same prior year period, driven by unfavorable
operating results discussed above. Net income attributable to SXC
for the full-year 2022 increased from the same prior year period,
driven by favorable operating results discussed above as well as
the absence of debt refinancing related expenses recorded in the
second quarter of the prior year and income tax benefits recorded
in the third quarter of 2022 as a result of the release of a
valuation allowance established on the deferred tax assets
attributable to existing foreign tax credit carryforwards and the
recognition of research and development credits.
Fourth quarter 2022 Adjusted EBITDA decreased as compared to the
same prior year period, primarily reflecting lower export coke
pricing. Full-year 2022 Adjusted EBITDA increased as compared to
the same prior year period, primarily reflecting higher
contribution margins on export coke sales as well as higher pricing
in the Logistics segment.
SEGMENT RESULTS
Domestic Coke
Domestic Coke consists of cokemaking
facilities and heat recovery operations at our Jewell, Indiana
Harbor, Haverhill, Granite City
and Middletown plants.
|
Three Months
Ended
December 31,
|
|
Years Ended
December 31,
|
(Dollars in millions,
except per ton amounts)
|
2022
|
2021
|
Increase/
(Decrease)
|
|
2022
|
2021
|
Increase/
(Decrease)
|
Sales and other
operating revenues
|
$
485.1
|
$
340.3
|
$ 144.8
|
|
$ 1,856.9
|
$ 1,354.5
|
$ 502.4
|
Adjusted
EBITDA(1)
|
$ 46.5
|
$ 53.4
|
$
(6.9)
|
|
$
263.4
|
$
243.4
|
$ 20.0
|
Sales Volume (in
thousands of tons)
|
1,040
|
1,026
|
14
|
|
4,031
|
4,183
|
(152)
|
Adjusted EBITDA per
ton(2)
|
$
44.71
|
$
52.05
|
$ (7.34)
|
|
$
65.34
|
$
58.19
|
$ 7.15
|
(1)
|
See definitions of
Adjusted EBITDA and reconciliation elsewhere in this
release.
|
(2)
|
Reflects Domestic Coke
Adjusted EBITDA divided by Domestic Coke sales volumes.
|
The increases in revenue for both the fourth quarter and
full-year 2022 as compared to the same prior year periods primarily
reflects the pass-through of higher coal costs.
Fourth quarter 2022 Adjusted EBITDA decreased as compared to the
same prior year period, primarily reflecting lower export coke
pricing and higher O&M costs. Full-year 2022 Adjusted EBITDA
increased as compared to the same prior year period, driven by
higher contribution margins on export coke sales.
Logistics
Logistics consists of the handling and
mixing services of coal and other aggregates at our Convent Marine
Terminal ("CMT"), Lake Terminal, Kanawha River Terminals ("KRT")
and Dismal River Terminal ("DRT").
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
(Dollars in millions)
|
2022
|
2021
|
Increase/
(Decrease)
|
|
2022
|
2021
|
Increase/
(Decrease)
|
|
Sales and other
operating revenues
|
$
18.8
|
$
15.1
|
$
3.7
|
|
$
77.6
|
$
64.9
|
$
12.7
|
|
Intersegment
sales
|
$ 6.7
|
$ 6.8
|
$
(0.1)
|
|
$
28.9
|
$
27.1
|
$
1.8
|
|
Adjusted
EBITDA(1)
|
$
11.7
|
$ 9.6
|
$
2.1
|
|
$
49.7
|
$
43.5
|
$
6.2
|
|
Tons handled (thousands
of tons)(2)
|
5,525
|
4,589
|
936
|
|
22,291
|
19,933
|
2,358
|
|
(1)
|
See definitions of
Adjusted EBITDA and reconciliation elsewhere in this
release.
|
(2.)
|
Reflects inbound tons
handled during the period.
|
The increases in both revenues and Adjusted EBITDA for the
fourth quarter and the full-year 2022 as compared to the same prior
year periods were driven by higher volumes. The increases in both
revenues and Adjusted EBITDA for the full-year 2022 as compared to
the same prior year period also reflect the benefit of higher
pricing.
Brazil Coke
Brazil Coke consists of a cokemaking
facility in Vitória, Brazil, which
we operate for an affiliate of ArcelorMittal.
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
(Dollars in millions)
|
2022
|
2021
|
Increase/
(Decrease)
|
|
2022
|
2021
|
Increase/
(Decrease)
|
|
Sales and other
operating revenues
|
10.1
|
9.9
|
$
0.2
|
|
38.0
|
36.6
|
$
1.4
|
|
Adjusted
EBITDA(1)
|
3.1
|
4.2
|
$
(1.1)
|
|
14.5
|
17.2
|
$
(2.7)
|
|
Brazilian Coke
production—operated facility (thousands of tons)
|
377
|
417
|
(40)
|
|
1,585
|
1,685
|
(100)
|
|
(1)
|
See definitions of
Adjusted EBITDA and reconciliation elsewhere in this
release.
|
Revenues for the fourth quarter and full-year 2022 were
comparable to the same prior year period. The pass through of
higher reimbursable operating and maintenance spending was mostly
offset by lower volumes due to planned outages, resulting in the
absence of a production bonus for meeting certain volume targets.
The decreases in Adjusted EBITDA for the fourth quarter and
full-year 2022 as compared to the same prior year period were
driven by lower volumes discussed above.
Corporate and Other
Corporate expenses that can be
identified with a segment have been included in determining segment
results. The remainder is included in Corporate and Other.
|
Three Months
Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
(Dollars in
millions)
|
2022
|
2021
|
Increase/
(Decrease)
|
|
2022
|
2021
|
Increase/
(Decrease)
|
|
Adjusted
EBITDA(1)
|
(2.4)
|
(4.3)
|
$
1.9
|
|
(29.9)
|
(28.7)
|
$
(1.2)
|
|
(1)
|
See definitions of
Adjusted EBITDA and reconciliation elsewhere in this
release.
|
Corporate and other Adjusted EBITDA results improved for the
fourth quarter 2022 as compared to the same prior year period,
reflecting favorable valuation adjustments as a result of changes
in discount rates on certain legacy liabilities, which decreased
legacy cost approximately $3.3
million during the fourth quarter, partially offset by higher
employee related expenses. Corporate and other Adjusted EBITDA
results were unfavorable for the full-year 2022, primarily driven
by higher employee related expenses, partially offset by lower
legacy liability costs discussed above.
2023 OUTLOOK
Our 2023 guidance is as follows:
- Domestic coke total production is expected to be approximately
4.0 million tons
- Consolidated Net Income is expected to be between $59 million and $76
million
- Consolidated Adjusted EBITDA is expected to be between
$250 million to $265 million
- Capital expenditures are projected to be approximately
$95 million
- Operating cash flow is estimated to be between $200 million and $215
million
- Cash taxes are projected to be between $12 million and $16
million
RELATED COMMUNICATIONS
We will host our quarterly earnings call at 11:00 a.m.
Eastern Time (10:00 a.m. Central
Time) today. The conference call will be webcast live and
archived for replay in the Investors section
of www.suncoke.com. Investors and analysts may participate in
this call by dialing 1-888-660-6347 in the U.S. or 1-929-201-6594
if outside the U.S., confirmation code 36382.
SUNCOKE ENERGY, INC.
SunCoke Energy, Inc. (NYSE: SXC) supplies high-quality coke to
domestic and international customers. Our coke is used in the blast
furnace production of steel as well as the foundry production of
casted iron, with the majority of sales under long-term,
take-or-pay contracts. We also export coke to overseas customers
seeking high-quality product for their blast furnaces. Our process
utilizes an innovative heat-recovery technology that captures
excess heat for steam or electrical power generation and draws upon
more than 60 years of cokemaking experience to operate our
facilities in Illinois,
Indiana, Ohio, Virginia and Brazil. Our logistics business provides export
and domestic material handling services to coke, coal, steel, power
and other bulk customers. The logistics terminals have the
collective capacity to mix and transload more than 40 million tons
of material each year and are strategically located to reach Gulf
Coast, East Coast, Great Lakes and international ports. To learn
more about SunCoke Energy, Inc., visit our website at
www.suncoke.com.
SunCoke routinely announces material information to investors
and the marketplace using press releases, Securities and Exchange
Commission filings, public conference calls, webcasts and SunCoke's
website at http://www.suncoke.com/English/investors/sxc. The
information that SunCoke posts to its website may be deemed to be
material. Accordingly, SunCoke encourages investors and others
interested in SunCoke to routinely monitor and review the
information that SunCoke posts on its website, in addition to
following SunCoke's press releases, Securities and Exchange
Commission filings and public conference calls and webcasts.
NON-GAAP FINANCIAL MEASURES
In addition to U.S. GAAP measures, this press release contains
certain non-GAAP financial measures. These non-GAAP financial
measures should not be considered as alternatives to the measures
derived in accordance with U.S. GAAP. Non-GAAP financial measures
have important limitations as analytical tools, and you should not
consider them in isolation or as substitutes for results as
reported under U.S. GAAP. Additionally, other companies may
calculate non-GAAP metrics differently than we do, thereby limiting
their usefulness as a comparative measure. Because of these and
other limitations, you should consider our non-GAAP measures only
as supplemental to other U.S. GAAP-based financial performance
measures, including revenues and net income. Reconciliations
to the most comparable GAAP financial measures are included
following the presentation of financial and operating results
included at the end of this press release.
DEFINITIONS
- Adjusted EBITDA represents earnings before interest,
taxes, depreciation and amortization ("EBITDA"), adjusted for any
impairments, restructuring costs, gains or losses on extinguishment
of debt, and/or transaction costs ("Adjusted EBITDA"). EBITDA and
Adjusted EBITDA do not represent and should not be considered
alternatives to net income or operating income under GAAP and may
not be comparable to other similarly titled measures in other
businesses. Management believes Adjusted EBITDA is an important
measure in assessing operating performance. Adjusted EBITDA
provides useful information to investors because it highlights
trends in our business that may not otherwise be apparent when
relying solely on GAAP measures and because it eliminates items
that have less bearing on our operating performance. EBITDA and
Adjusted EBITDA are not measures calculated in accordance with
GAAP, and they should not be considered a substitute for net
income, or any other measure of financial performance presented in
accordance with GAAP.
- Adjusted EBITDA attributable to SXC represents Adjusted
EBITDA less Adjusted EBITDA attributable to noncontrolling
interests.
FORWARD-LOOKING STATEMENTS
This press release and related conference call contain
"forward-looking statements" (as defined in Section 27A of the
Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended). Forward-looking
statements often may be identified by the use of such words as
"believe," "expect," "plan," "project," "intend," "anticipate,"
"estimate," "predict," "potential," "continue," "may," "will,"
"should," or the negative of these terms, or similar
expressions. However, the absence of these words or similar
expressions does not mean that a statement is not forward-looking.
Any statements made in this press release or during the related
conference call that are not statements of historical fact,
including statements about our full-year 2023 guidance, the timing
of completing the foundry expansion project, the ability of our
domestic coke plants to continue to operate at full capacity, and
our expectation of a weaker export market, are forward-looking
statements and should be evaluated as such. Forward-looking
statements represent only our beliefs regarding future events, many
of which are inherently uncertain and involve significant known and
unknown risks and uncertainties (many of which are beyond the
control of SunCoke) that could cause our actual results and
financial condition to differ materially from the anticipated
results and financial condition indicated in such forward-looking
statements. These risks and uncertainties include, but are not
limited to, the risks and uncertainties described in Item 1A ("Risk
Factors") of our Annual Report on Form 10-K for the most recently
completed fiscal year, as well as those described from time to time
in our other reports and filings with the Securities and Exchange
Commission (SEC).
In accordance with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, SunCoke has included in
its filings with the Securities and Exchange Commission cautionary
language identifying important factors (but not necessarily all the
important factors) that could cause actual results to differ
materially from those expressed in any forward-looking statement
made by SunCoke. For information concerning these factors and other
important information regarding the matters discussed in this press
release and related conference call, see SunCoke's Securities and
Exchange Commission filings, copies of which are available free of
charge on SunCoke's website at www.suncoke.com or on the SEC's
website at www.sec.gov. All forward-looking statements
included in this press release and related conference call are
expressly qualified in their entirety by such cautionary
statements. Unpredictable or unknown factors not discussed in
this press release and related conference call also could have
material adverse effects on forward-looking statements.
Forward-looking statements are not guarantees of future
performance, but are based upon the current knowledge, beliefs and
expectations of SunCoke management, and upon assumptions by SunCoke
concerning future conditions, any or all of which ultimately may
prove to be inaccurate. You should not place undue reliance
on these forward-looking statements, which speak only as of the
date of this press release. SunCoke does not intend, and
expressly disclaims any obligation, to update or alter its
forward-looking statements (or associated cautionary language),
whether as a result of new information, future events, or
otherwise, after the date of this press release except as required
by applicable law.
SunCoke Energy,
Inc.
|
Consolidated
Statements of Income
|
|
|
|
Three Months
Ended
December 31,
|
|
Years
Ended
December
31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
(Dollars and shares in millions,
except per share amounts)
|
Revenues
|
|
|
|
|
|
|
|
|
Sales and other
operating revenue
|
|
$ 514.0
|
|
$ 365.3
|
|
$
1,972.5
|
|
$
1,456.0
|
Costs and operating
expenses
|
|
|
|
|
|
|
|
|
Cost of products sold
and operating expenses
|
|
441.7
|
|
288.9
|
|
1,604.9
|
|
1,118.8
|
Selling, general and
administrative expenses
|
|
13.5
|
|
13.5
|
|
71.4
|
|
61.8
|
Depreciation and
amortization expense
|
|
35.8
|
|
34.9
|
|
142.5
|
|
133.9
|
Total costs and
operating expenses
|
|
491.0
|
|
337.3
|
|
1,818.8
|
|
1,314.5
|
Operating
income
|
|
23.0
|
|
28.0
|
|
153.7
|
|
141.5
|
Interest expense,
net
|
|
7.7
|
|
7.7
|
|
32.0
|
|
42.5
|
Loss on extinguishment
of debt
|
|
—
|
|
—
|
|
—
|
|
31.9
|
Income before income
tax expense
|
|
15.3
|
|
20.3
|
|
121.7
|
|
67.1
|
Income tax
expense
|
|
2.5
|
|
6.3
|
|
16.8
|
|
18.3
|
Net income
|
|
12.8
|
|
14.0
|
|
104.9
|
|
48.8
|
Less: Net income
attributable to noncontrolling interests
|
|
1.0
|
|
1.3
|
|
4.2
|
|
5.4
|
Net income
attributable to SunCoke Energy, Inc.
|
|
$ 11.8
|
|
$ 12.7
|
|
$ 100.7
|
|
$ 43.4
|
Earnings attributable
to SunCoke Energy, Inc. per common share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$ 0.14
|
|
$ 0.15
|
|
$ 1.20
|
|
$ 0.52
|
Diluted
|
|
$ 0.14
|
|
$ 0.15
|
|
$ 1.19
|
|
$ 0.52
|
Weighted average number
of common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
83.9
|
|
83.1
|
|
83.8
|
|
83.0
|
Diluted
|
|
84.8
|
|
84.0
|
|
84.6
|
|
83.7
|
SunCoke Energy,
Inc.
|
Consolidated Balance
Sheets
|
|
|
December
31,
|
|
2022
|
|
2021
|
|
(Unaudited)
|
|
(Audited)
|
|
(Dollars in millions, except par
value amounts)
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
90.0
|
|
$
63.8
|
Receivables,
net
|
104.8
|
|
77.6
|
Inventories
|
175.2
|
|
127.0
|
Other current
assets
|
4.0
|
|
3.5
|
Total current
assets
|
374.0
|
|
271.9
|
Properties, plants and
equipment (net of accumulated depreciation of $1,276.0
million and $1,160.1 million at December 31, 2022 and 2021,
respectively)
|
1,229.3
|
|
1,287.9
|
Intangible assets,
net
|
33.2
|
|
35.2
|
Deferred charges and
other assets
|
18.1
|
|
20.4
|
Total assets
|
$
1,654.6
|
|
$
1,615.4
|
Liabilities and
Equity
|
|
|
|
Accounts
payable
|
$
159.3
|
|
$
126.0
|
Accrued
liabilities
|
61.4
|
|
53.0
|
Current portion of
financing obligation
|
3.3
|
|
3.2
|
Total current
liabilities
|
224.0
|
|
182.2
|
Long-term debt and
financing obligation
|
528.9
|
|
610.4
|
Accrual for black lung
benefits
|
52.2
|
|
57.9
|
Retirement benefit
liabilities
|
16.4
|
|
21.8
|
Deferred income
taxes
|
172.3
|
|
169.0
|
Asset retirement
obligations
|
13.4
|
|
11.6
|
Other deferred credits
and liabilities
|
24.7
|
|
27.1
|
Total
liabilities
|
1,031.9
|
|
1,080.0
|
Equity
|
|
|
|
Preferred stock, $0.01
par value. Authorized 50,000,000 shares; no issued shares
at both December 31, 2022 and 2021
|
—
|
|
—
|
Common stock, $0.01 par
value. Authorized 300,000,000 shares; issued 98,815,780
and 98,496,809 shares at December 31, 2022 and 2021,
respectively
|
1.0
|
|
1.0
|
Treasury stock,
15,404,482 shares at both December 31, 2022 and
2021
|
(184.0)
|
|
(184.0)
|
Additional paid-in
capital
|
728.1
|
|
721.2
|
Accumulated other
comprehensive loss
|
(13.0)
|
|
(16.7)
|
Retained earnings
(deficit)
|
53.5
|
|
(23.4)
|
Total SunCoke Energy,
Inc. stockholders' equity
|
585.6
|
|
498.1
|
Noncontrolling
interests
|
37.1
|
|
37.3
|
Total equity
|
622.7
|
|
535.4
|
Total liabilities and
equity
|
$
1,654.6
|
|
$
1,615.4
|
SunCoke Energy,
Inc.
|
Consolidated
Statements of Cash Flows
|
|
|
Years Ended December
31,
|
|
2022
|
|
2021
|
|
(Unaudited)
|
|
(Audited)
|
|
(Dollars in
millions)
|
Cash Flows from
Operating Activities:
|
|
|
|
Net income
|
$
104.9
|
|
$
48.8
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization expense
|
142.5
|
|
133.9
|
Deferred income tax
expense
|
2.3
|
|
9.3
|
Share-based
compensation expense
|
6.7
|
|
6.1
|
Loss on extinguishment
of debt
|
—
|
|
31.9
|
Changes in working
capital pertaining to operating activities:
|
|
|
|
Receivables,
net
|
(32.3)
|
|
(31.3)
|
Inventories
|
(48.2)
|
|
(1.1)
|
Accounts
payable
|
27.4
|
|
29.5
|
Accrued
liabilities
|
8.4
|
|
6.3
|
Other
|
(2.8)
|
|
(0.3)
|
Net cash provided by
operating activities
|
208.9
|
|
233.1
|
Cash Flows from
Investing Activities:
|
|
|
|
Capital
expenditures
|
(75.5)
|
|
(98.6)
|
Other investing
activities
|
5.3
|
|
(0.7)
|
Net cash used in
investing activities
|
(70.2)
|
|
(99.3)
|
Cash Flows from
Financing Activities:
|
|
|
|
Proceeds from issuance
of long-term debt
|
—
|
|
500.0
|
Repayment of long-term
debt
|
—
|
|
(609.3)
|
Proceeds from revolving
facility
|
596.0
|
|
690.1
|
Repayment of revolving
facility
|
(676.0)
|
|
(663.4)
|
Repayment of financing
obligation
|
(3.2)
|
|
(2.9)
|
Debt issuance
costs
|
—
|
|
(12.0)
|
Dividends
paid
|
(23.6)
|
|
(20.1)
|
Cash distributions to
noncontrolling interests
|
(4.4)
|
|
—
|
Other financing
activities
|
(1.3)
|
|
(0.8)
|
Net cash used in
financing activities
|
(112.5)
|
|
(118.4)
|
Net increase in cash
and cash equivalents
|
26.2
|
|
15.4
|
Cash and cash
equivalents at beginning of year
|
63.8
|
|
48.4
|
Cash and cash
equivalents at end of year
|
$
90.0
|
|
$
63.8
|
Supplemental
Disclosure of Cash Flow Information
|
|
|
|
Interest paid, net of
capitalized interest of zero and $0.5 million,
respectively
|
$
28.5
|
|
$
40.0
|
Income taxes paid, net
of refunds of $0.5 million and $2.9 million,
respectively
|
$
14.5
|
|
$
2.9
|
SunCoke Energy,
Inc.
|
Segment Operating
Data
|
|
|
|
Three Months
Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
Sales and other
operating revenues:
|
|
|
|
|
|
|
|
|
Domestic
Coke
|
|
$
485.1
|
|
$
340.3
|
|
$ 1,856.9
|
|
$ 1,354.5
|
Brazil Coke
|
|
10.1
|
|
9.9
|
|
38.0
|
|
36.6
|
Logistics
|
|
18.8
|
|
15.1
|
|
77.6
|
|
64.9
|
Logistics intersegment
sales
|
|
6.7
|
|
6.8
|
|
28.9
|
|
27.1
|
Elimination of
intersegment sales
|
|
(6.7)
|
|
(6.8)
|
|
(28.9)
|
|
(27.1)
|
Total sales and other
operating revenue
|
|
$
514.0
|
|
$
365.3
|
|
$ 1,972.5
|
|
$ 1,456.0
|
Adjusted
EBITDA(1)
|
|
|
|
|
|
|
|
|
Domestic
Coke
|
|
$ 46.5
|
|
$ 53.4
|
|
$
263.4
|
|
$
243.4
|
Brazil Coke
|
|
3.1
|
|
4.2
|
|
14.5
|
|
17.2
|
Logistics
|
|
11.7
|
|
9.6
|
|
49.7
|
|
43.5
|
Corporate and
Other
|
|
(2.4)
|
|
(4.3)
|
|
(29.9)
|
|
(28.7)
|
Total Adjusted
EBITDA
|
|
$ 58.9
|
|
$ 62.9
|
|
$
297.7
|
|
$
275.4
|
Coke Operating
Data:
|
|
|
|
|
|
|
|
|
Domestic Coke capacity
utilization(2)
|
|
101 %
|
|
100 %
|
|
100 %
|
|
101 %
|
Domestic Coke
production volumes (thousands of tons)
|
|
1,023
|
|
1,031
|
|
4,023
|
|
4,162
|
Domestic Coke sales
volumes (thousands of tons)
|
|
1,040
|
|
1,026
|
|
4,031
|
|
4,183
|
Domestic Coke Adjusted
EBITDA per ton(3)
|
|
$
44.71
|
|
$
52.05
|
|
$
65.34
|
|
$
58.19
|
Brazilian Coke
production—operated facility (thousands of tons)
|
|
377
|
|
417
|
|
1,585
|
|
1,685
|
Logistics Operating
Data:
|
|
|
|
|
|
|
|
|
Tons handled (thousands
of tons)
|
|
5,525
|
|
4,589
|
|
22,291
|
|
19,933
|
(1)
|
See definition of
Adjusted EBITDA and reconciliation to GAAP elsewhere in this
release.
|
(2)
|
The production of
foundry coke tons does not replace blast furnace coke tons on a ton
for ton basis, as foundry coke requires
longer coking time. The Domestic Coke capacity utilization is
calculated assuming a single ton of foundry coke replaces
approximately two tons of blast furnace coke.
|
(3)
|
Reflects Domestic Coke
Adjusted EBITDA divided by Domestic Coke sales volumes.
|
SunCoke Energy,
Inc.
|
Reconciliation of
Non-GAAP Information
|
Net Income to
Adjusted EBITDA
|
|
|
|
Three Months
Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
(Dollars in
millions)
|
Net income
attributable to SunCoke Energy, Inc.
|
|
$ 11.8
|
|
$ 12.7
|
|
$ 100.7
|
|
$ 43.4
|
Add: Net income
attributable to noncontrolling interests
|
|
1.0
|
|
1.3
|
|
4.2
|
|
5.4
|
Net
income
|
|
$ 12.8
|
|
$ 14.0
|
|
$ 104.9
|
|
$ 48.8
|
Add:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization expense
|
|
35.8
|
|
34.9
|
|
142.5
|
|
133.9
|
Interest expense,
net
|
|
7.7
|
|
7.7
|
|
32.0
|
|
42.5
|
Loss on extinguishment
of debt
|
|
—
|
|
—
|
|
—
|
|
31.9
|
Income tax
expense
|
|
2.5
|
|
6.3
|
|
16.8
|
|
18.3
|
Transaction
costs(1)
|
|
0.1
|
|
—
|
|
1.5
|
|
—
|
Adjusted
EBITDA
|
|
$ 58.9
|
|
$ 62.9
|
|
$ 297.7
|
|
$ 275.4
|
Subtract: Adjusted
EBITDA attributable to noncontrolling
interest(2)
|
|
2.2
|
|
2.3
|
|
8.4
|
|
9.3
|
Adjusted EBITDA
attributable to SunCoke Energy, Inc.
|
|
$ 56.7
|
|
$ 60.6
|
|
$ 289.3
|
|
$ 266.1
|
(1)
|
Costs incurred as part
of the granulated pig iron project with U.S. Steel.
|
(2)
|
Reflects noncontrolling
interests in Indiana Harbor.
|
SunCoke Energy,
Inc
|
Reconciliation of
Non-GAAP Information
|
Estimated 2023 Net
Income to Estimated 2023 Adjusted EBITDA
|
|
|
|
2023
|
|
|
Low
|
|
High
|
Net
income
|
|
$
59
|
|
$
76
|
Add:
|
|
|
|
|
Depreciation and
amortization expense
|
|
136
|
|
132
|
Interest expense,
net
|
|
31
|
|
29
|
Income tax
expense
|
|
24
|
|
28
|
Adjusted
EBITDA
|
|
$
250
|
|
$
265
|
Subtract: Adjusted
EBITDA attributable to noncontrolling interest(1)
|
|
(9)
|
|
(9)
|
Adjusted EBITDA
attributable to SunCoke Energy, Inc.
|
|
$
241
|
|
$
256
|
(1)
|
Reflects noncontrolling
interests in Indiana Harbor.
|
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SOURCE SunCoke Energy, Inc.