LISLE, Ill.--(BUSINESS WIRE)--Jul 31, 2024--
SunCoke Energy, Inc. (NYSE: SXC) today reported second quarter 2024 results, reflecting strong performance from our cokemaking and logistics segments.
"Our cokemaking and logistics segments continued to perform well during the second quarter. Our domestic coke plants continued running at full capacity, and our logistics segment continued to deliver strong results, handling 6 million tons during the quarter," said Katherine Gates, President and CEO of SunCoke Energy, Inc. "The strong performance through the first half of the year positions us well to achieve the high end of our full-year Consolidated Adjusted EBITDA guidance in 2024. Additionally, our Board of Directors approved a 20% increase in quarterly dividends, from 10 cents to 12 cents per share, effective the next quarterly payment on September 3rd."
SECOND QUARTER CONSOLIDATED RESULTS
| Three Months Ended June 30, | ||||||||
(Dollars in millions) | 2024 |
| 2023 |
| Increase (decrease) | ||||
Revenues | $ | 470.9 |
| $ | 534.4 |
| $ | (63.5 | ) |
Net income attributable to SXC | $ | 21.5 |
| $ | 20.4 |
| $ | 1.1 |
|
Adjusted EBITDA (1) | $ | 63.5 |
| $ | 74.0 |
| $ | (10.5 | ) |
(1) See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release. |
Revenues in the second quarter of 2024 decreased $63.5 million as compared to the same prior year period, primarily driven by lower blast coke sales volumes due to timing of spot sales in the prior year period and the pass-through of lower coal prices on our long-term, take-or-pay agreements.
Net income attributable to SXC increased $1.1 million from the same prior year period, primarily due to lower depreciation and amortization expense, lower tax expense, and lower net interest expense, partially offset by lower sales volumes and pricing in the Domestic Coke segment.
Adjusted EBITDA decreased $10.5 million as compared to the same prior year period, primarily driven by lower blast coke sales volumes due to timing of spot sales in the prior year period and lower coal-to-coke yields on our long-term, take-or-pay agreements.
SECOND QUARTER 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 June 30, | ||||||||
(Dollars in millions, except per ton amounts) | 2024 |
| 2023 |
| Increase (decrease) | ||||
Revenues | $ | 441.6 |
| $ | 505.9 |
| $ | (64.3 | ) |
Adjusted EBITDA (1) | $ | 57.9 |
| $ | 68.2 |
| $ | (10.3 | ) |
Sales volumes (thousands of tons) |
| 973 |
|
| 1,043 |
|
| (70 | ) |
Adjusted EBITDA per ton (2) | $ | 59.51 |
| $ | 65.39 |
| $ | (5.88 | ) |
(1) See definition of Adjusted EBITDA elsewhere in this release. | |||||||||
(2) Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes. |
Revenues in the second quarter of 2024 decreased $64.3 million as compared to the same prior year period, primarily driven by lower blast coke sales volumes due to timing of spot sales in the prior year period and lower coal-to-coke yields. The pass-through of lower coal prices on our long-term, take-or-pay agreements also impacted results.
Adjusted EBITDA in the second quarter of 2024 decreased $10.3 million as compared to the same prior year period, primarily driven by lower blast coke sales volumes due to timing of spot sales in the prior year period and lower coal-to-coke yields.
Logistics
Logistics consists of the handling and mixing services of coal and other aggregates at our Convent Marine Terminal ("CMT"), Lake Terminal, and Kanawha River Terminals (“KRT”).
| Three Months Ended June 30, | |||||||
(Dollars in millions, except per ton amounts) | 2024 |
| 2023 |
| Increase (decrease) | |||
Revenues | $ | 20.2 |
| $ | 19.7 |
| $ | 0.5 |
Intersegment sales | $ | 5.9 |
| $ | 5.1 |
| $ | 0.8 |
Adjusted EBITDA (1) | $ | 12.2 |
| $ | 11.7 |
| $ | 0.5 |
Tons handled (thousands of tons) (2) |
| 5,982 |
|
| 5,191 |
|
| 791 |
(1) See definition of Adjusted EBITDA elsewhere in this release. | ||||||||
(2) Reflects inbound tons handled during the period. |
Revenues and Adjusted EBITDA both increased by $0.5 million as compared to the same prior year period, primarily driven by higher transloading volumes at our domestic logistics terminals, partially offset by lower pricing at CMT driven by the API2 index.
Brazil Coke
Brazil Coke consists of a cokemaking facility in Vitória, Brazil, which we operate for an affiliate of ArcelorMittal.
Revenues were $9.1 million and Adjusted EBITDA was $2.5 million during the second quarter 2024, which was reasonably consistent with the prior year period.
Corporate and Other
Corporate and Other, which includes activity from our legacy coal mining business, was $9.1 million during the second quarter 2024, which was comparable to expense of $8.2 million during the second quarter 2023.
2024 OUTLOOK
Our 2024 guidance is as follows:
Disclaimer: The Company's 2024 outlook and guidance are based on the Company's current estimates and assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these estimates and assumptions, the Company's expectations may change. There can be no assurances that SunCoke will achieve the results expressed by this outlook and guidance.
RELATED COMMUNICATIONS
We will host our quarterly earnings call at 11:00 am ET (10:00 a.m. CT) 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 1-833-470-1428 in the U.S. or 1-404-975-4839 if outside the U.S., access code 167591.
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
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 2024 outlook and guidance, our 2024 key initiatives, the ability of our domestic coke plants to continue to operate at full capacity, future dividends and the timing of such dividend payments, and future sales commitments, are forward-looking statements and should be evaluated as such. Forward-looking statements represent only our present 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 SEC 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 SEC 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 (Unaudited) | ||||||||||||
| ||||||||||||
|
| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||||||
|
| 2024 |
| 2023 |
| 2024 |
| 2023 | ||||
|
|
|
|
|
|
|
|
| ||||
|
| (Dollars and shares in millions, except per share amounts) | ||||||||||
Revenues |
|
|
|
|
|
|
|
| ||||
Sales and other operating revenue |
| $ | 470.9 |
| $ | 534.4 |
| $ | 959.3 |
| $ | 1,022.2 |
Costs and operating expenses |
|
|
|
|
|
|
|
| ||||
Cost of products sold and operating expenses |
|
| 389.7 |
|
| 443.1 |
|
| 791.9 |
|
| 845.1 |
Selling, general and administrative expenses |
|
| 17.8 |
|
| 17.4 |
|
| 36.2 |
|
| 36.2 |
Depreciation and amortization expense |
|
| 28.7 |
|
| 36.4 |
|
| 62.0 |
|
| 71.7 |
Total costs and operating expenses |
|
| 436.2 |
|
| 496.9 |
|
| 890.1 |
|
| 953.0 |
Operating income |
|
| 34.7 |
|
| 37.5 |
|
| 69.2 |
|
| 69.2 |
Interest expense, net |
|
| 5.8 |
|
| 7.2 |
|
| 12.1 |
|
| 14.4 |
Income before income tax expense |
|
| 28.9 |
|
| 30.3 |
|
| 57.1 |
|
| 54.8 |
Income tax expense |
|
| 5.6 |
|
| 8.3 |
|
| 12.7 |
|
| 15.1 |
Net income |
|
| 23.3 |
|
| 22.0 |
|
| 44.4 |
|
| 39.7 |
Less: Net income attributable to noncontrolling interests |
|
| 1.8 |
|
| 1.6 |
|
| 2.9 |
|
| 3.0 |
Net income attributable to SunCoke Energy, Inc. |
| $ | 21.5 |
| $ | 20.4 |
| $ | 41.5 |
| $ | 36.7 |
Earnings attributable to SunCoke Energy, Inc. per common share: |
|
|
|
|
|
|
| |||||
Basic |
| $ | 0.25 |
| $ | 0.24 |
| $ | 0.49 |
| $ | 0.43 |
Diluted |
| $ | 0.25 |
| $ | 0.24 |
| $ | 0.49 |
| $ | 0.43 |
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
| ||||
Basic |
|
| 85.1 |
|
| 84.7 |
|
| 85.0 |
|
| 84.6 |
Diluted |
|
| 85.3 |
|
| 84.9 |
|
| 85.3 |
|
| 84.9 |
SunCoke Energy, Inc. Consolidated Balance Sheets | ||||||||
| ||||||||
|
| June 30, 2024 |
| December 31, 2023 | ||||
|
| (Unaudited) |
|
| ||||
|
| (Dollars in millions, except par value amounts) | ||||||
Assets |
|
|
|
| ||||
Cash and cash equivalents |
| $ | 81.9 |
|
| $ | 140.1 |
|
Receivables, net |
|
| 146.1 |
|
|
| 88.3 |
|
Inventories |
|
| 208.3 |
|
|
| 182.6 |
|
Income tax receivable |
|
| — |
|
|
| 1.4 |
|
Other current assets |
|
| 11.5 |
|
|
| 4.4 |
|
Total current assets |
|
| 447.8 |
|
|
| 416.8 |
|
Properties, plants and equipment (net of accumulated depreciation of $1,442.9 million and $1,383.6 million at June 30, 2024 and December 31, 2023, respectively) |
|
| 1,159.7 |
|
|
| 1,191.1 |
|
Intangible assets, net |
|
| 30.1 |
|
|
| 31.1 |
|
Deferred charges and other assets |
|
| 19.9 |
|
|
| 21.4 |
|
Total assets |
| $ | 1,657.5 |
|
| $ | 1,660.4 |
|
Liabilities and Equity |
|
|
|
| ||||
Accounts payable |
| $ | 154.0 |
|
| $ | 172.1 |
|
Accrued liabilities |
|
| 46.5 |
|
|
| 51.7 |
|
Income tax payable |
|
| 1.5 |
|
|
| — |
|
Total current liabilities |
|
| 202.0 |
|
|
| 223.8 |
|
Long-term debt |
|
| 491.3 |
|
|
| 490.3 |
|
Accrual for black lung benefits |
|
| 54.7 |
|
|
| 53.2 |
|
Retirement benefit liabilities |
|
| 15.0 |
|
|
| 15.8 |
|
Deferred income taxes |
|
| 189.8 |
|
|
| 190.4 |
|
Asset retirement obligations |
|
| 14.6 |
|
|
| 14.1 |
|
Other deferred credits and liabilities |
|
| 23.4 |
|
|
| 27.3 |
|
Total liabilities |
|
| 990.8 |
|
|
| 1,014.9 |
|
Equity |
|
|
|
| ||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at both June 30, 2024 and December 31, 2023 |
|
| — |
|
|
| — |
|
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 99,496,809 and 99,161,446 shares at June 30, 2024 and December 31, 2023, respectively |
|
| 1.0 |
|
|
| 1.0 |
|
Treasury stock, 15,404,482 shares at both June 30, 2024 and December 31, 2023 |
|
| (184.0 | ) |
|
| (184.0 | ) |
Additional paid-in capital |
|
| 729.2 |
|
|
| 729.8 |
|
Accumulated other comprehensive loss |
|
| (13.6 | ) |
|
| (12.8 | ) |
Retained earnings |
|
| 104.3 |
|
|
| 80.2 |
|
Total SunCoke Energy, Inc. stockholders’ equity |
|
| 636.9 |
|
|
| 614.2 |
|
Noncontrolling interest |
|
| 29.8 |
|
|
| 31.3 |
|
Total equity |
|
| 666.7 |
|
|
| 645.5 |
|
Total liabilities and equity |
| $ | 1,657.5 |
|
| $ | 1,660.4 |
|
SunCoke Energy, Inc. Consolidated Statements of Cash Flows (Unaudited) | ||||||||
| ||||||||
|
| Six Months Ended June 30, | ||||||
|
| 2024 |
| 2023 | ||||
|
|
|
|
| ||||
|
| (Dollars in millions) | ||||||
Cash Flows from Operating Activities |
|
|
|
| ||||
Net income |
| $ | 44.4 |
|
| $ | 39.7 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| ||||
Depreciation and amortization expense |
|
| 62.0 |
|
|
| 71.7 |
|
Deferred income tax (benefit) expense |
|
| (0.6 | ) |
|
| 6.1 |
|
Share-based compensation expense |
|
| 3.0 |
|
|
| 3.2 |
|
Changes in working capital pertaining to operating activities: |
|
|
|
| ||||
Receivables, net |
|
| (57.4 | ) |
|
| 7.6 |
|
Inventories |
|
| (25.6 | ) |
|
| (25.2 | ) |
Accounts payable |
|
| (14.7 | ) |
|
| 15.1 |
|
Accrued liabilities |
|
| (5.1 | ) |
|
| (17.4 | ) |
Income taxes |
|
| 2.9 |
|
|
| 0.9 |
|
Other operating activities |
|
| (8.2 | ) |
|
| (2.8 | ) |
Net cash provided by operating activities |
|
| 0.7 |
|
|
| 98.9 |
|
Cash Flows from Investing Activities |
|
|
|
| ||||
Capital expenditures |
|
| (33.0 | ) |
|
| (50.4 | ) |
Other investing activities |
|
| (0.4 | ) |
|
| 0.4 |
|
Net cash used in investing activities |
|
| (33.4 | ) |
|
| (50.0 | ) |
Cash Flows from Financing Activities |
|
|
|
| ||||
Proceeds from revolving facility |
|
| 11.0 |
|
|
| 222.0 |
|
Repayment of revolving facility |
|
| (11.0 | ) |
|
| (257.0 | ) |
Repayment of financing obligation |
|
| — |
|
|
| (1.7 | ) |
Dividends paid |
|
| (17.4 | ) |
|
| (13.9 | ) |
Cash distribution to noncontrolling interests |
|
| (4.4 | ) |
|
| (6.7 | ) |
Other financing activities |
|
| (3.7 | ) |
|
| (3.4 | ) |
Net cash used in financing activities |
|
| (25.5 | ) |
|
| (60.7 | ) |
Net decrease in cash and cash equivalents |
|
| (58.2 | ) |
|
| (11.8 | ) |
Cash and cash equivalents at beginning of period |
|
| 140.1 |
|
|
| 90.0 |
|
Cash and cash equivalents at end of period |
| $ | 81.9 |
|
| $ | 78.2 |
|
Supplemental Disclosure of Cash Flow Information |
|
|
|
| ||||
Interest paid |
| $ | 12.2 |
|
| $ | 13.3 |
|
Income taxes paid |
| $ | 10.4 |
|
| $ | 8.0 |
|
SunCoke Energy, Inc. Segment Financial and Operating Data | ||||||||||||||||
| ||||||||||||||||
The following tables set forth financial and operating data for the three and six months ended June 30, 2024 and 2023, respectively: | ||||||||||||||||
| ||||||||||||||||
|
| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||||||||||
|
| 2024 |
| 2023 |
| 2024 |
| 2023 | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
|
| (Dollars in millions, except per ton amounts) | ||||||||||||||
Sales and Other Operating Revenues: |
|
|
|
|
|
|
|
| ||||||||
Domestic Coke |
| $ | 441.6 |
|
| $ | 505.9 |
|
| $ | 901.1 |
|
| $ | 964.7 |
|
Brazil Coke |
|
| 9.1 |
|
|
| 8.8 |
|
|
| 17.4 |
|
|
| 16.7 |
|
Logistics |
|
| 20.2 |
|
|
| 19.7 |
|
|
| 40.8 |
|
|
| 40.8 |
|
Logistics intersegment sales |
|
| 5.9 |
|
|
| 5.1 |
|
|
| 11.8 |
|
|
| 11.3 |
|
Elimination of intersegment sales |
|
| (5.9 | ) |
|
| (5.1 | ) |
|
| (11.8 | ) |
|
| (11.3 | ) |
Total sales and other operating revenues |
| $ | 470.9 |
|
| $ | 534.4 |
|
| $ | 959.3 |
|
| $ | 1,022.2 |
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
| ||||||||
Domestic Coke |
| $ | 57.9 |
|
| $ | 68.2 |
|
| $ | 119.3 |
|
| $ | 128.6 |
|
Brazil Coke |
|
| 2.5 |
|
|
| 2.3 |
|
|
| 4.9 |
|
|
| 4.7 |
|
Logistics |
|
| 12.2 |
|
|
| 11.7 |
|
|
| 25.2 |
|
|
| 25.2 |
|
Corporate and Other, net (1) |
|
| (9.1 | ) |
|
| (8.2 | ) |
|
| (18.0 | ) |
|
| (17.4 | ) |
Total Adjusted EBITDA (2) |
| $ | 63.5 |
|
| $ | 74.0 |
|
| $ | 131.4 |
|
| $ | 141.1 |
|
Coke Operating Data: |
|
|
|
|
|
|
|
| ||||||||
Domestic Coke capacity utilization (3) |
|
| 99 | % |
|
| 100 | % |
|
| 99 | % |
|
| 100 | % |
Domestic Coke production volumes (thousands of tons) |
|
| 978 |
|
|
| 998 |
|
|
| 1,978 |
|
|
| 1,992 |
|
Domestic Coke sales volumes (thousands of tons) |
|
| 973 |
|
|
| 1,043 |
|
|
| 1,969 |
|
|
| 1,993 |
|
Domestic Coke Adjusted EBITDA per ton (4) |
| $ | 59.51 |
|
| $ | 65.39 |
|
| $ | 60.59 |
|
| $ | 64.53 |
|
Brazilian Coke production—operated facility (thousands of tons) |
|
| 397 |
|
|
| 396 |
|
|
| 768 |
|
|
| 794 |
|
Logistics Operating Data: |
|
|
|
|
|
|
|
| ||||||||
Tons handled (thousands of tons) |
|
| 5,982 |
|
|
| 5,191 |
|
|
| 11,435 |
|
|
| 10,500 |
|
(1) | Corporate and Other, net is not a reportable segment. | |
(2) | See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release. | |
(3) | 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. | |
(4) | Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes. |
SunCoke Energy, Inc. Reconciliation of Non-GAAP Information Net Income to Consolidated Adjusted EBITDA | ||||||||||||
| ||||||||||||
|
| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||||||
|
| 2024 |
| 2023 |
| 2024 |
| 2023 | ||||
|
| (Dollars in millions) | ||||||||||
Net income |
| $ | 23.3 |
| $ | 22.0 |
| $ | 44.4 |
| $ | 39.7 |
Add: |
|
|
|
|
|
|
|
| ||||
Depreciation and amortization expense |
|
| 28.7 |
|
| 36.4 |
|
| 62.0 |
|
| 71.7 |
Interest expense, net |
|
| 5.8 |
|
| 7.2 |
|
| 12.1 |
|
| 14.4 |
Income tax expense |
|
| 5.6 |
|
| 8.3 |
|
| 12.7 |
|
| 15.1 |
Transaction costs (1) |
|
| 0.1 |
|
| 0.1 |
|
| 0.2 |
|
| 0.2 |
Adjusted EBITDA |
| $ | 63.5 |
| $ | 74.0 |
| $ | 131.4 |
| $ | 141.1 |
(1) Costs incurred as part of the granulated pig iron project with U.S. Steel. |
SunCoke Energy, Inc. Reconciliation of Non-GAAP Information Estimated 2024 Net Income to Estimated 2024 Consolidated Adjusted EBITDA | ||||||
| ||||||
|
| 2024 | ||||
|
| Low |
| High | ||
|
| (Dollars in millions) | ||||
Net income |
| $ | 67 |
| $ | 84 |
Add: |
|
|
|
| ||
Depreciation and amortization expense |
|
| 122 |
|
| 118 |
Interest expense, net |
|
| 28 |
|
| 26 |
Income tax expense |
|
| 23 |
|
| 27 |
Adjusted EBITDA |
| $ | 240 |
| $ | 255 |
View source version on businesswire.com:https://www.businesswire.com/news/home/20240731675583/en/
CONTACT: Investor/Media Inquiries:
Sharon Doyle
Manager, Investor Relations
(630) 824-1907
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: OTHER ENERGY MANUFACTURING COAL ENERGY OTHER MANUFACTURING STEEL
SOURCE: SunCoke Energy, Inc.
Copyright Business Wire 2024.
PUB: 07/31/2024 07:35 AM/DISC: 07/31/2024 07:36 AM
http://www.businesswire.com/news/home/20240731675583/en