NEW YORK (AP) â¿¿ SunCoke Energy Inc. said Tuesday that it will earn between $1.30 and $1.65 per share in 2012. Analysts estimated SunCoke would earn $1.71 per share next year, according to FactSet.
The Lisle, Ill., coal producer plans to cut capital spending nearly in half next year, as it increases domestic coke production. The company will boost production at its Ohio and Indiana operations while selling more coal at higher prices.
SunCoke, which owns coal mines in Virginia and West Virginia, expects to invest $150 million in company operations in the form of capital spending. That's down from the $280 million it expects to spend by the end of this year. The company said it will spend less in 2012 after completing its Middletown, Ohio, facility.
SunCoke expects corporate costs of between $30 million and $35 million and an effective tax rate between 20 and 24 percent in 2012.SunCoke shares fell 23 cents, or 2 percent, to $11.31 in morning trading.