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SunCoke Energy, Inc. (NYSE: SXC) today reported first quarter 2012 net income attributable to shareholders of $16.9 million, up from $11.9 million in first quarter 2011.
“Our Adjusted EBITDA more than doubled in the first quarter 2012, reaching $55.8 million due to solid performance in our cokemaking business,” said Fritz Henderson, Chairman and Chief Executive Officer of SunCoke Energy, Inc. “The successful startup of the new Middletown plant, the improvements that have taken hold at our Indiana Harbor facility and the continuing strong performance of our other domestic cokemaking facilities have given us greater confidence in our outlook for 2012 despite disappointing results in our coal mining business. With our coal business facing higher production costs and a weaker pricing environment, we are taking action to mitigate the impact of these challenges by scaling back production at higher cost mines, idling certain mines, redeploying resources and lowering capital spending to reduce costs and conserve cash.”
Henderson continued, “Based on the strength of our cokemaking business, we continue to believe we will deliver between $250 million and $280 million in Adjusted EBITDA and generate substantial free cash flow in 2012.”
Three months ended March 31,
(In millions, except per share data)
Adjusted EBITDA (1)
Net Income Attributable to Shareholders
Net Income Per Share - Diluted
(1) See definitions of Adjusted EBITDA and reconciliations elsewhere in this release.
In the first quarter 2012, revenues rose 44.4 percent to $481.3 million versus first quarter 2011. This increase was primarily due to higher sales in our Other Domestic Coke segment reflecting increased coke production and the pass-through of higher coal costs. The increase in coke production was driven by the startup of our new Middletown cokemaking facility, which began operations in October 2011, and operating improvements at our Indiana Harbor facility. Revenues also benefited from higher coal sale prices.