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SunCoke Energy released results for Q1 2018, which reflect strong operating performance and year-over-year improvement. Revenues during the first quarter 2018 increased US$40.8 million compared to the prior year period, primarily reflecting the pass-through of higher coal prices and higher sales volumes.
SunCoke Energy (NYSE: SXC) released results for the first quarter 2018, which reflect strong operating performance and year-over-year improvement across all segments. Revenues during the first quarter 2018 increased US$40.8 million compared to the prior year period, primarily reflecting the pass-through of higher coal prices and higher sales volumes in the Domestic Coke segment.
Adjusted EBITDA during the first quarter 2018 increased US$8.4 million to US$64.0 million, primarily due to improved Domestic Coke performance as well as the absence of certain Corporate and Other costs incurred in the same prior year period. As a result of this favourable outlook SunCoke expects to hit their projected production targets for 2018.
As quoted in the press release:
“We are pleased with our first quarter 2018 operating results. We continue to execute against our objectives and our strong first quarter performance is a testament to the progress we are making. We remain on pace to achieve our full-year Adjusted EBITDA guidance. While this will reduce the distributions SXC receives from our ownership interest in SXCP, this will allow SXCP, our largest and most significant asset, to pay down debt and strengthen its balance sheet, which will increase long-term value to shareholders. SXC maintains a solid balance sheet with significant liquidity, positive cash flows, and ability to continue to grow the business,” said Mike Rippey, President and CEO of SunCoke Energy.
Click here to read the full press release