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SunCoke Energy, Inc. Reports Fourth Quarter 2011 Results

Stocks in this article: SXC

SunCoke Energy, Inc. (NYSE: SXC) today reported fourth quarter and full year 2011 results.

“In 2011, we took action to address key challenges and established a solid foundation that we expect will drive future growth for our shareholders now that we are an independent, public company,” said Fritz Henderson, Chairman and Chief Executive Officer of SunCoke Energy, Inc. “Our full year 2011 Adjusted EBITDA of $141 million fell short of our expectations, reflecting the impact of the ArcelorMittal contract amendment, operating challenges and accounting adjustments at Indiana Harbor, expenses associated with becoming a public company and relocation costs.”

Henderson continued, “The operational improvements we made in early 2011 delivered more consistent performance in our existing domestic cokemaking operations in the second half of the year. In 2012, we expect to build on this momentum with production from our new Middletown operations. While our coal mining results were below our internal goals in 2011, we still mined our highest volume of coal to date. We are seeing early signs that our focus on optimizing our coal mining operations is gaining traction.”

 

CONSOLIDATED RESULTS

 
  Three months ended   Year ended
December 31, December 31,
    Increase/     Increase/
(In millions)   2011

(2)

  2010   (Decrease)   2011

(2)

  2010   (Decrease)
Revenues $ 424.1 $ 317.2 $ 106.9 $ 1,538.9 $ 1,326.5 $ 212.4
Operating Income $ 11.7 $ 15.8 $ (4.1 ) $ 67.5 $ 174.2 $ (106.7 )

Adjusted EBITDA (1)

$

31.4

$ 34.6 $ (3.1 ) $ 140.5 $ 227.3 $ (86.8 )
Net Income Attributable to Shareholders   $ 8.0     $ 18.5   $ (10.5 )   $ 60.6     $ 139.2   $ (78.6 )
 

(1)

  See definitions of Adjusted EBITDA and reconciliations of Adjusted EBITDA elsewhere in this release.
 

(2)

Reflects impact of contract amendments with ArcelorMittal that became effective in first quarter 2011. Had these revised provisions been in place in 2010 revenues, operating income, Adjusted EBITDA and net income attributable to shareholders (assuming a 37 percent tax rate) would have been $10.2 million, $10.2 million, $10.2 million and $6.4 million higher, respectively, in fourth quarter 2010 net of the related legal charges. For the full year 2010, they would have been $34.7 million, $34.7 million, $34.7 million and $21.9 million lower, respectively, net of the related legal charges.
 

In the fourth quarter 2011, revenues rose 34 percent to $424.1 million versus fourth quarter 2010. For the full year 2011, revenues increased 16 percent to $1.5 billion versus full year 2010. The increase for both periods was driven by higher sales in our Other Domestic Coke segment primarily due to the pass-through of higher coal prices and increased production at our Indiana Harbor facility, and higher sales in our Coal Mining segment, reflecting the acquisition of the Harold Keene Coal Company (“HKCC”) in January 2011.

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