SunCoke Energy, Inc. (NYSE: SXC) today reported second quarter 2012 net income attributable to shareholders of $22.7 million, up slightly from $22.5 million in second quarter 2011.
“Our U.S. cokemaking business delivered another strong quarter,” said Fritz Henderson, Chairman and Chief Executive Officer of SunCoke Energy, Inc. “The successful startup of our Middletown, Ohio facility, sustained improvement at Indiana Harbor and the continued strong performance of our other U.S. cokemaking facilities were key drivers of the nearly $28 million increase in Adjusted EBITDA we achieved in the second quarter. While our coal business remains challenging, we made progress improving our mining productivity and lowering costs versus first quarter 2012. We believe we will successfully navigate the difficult current coal environment and expect to manage our coal business to be cash neutral in 2012.”
Henderson continued, “For full year 2012, we continue to expect to deliver between $250 million and $280 million in Adjusted EBITDA. We’ve updated our 2012 outlook for capital expenditures and free cash flow. We now expect 2012 capital expenditures to be about $85 million and free cash flow to be in excess of $100 million.”
|Three months ended June 30,|
|(In millions, except per share data)||2012||2011||Increase|
|Adjusted EBITDA (1)||$||65.5||$||37.7||$||27.8|
|Net Income Attributable to Shareholders||$||22.7||$||22.5||$||0.2|
|Net Income Per Share - Diluted||$||0.32||$||0.32||$||-|
(1) See definitions of Adjusted EBITDA and reconciliations elsewhere in this release.In second quarter 2012, total revenues rose 22 percent to $460.9 million versus second quarter 2011, primarily driven by sales at our Middletown facility and the pass-through of higher coal costs in our Jewell Coke segment. Our Middletown facility contributed $72.0 million to the increase in revenues in the second quarter.