SunCoke Energy Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Production Results for the Fourth Quarter Ended December 31, 2014; Provides Earnings and Production Guidance for the Full Year of 2015; Announces Impairment Charge for the Fourth Quarter of 2014
January 29, 2015 at 01:02 pm
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SunCoke Energy Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total revenues of $388.1 million against $388.0 million a year ago. Operating income was $30.8 million against $41.5 million a year ago. Income before income tax expense and income from equity method investment was $18.8 million against $29.2 million a year ago. Net loss attributable to the company was $65.4 million against net income of $11.0 million a year ago. Adjusted EBITDA from continuing operations increased $7.2 million to $70.0 million in fourth quarter 2014, benefiting from year-over-year improvement at Indiana Harbor. Improved performance at Indiana Harbor benefited in the quarter. Net loss from continuing operations attributable to shareholders was $25.3 million or $0.38 basic and diluted per share, down from $15.4 million or $0.22 basic and diluted per share in the same prior year period, due primarily to impairment charges related to its India joint venture and black lung charges.
For the year, the company reported total revenues of $1,472.7 million against $1,585.5 million a year ago. Operating income was $109.8 million against $136.5 million a year ago. Income before income tax expense and income from equity method investment was $46.6 million against $84.2 million a year ago. Net loss attributable to the company was $126.1 million against net income of $25.0 million a year ago. Net cash provided by operating activities was $130.0 million against $156.7 million a year ago, down $26.7 million from 2013, reflecting working capital changes largely due to the timing of accounts payable. Capital expenditures were $118.3 million against $132.3 million a year ago. Adjusted EBITDA from continuing operations rose $16.0 million to $237.8 million. Improved performance at Indiana Harbor benefited in the full year. The full year also benefited from the contribution of new Coal Logistics segment. Net loss from continuing operations attributable to shareholders was $20.1 million or $0.29 basic and diluted per share, compared to net income from continuing operations attributable to shareholders of $40.5 million or $0.58 basic and diluted per share for full year 2013.
For the quarter, the company reported domestic coke sales volumes of 1,103,000 tons against 1,047,000 tons a year ago. Coal tons handled was 4,301,000 tons against 3,649,000 tons a year ago.
For 2015, the adjusted EBITDA from continuing operations is expected to be between $225 million and $245 million. This outlook reflects its view for sustained solid operations in its Domestic Coke and Coal Logistics businesses and continued improvement at its Indiana Harbor facility, offset by the standalone cost impact to its Jewel Coke facility from the downsizing of its coal mining operations. Adjusted EBITDA attributable to SXC is expected to be between $115 million and $130 million, reflecting the impact of public ownership in SXCP. Consolidated Adjusted EBITDA including discontinued operations and legacy costs is expected to be $190 million to $210 million. Capital expenditures are projected to be approximately $90 million. Cash generated by operations is estimated to be between $125 million and $145 million. Cash taxes are projected to be between $10 million and $15 million. Domestic coke production is expected to be approximately 4.3 million tons.
Domestic coke production is expected to be approximately 4.3 million tons.
For the quarter, the company reported a $30.5 million non-cash impairment charge on investment in VISA SunCoke, Indian cokemaking joint venture.
SunCoke Energy, Inc. is an independent producer of coke. The Companyâs segments include Domestic Coke, Brazil Coke, and Logistics. The Domestic Coke segment consists of coke making facilities and heat recovery operations at its Jewell, Indiana Harbor, Haverhill, Granite City and Middletown plants. The Brazil segment consists of coke making operations located in Vitoria, Brazil, where it operates the ArcelorMittal Brazil coke making facility for a Brazilian subsidiary of ArcelorMittal S.A. The Logistics segment consists of Convent Marine Terminal (CMT), Kanawha River Terminal (KRT) and SunCoke Lake Terminal (Lake Terminal). Its terminals act as intermediaries between its customers and end users by providing transloading and mixing services. CMT is located in Convent, Louisiana, with access to seaborne markets for coal and other industrial materials. The terminal provides loading and unloading services and has direct rail access.
SunCoke Energy Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Production Results for the Fourth Quarter Ended December 31, 2014; Provides Earnings and Production Guidance for the Full Year of 2015; Announces Impairment Charge for the Fourth Quarter of 2014