suncoke energy inc (SXC) Key Developments
SunCoke Energy Inc. Entered into Third Amendment to the Credit Agreement
Apr 27 15
SunCoke Energy Inc. announced that on April 21, 2015 the company entered into Amendment No. 3 to the credit agreement, dated as of July 26, 2011, among the company, the banks and other financial institutions party thereto, and JPMorgan Chase Bank, N.A. as Administrative Agent. The third amendment: (i) allows certain credit agreement borrowings with a higher applicable margin than other revolving loans; (ii) modifies existing restrictive covenants governing the payment of dividends and other cash distributions in order to permit such restricted payments so long as the company maintains a maximum consolidated leverage ratio less than 2.00 to 1.00 and maintains a minimum total liquidity (cash and revolver capacity) of at least $75 million, after giving effect to any such payments; and (iii) reduces the maximum consolidated leverage ratio to 3.25 to 1.00, from 3.75 to 1:00. The third amendment became effective on April 21, 2015.
SunCoke Energy Inc. Reports Unaudited Consolidated Earnings Results for the Three Months Ended March 31, 2015; Reaffirms Earnings Guidance for the Full Year 2015
Apr 23 15
SunCoke Energy Inc. reported unaudited consolidated earnings results for the three months ended March 31, 2015. Loss from
continuing operations attributable to shareholders of $2.0 million, or $0.03 per share, as compared to a loss of
$1.8 million, or $0.02 per share, in the same prior year period, as improvement in coke making operations was offset by Granite City dropdown transaction and financing costs. Total revenues were $320.4 million against $352.5 million a year ago. Operating income was $27.6 million against $13.7 million a year ago. Capital expenditures were $8.3 million against $37.5 million a year ago. Net cash provided by continuing operating activities was $26.6 million against net cash used in continuing operating activities of $4.7 million a year ago. Adjusted EBITDA from continuing operations increased $9.6 million to $49.1 million, resulting from improved coke and coal logistics performance and lower corporate costs.
The company reaffirmed earnings guidance for the full year 2015. Adjusted EBITDA from continuing operations is expected to be between $225 million and $245 million. Capital expenditures are projected to be approximately $90 million. Cash generated by operations is estimated to be between $125 million and $145 million. Adjusted EBITDA attributable to SXC is expected to be between $115 million and $130 million, reflecting the impact of public ownership in SXCP.
SunCoke Energy Inc. Declares Quarterly Cash Dividend Payable on June 10, 2015
Apr 20 15
The Board of Directors of SunCoke Energy Inc. declared a quarterly cash dividend of $0.075 per share of common stock, a 28% increase over the previous quarterly rate. The dividend will be paid June 10, 2015, to stockholders of record at the close of business on May 5, 2015.
SunCoke Energy Inc. to Report Q1, 2015 Results on Apr 23, 2015
Apr 18 15
SunCoke Energy Inc. announced that they will report Q1, 2015 results Pre-Market on Apr 23, 2015
SunCoke Energy Inc. Provides Preliminary Production Guidance for the First Quarter Ended March 31, 2015 and Consolidated Earnings Guidance for the Full Year 2015
Apr 6 15
SunCoke Energy Inc. provided preliminary production guidance for the first quarter ended March 31, 2015. For the quarter, the company expects domestic coke production of 998,000 tons. This is up an estimated 54,000 tons and reflects favorable production and better coal-to-coke yields this winter as compared to the same prior year period. Domestic capacity utilization for first quarter 2015 is estimated to be 95% as compared to 90% for the same prior year period.
The company now estimates full year 2015 coke production at Indiana Harbor will be approximately 1.1 million tons. Despite the quarter’s operating challenges at this facility, remaining domestic coke fleet continues to deliver solid operating performance and the company expects to achieve full year 2015 consolidated adjusted EBITDA guidance of $190 million to $210 million.