Exhibit 99.1
Investors and Media:
Shantanu Agrawal
(630) 824-1907
SUNCOKE ENERGY, INC. REPORTS STRONG SECOND QUARTER 2021 RESULTS
| • | 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 |
| • | 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 |
| • | Completed debt refinancing, extending the revolver and notes maturities while achieving significant interest rate savings of approximately $17 million on an annual basis |
| • | 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.”
SECOND QUARTER CONSOLIDATED RESULTS
| Three Months Ended June 30, | ||||||||||||
| (Dollars in millions) |
2021 | 2020 | Increase (Decrease) |
|||||||||
| Revenues |
$ | 364.3 | $ | 338.0 | $ | 26.3 | ||||||
| Net (loss) income attributable to SXC |
$ | (8.8 | ) | $ | 6.5 | $ | (15.3 | ) | ||||
| Adjusted EBITDA(1) |
$ | 68.0 | $ | 59.0 | $ | 9.0 | ||||||
| (1) | See definition of Adjusted EBITDA and reconciliation elsewhere in this release. |
Revenues in the second quarter of 2021 increased $26.3 million as compared to the prior year period, reflecting higher volumes in our Domestic Coke and Logistics segment partially offset by the pass through of lower costs in our Domestic Coke segment.
Net income attributable to SXC decreased $15.3 million as compared to the prior year period, reflecting a $22.7 million, net of tax impact of debt extinguishment costs related to our debt refinancing, which more than offset our improved operating results.
Adjusted EBITDA increased $9.0 million as compared to the prior year period primarily driven by higher volumes in the Logistics segment.
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) |
2021 | 2020 | Increase (Decrease) |
|||||||||
| Revenues |
$ | 338.6 | $ | 323.5 | $ | 15.1 | ||||||
| Adjusted EBITDA(1) |
$ | 61.4 | $ | 61.6 | $ | (0.2 | ) | |||||
| Sales volumes (thousands of tons) |
1,063 | 977 | 86 | |||||||||
| Adjusted EBITDA per ton(2) |
$ | 57.76 | $ | 63.05 | $ | (5.29 | ) | |||||
| (1) | See definition of Adjusted EBITDA and reconciliation elsewhere in this release. |
| (2) | Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes. |
Revenues increased $15.1 million largely due to higher volumes as well as higher energy revenue partially offset by pass through of lower coal costs as well as lower coal pricing
Adjusted EBITDA decreased by $0.2 million. Higher volumes and energy revenues were more than offset by higher operating and maintenance cost and lower coal-to-coke yields resulting from the lower coal pricing discussed above.
2
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 June 30, | ||||||||||||
| (Dollars in millions, except per ton amounts) |
2021 | 2020 | Increase | |||||||||
| Revenues |
$ | 16.7 | $ | 7.3 | $ | 9.4 | ||||||
| Intersegment sales |
$ | 7.4 | $ | 5.2 | $ | 2.2 | ||||||
| Adjusted EBITDA(1) |
$ | 11.4 | $ | 3.0 | $ | 8.4 | ||||||
| Tons handled (thousands of tons) |
5,104 | 2,853 | 2,251 | |||||||||
| (1) | See definition of Adjusted EBITDA and reconciliation elsewhere in this release. |
Revenues and Adjusted EBITDA increased by $9.4 million and $8.4 million, respectively, as compared to the same prior year period driven by continued improvement in the export coal market, which resulted in higher throughput volumes at CMT as well as higher iron ore volumes.
Brazil Coke
Brazil Coke consists of a cokemaking facility in Vitória, Brazil, which we operate for an affiliate of ArcelorMittal.
Revenues and Adjusted EBITDA were $9.0 million and $4.0 million, respectively, during the second quarter 2021, which were higher than revenues and Adjusted EBITDA of $7.2 million and $3.2 million, respectively, during the second quarter 2020. The increase was driven by higher volumes as compared to the same prior year period as well as production bonuses for meeting certain volume targets during the current year period.
Corporate and Other
Corporate and other expenses, which include activity from our legacy coal mining business, was $8.8 million during second quarter 2021, consistent with the prior year period. Lower legacy related expenses of $0.9 million and the absence of $0.6 million of foundry related research and development costs incurred during the second quarter of 2020 were offset by higher employee related costs during the second quarter of 2021.
3
2021 REVISED OUTLOOK
Our 2021 revised guidance is based on higher margin and volume in our Domestic Coke plants driven by export and foundry coke sales. It also assumes higher Logistics volumes.
Our 2021 revised guidance is as follows:
| • | Domestic Coke total production is expected to be approximately 4.15 million tons |
| • | Consolidated Adjusted EBITDA is expected to be $255 million to $265 million |
| • | Capital expenditures are projected to be approximately $90 million |
| • | Cash generated by operations is estimated to be $208 million to $223 million |
| • | Cash taxes are projected to be $5 million to $10 million |
RELATED COMMUNICATIONS
We will host our quarterly earnings call at 10:30 a.m. Eastern Time (9:30 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 using the following link:
http://www.directeventreg.com/registration/event/9691477
Upon registration, each participant will be emailed a confirmation, dial-in details, and a registrant ID.
SUNCOKE ENERGY, INC.
SunCoke Energy, Inc. (NYSE: SXC) supplies high-quality coke to the integrated steel industry under long-term, take-or-pay contracts that pass through commodity and certain operating costs to customers. We utilize an innovative heat-recovery cokemaking technology that captures excess heat for steam or electrical power generation. Our cokemaking facilities are located in Illinois, Indiana, Ohio, Virginia and Brazil. We have more than 60 years of cokemaking experience serving the integrated steel industry. In addition, we provide export and domestic material handling services to coke, coal, steel, power and other bulk and liquids customers. Our 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.
DEFINITIONS
| • | Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted for any impairments, restructuring costs and gains or losses on extinguishment of debt. 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. Additionally, other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. |
| • | Adjusted EBITDA attributable to SXC represents Adjusted EBITDA less Adjusted EBITDA attributable to noncontrolling interests. |
4
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). Such forward-looking statements include statements that are not strictly historical facts, and include, among other things, statements regarding: our expectations of financial results, condition and outlook; anticipated effects of the COVID-19 pandemic and responses thereto, including the pandemic’s impact on general economic and market conditions, as well as on our business, our customers, our results of operations and financial condition; anticipated actions to be taken by management to sustain SunCoke during the economic uncertainty caused by the pandemic and related business actions; and anticipated actions by governments to contain the spread of COVID-19 or mitigate the severity thereof.
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. Forward-looking statements are inherently uncertain and involve significant known and unknown risks and uncertainties (many of which are beyond the control of SunCoke) that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to domestic and international economic, political, business, operational, competitive, regulatory and/or market factors affecting SunCoke, as well as uncertainties related to: pending or future litigation, legislation or regulatory actions; liability for remedial actions or assessments under existing or future environmental regulations; gains and losses related to acquisition, disposition or impairment of assets; recapitalizations; access to, and costs of, capital; the effects of changes in accounting rules applicable to SunCoke; and changes in tax, environmental and other laws and regulations applicable to SunCoke’s businesses.
Currently, such risks and uncertainties also include: SunCoke’s ability to manage its business during and after the COVID-19 pandemic; the impact of the COVID-19 pandemic on SunCoke’s results of operations, revenues, earnings and cash flows; SunCoke’s ability to reduce costs and capital spending in response to the COVID-19 pandemic; SunCoke’s balance sheet and liquidity throughout and following the COVID-19 pandemic; SunCoke’s prospects for financial performance and achievement of strategic objectives following the COVID-19 pandemic; capital allocation strategy following the COVID-19-related outbreak; and the general impact on our industry and on the U.S. and global economy resulting from COVID-19, including actions by domestic and foreign governments and others to contain the spread, or mitigate the severity, thereof.
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. The reader 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.
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, see SunCoke’s Securities and Exchange Commission filings such as its annual and quarterly reports and current reports on Form 8-K, copies of which are available free of charge on SunCoke’s website at www.suncoke.com. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. Unpredictable or unknown factors not discussed in this release also could have material adverse effects on forward- looking statements.
5
SunCoke Energy, Inc.
Consolidated Statements of Operations
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (Dollars and shares in millions, except per share amounts) | ||||||||||||||||
| Revenues |
||||||||||||||||
| Sales and other operating revenue |
$ | 364.3 | $ | 338.0 | $ | 724.2 | $ | 720.7 | ||||||||
| Costs and operating expenses |
||||||||||||||||
| Cost of products sold and operating expenses |
278.6 | 262.5 | 552.6 | 566.9 | ||||||||||||
| Selling, general and administrative expenses |
17.7 | 16.5 | 33.0 | 32.7 | ||||||||||||
| Depreciation and amortization expense |
34.1 | 34.1 | 66.5 | 68.2 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total costs and operating expenses |
330.4 | 313.1 | 652.1 | 667.8 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income |
33.9 | 24.9 | 72.1 | 52.9 | ||||||||||||
| Interest expense, net |
14.2 | 14.9 | 26.9 | 29.5 | ||||||||||||
| Loss (gain) on extinguishment of debt |
31.9 | — | 31.9 | (2.9 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (Loss) income before income tax (benefit) expense |
(12.2 | ) | 10.0 | 13.3 | 26.3 | |||||||||||
| Income tax (benefit) expense |
(4.7 | ) | 2.2 | 2.6 | 12.6 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net (loss) income |
(7.5 | ) | 7.8 | 10.7 | 13.7 | |||||||||||
| Less: Net income attributable to noncontrolling interests |
1.3 | 1.3 | 3.0 | 2.3 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net (loss) income attributable to SunCoke Energy, Inc. |
$ | (8.8 | ) | $ | 6.5 | $ | 7.7 | $ | 11.4 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (Loss) earnings attributable to SunCoke Energy, Inc. per common share: |
||||||||||||||||
| Basic |
$ | (0.11 | ) | $ | 0.08 | $ | 0.09 | $ | 0.14 | |||||||
| Diluted |
$ | (0.11 | ) | $ | 0.08 | $ | 0.09 | $ | 0.14 | |||||||
| Weighted average number of common shares outstanding: |
||||||||||||||||
| Basic |
83.0 | 82.8 | 82.9 | 83.2 | ||||||||||||
| Diluted |
83.0 | 82.9 | 83.5 | 83.4 | ||||||||||||
6
SunCoke Energy, Inc.
Consolidated Balance Sheets
| June 30, 2021 | December 31, 2020 | |||||||
| (Unaudited) | ||||||||
| (Dollars in millions, except par value amounts) |
||||||||
| Assets |
||||||||
| Cash and cash equivalents |
$ | 51.7 | $ | 48.4 | ||||
| Receivables, net |
49.5 | 46.3 | ||||||
| Inventories |
143.8 | 126.6 | ||||||
| Income tax receivable |
2.8 | 5.5 | ||||||
| Other current assets |
5.9 | 2.9 | ||||||
|
|
|
|
|
|||||
| Total current assets |
253.7 | 229.7 | ||||||
|
|
|
|
|
|||||
| Properties, plants and equipment (net of accumulated depreciation of $1,097.5 million and $1,032.9 million at June 30, 2021 and December 31, 2020, respectively) |
1,289.8 | 1,328.0 | ||||||
| Intangible assets, net |
36.2 | 37.2 | ||||||
| Deferred charges and other assets |
18.3 | 18.5 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 1,598.0 | $ | 1,613.4 | ||||
|
|
|
|
|
|||||
| Liabilities and Equity |
||||||||
| Accounts payable |
$ | 111.7 | $ | 104.1 | ||||
| Accrued liabilities |
47.1 | 49.8 | ||||||
| Current portion of financing obligation |
3.1 | 3.0 | ||||||
| Interest payable |
0.6 | 2.0 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
162.5 | 158.9 | ||||||
|
|
|
|
|
|||||
| Long-term debt and financing obligation |
650.2 | 673.9 | ||||||
| Accrual for black lung benefits |
61.8 | 60.0 | ||||||
| Retirement benefit liabilities |
23.6 | 24.7 | ||||||
| Deferred income taxes |
159.9 | 159.3 | ||||||
| Asset retirement obligations |
11.9 | 11.4 | ||||||
| Other deferred credits and liabilities |
24.8 | 24.3 | ||||||
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|
|
|
|
|||||
| Total liabilities |
1,094.7 | 1,112.5 | ||||||
|
|
|
|
|
|||||
| Equity |
||||||||
| Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at both June 30, 2021 and December 31, 2020 |
— | — | ||||||
| Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 98,392,059 and 98,177,941 shares at June 30, 2021 and December 31, 2020, respectively |
1.0 | 1.0 | ||||||
| Treasury stock, 15,404,482 shares at both June 30, 2021 and December 31, 2020 |
(184.0 | ) | (184.0 | ) | ||||
| Additional paid-in capital |
717.1 | 715.7 | ||||||
| Accumulated other comprehensive loss |
(16.7 | ) | (17.1 | ) | ||||
| Retained deficit |
(49.0 | ) | (46.6 | ) | ||||
|
|
|
|
|
|||||
| Total SunCoke Energy, Inc. stockholders’ equity |
468.4 | 469.0 | ||||||
| Noncontrolling interest |
34.9 | 31.9 | ||||||
|
|
|
|
|
|||||
| Total equity |
503.3 | 500.9 | ||||||
|
|
|
|
|
|||||
| Total liabilities and equity |
$ | 1,598.0 | $ | 1,613.4 | ||||
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|
|
|
|
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7
SunCoke Energy, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
| Six Months Ended June 30, | ||||||||
| 2021 | 2020 | |||||||
| (Dollars in millions) | ||||||||
| Cash Flows from Operating Activities: |
||||||||
| Net income |
$ | 10.7 | $ | 13.7 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization expense |
66.5 | 68.2 | ||||||
| Deferred income tax expense |
0.6 | 15.0 | ||||||
| Payments in excess of expense for postretirement plan benefits |
(0.9 | ) | (1.0 | ) | ||||
| Share-based compensation expense |
2.3 | 2.3 | ||||||
| Loss (gain) on extinguishment of debt |
31.9 | (2.9 | ) | |||||
| Changes in working capital pertaining to operating activities: |
||||||||
| Receivables, net |
(3.2 | ) | 10.0 | |||||
| Inventories |
(17.7 | ) | 11.8 | |||||
| Accounts payable |
14.1 | (56.9 | ) | |||||
| Accrued liabilities |
(2.8 | ) | (5.5 | ) | ||||
| Interest payable |
(1.4 | ) | (0.1 | ) | ||||
| Income taxes |
2.7 | (3.9 | ) | |||||
| Other |
1.8 | (2.1 | ) | |||||
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|
|
|||||
| Net cash provided by operating activities |
104.6 | 48.6 | ||||||
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|
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| Cash Flows from Investing Activities: |
||||||||
| Capital expenditures |
(33.7 | ) | (36.9 | ) | ||||
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|
|||||
| Net cash used in investing activities |
(33.7 | ) | (36.9 | ) | ||||
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|
|||||
| Cash Flows from Financing Activities: |
||||||||
| Proceeds from issuance of long-term debt |
500.0 | — | ||||||
| Repayment of long-term debt |
(609.3 | ) | (8.9 | ) | ||||
| Proceeds from revolving facility |
470.6 | 247.2 | ||||||
| Repayment of revolving facility |
(405.9 | ) | (247.2 | ) | ||||
| Repayment of financing obligation |
(1.4 | ) | (1.4 | ) | ||||
| Debt issuance costs |
(10.5 | ) | — | |||||
| Dividends paid |
(10.1 | ) | (10.0 | ) | ||||
| Shares repurchased |
— | (7.0 | ) | |||||
| Other financing activities |
(1.0 | ) | (0.4 | ) | ||||
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|
|||||
| Net cash used in financing activities |
(67.6 | ) | (27.7 | ) | ||||
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|
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|
|||||
| Net increase (decrease) in cash and cash equivalents |
3.3 | (16.0 | ) | |||||
| Cash and cash equivalents at beginning of period |
48.4 | 97.1 | ||||||
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|
|
|
|
|||||
| Cash and cash equivalents at end of period |
$ | 51.7 | $ | 81.1 | ||||
|
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| Supplemental Disclosure of Cash Flow Information |
||||||||
| Interest paid, net of capitalized interest of $0.3 million and zero, respectively |
$ | 25.6 | $ | 27.3 | ||||
| Income taxes paid, net of refunds of $2.9 million and $0.3 million, respectively |
$ | (0.6 | ) | $ | 1.4 | |||
8
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, 2021 and 2020, respectively:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (Dollars in millions, except per ton amounts) | ||||||||||||||||
| Sales and other operating revenues: |
||||||||||||||||
| Domestic Coke |
$ | 338.6 | $ | 323.5 | $ | 673.9 | $ | 688.7 | ||||||||
| Brazil Coke |
9.0 | 7.2 | 17.5 | 15.7 | ||||||||||||
| Logistics |
16.7 | 7.3 | 32.8 | 16.3 | ||||||||||||
| Logistics intersegment sales |
7.4 | 5.2 | 14.0 | 11.8 | ||||||||||||
| Elimination of intersegment sales |
(7.4 | ) | (5.2 | ) | (14.0 | ) | (11.8 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total sales and other operating revenues |
$ | 364.3 | $ | 338.0 | $ | 724.2 | $ | 720.7 | ||||||||
|
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|
|
|
|
|
|
|
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| Adjusted EBITDA(1): |
||||||||||||||||
| Domestic Coke |
$ | 61.4 | $ | 61.6 | $ | 124.9 | $ | 125.0 | ||||||||
| Brazil Coke |
4.0 | 3.2 | 8.5 | 7.3 | ||||||||||||
| Logistics |
11.4 | 3.0 | 22.3 | 6.3 | ||||||||||||
| Corporate and Other(2) |
(8.8 | ) | (8.8 | ) | (17.1 | ) | (17.5 | ) | ||||||||
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|
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|
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|
|
|||||||||
| Total Adjusted EBITDA |
$ | 68.0 | $ | 59.0 | $ | 138.6 | $ | 121.1 | ||||||||
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| Coke Operating Data: |
||||||||||||||||
| Domestic Coke capacity utilization |
100 | % | 94 | % | 101 | % | 98 | % | ||||||||
| Domestic Coke production volumes (thousands of tons) |
1,054 | 987 | 2,090 | 2,056 | ||||||||||||
| Domestic Coke sales volumes (thousands of tons) |
1,063 | 977 | 2,101 | 2,041 | ||||||||||||
| Domestic Coke Adjusted EBITDA per ton(3) |
$ | 57.76 | $ | 63.05 | $ | 59.45 | $ | 61.24 | ||||||||
| Brazilian Coke production—operated facility (thousands of tons) |
425 | 270 | 842 | 680 | ||||||||||||
| Logistics Operating Data: |
||||||||||||||||
| Tons handled (thousands of tons) |
5,104 | 2,853 | 10,404 | 7,067 | ||||||||||||
| (1) | See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release. |
| (2) | Corporate and Other includes activity from our legacy coal mining business, which contributed Adjusted EBITDA losses of $1.5 million and $3.4 million during the three and six months ended June 30, 2021, respectively, and $2.4 million and $4.5 million during the three and six months ended June 30, 2020, respectively. Additionally, Corporate and Other includes foundry related research and development costs of $0.6 million and $1.4 million during the three and six months ended June 30, 2020, respectively. |
| (3) | Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes. |
9
SunCoke Energy, Inc.
Reconciliation of Non-GAAP Information
Net (Loss) Income to Adjusted EBITDA
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (Dollars in millions) | ||||||||||||||||
| Net (loss) income attributable to SunCoke Energy, Inc. |
$ | (8.8 | ) | $ | 6.5 | $ | 7.7 | $ | 11.4 | |||||||
| Add: Net income attributable to noncontrolling interests |
1.3 | 1.3 | 3.0 | 2.3 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net (loss) income |
$ | (7.5 | ) | $ | 7.8 | $ | 10.7 | $ | 13.7 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Add: |
||||||||||||||||
| Depreciation and amortization expense |
34.1 | 34.1 | 66.5 | 68.2 | ||||||||||||
| Interest expense, net |
14.2 | 14.9 | 26.9 | 29.5 | ||||||||||||
| Loss (gain) on extinguishment of debt |
31.9 | — | 31.9 | (2.9 | ) | |||||||||||
| Income tax (benefit) expense |
(4.7 | ) | 2.2 | 2.6 | 12.6 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted EBITDA |
68.0 | 59.0 | 138.6 | 121.1 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Subtract: Adjusted EBITDA attributable to noncontrolling interests(1) |
2.3 | 2.3 | 4.9 | 4.3 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted EBITDA attributable to SunCoke Energy, Inc. |
$ | 65.7 | $ | 56.7 | $ | 133.7 | $ | 116.8 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1) | Reflects noncontrolling interest in Indiana Harbor. |
10
SunCoke Energy, Inc.
Reconciliation of Non-GAAP Information
Estimated 2021 Net Income
to Estimated Consolidated Adjusted EBITDA
| 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. |
11
