SunCoke Energy, Inc. Announces Strong 2020 Results Above Expectations And Provides Full-Year 2021 Guidance
LISLE, Ill., Feb. 4, 2021 /PRNewswire/ -- SunCoke Energy, Inc. (NYSE: SXC) (the "Company" or "Suncoke") today reported fourth quarter and full-year 2020 results, reflecting strong and resilient performance from our cokemaking business during an unprecedented and challenging year.
"In 2020, while dealing with the challenges presented by the COVID-19 pandemic, our Domestic Coke fleet demonstrated excellent cost discipline and delivered extraordinary results despite running at sub-optimal levels. We extended expiring contracts with our customers in exchange for providing near-term coke supply relief, delivered robust cash flows and made significant progress towards our capital allocation objectives," said Mike Rippey, President and Chief Executive Officer of SunCoke Energy, Inc. "We also implemented a company-wide cost-reduction initiative resulting in $10 million annualized savings and developed a new product line of foundry coke during this year, further positioning SunCoke for sustained success in the future."
Looking forward, the Company expects 2021 consolidated Adjusted EBITDA to be between $215 million and $230 million, driven by our Domestic Coke plants operating at full capacity and higher volumes at Logistics.
Rippey continued, "As we move forward in 2021, we will remain focused on executing against our objectives of excellent safety performance, operational excellence and balanced capital allocation. Additionally, we will work towards further enhancing our customer contracts and providing stability to our coke operations. We will also continue our work to optimize CMT with additional products and customers. We are committed to positioning the Company for sustained success and delivering significant value to SunCoke stakeholders."
CONSOLIDATED RESULTS
Three Months Ended
Years Ended
December 31, December 31,
(Dollars in
millions) 2020 2019 Increase/ 2020 2019 Increase/
(Decrease) (Decrease)
---
Sales and
other
operating
revenues $
310.1 $
397.2 $
(87.1) $
1,333.0 $
1,600.3 $
(267.3)
Net (loss)
income
attributable
to SXC $
(5.0) $
(1.4) $
(3.6) $
3.7 $
(152.3) $
156.0
Adjusted
EBITDA(1) $
37.0 $
50.8 $
(13.8) $
205.9 $
247.9 $
(42.0)
(1) See definition of Adjusted EBITDA
and reconciliation elsewhere in
this release.
Revenues decreased $87.1 million and $267.3 million for the fourth quarter and full-year 2020, respectively, primarily reflecting lower sales volumes in both Domestic Coke and Logistics segments.
Fourth quarter and full-year 2020 Adjusted EBITDA decreased by $13.8 million and $42.0 million, respectively, reflecting lower volumes, which were partially offset by operating cost savings in our Domestic Coke and Logistics segments.
Net loss attributable to SXC for the fourth quarter 2020 increased $3.6 million from the same prior year period, driven by lower operating results discussed above, mostly offset by income tax benefits, a gain on the extinguishment of our debt and slightly lower depreciation expense recognized during the current year period.
Net income attributable to SXC for the full-year 2020 increased $156.0 million as compared to 2019 driven largely by the absence of non-cash impairment related charges at Logistics, net of taxes, of $174.8 million recorded during the third quarter of 2019. The impact of the impairment related charges recorded during the prior year period were partly offset by lower depreciation expense, lower interest on lower debt balances as well as a larger gain on extinguishment of debt recorded during 2020 as compared to 2019.
SEGMENT RESULTS
Domestic Coke
Domestic Coke consists of cokemaking facilities and heat recovery operations at our Jewell, Indiana Harbor, Haverhill, Granite City and Middletown plants.
Three Months Ended
Years Ended
December 31, December 31,
(Dollars in
millions,
except per
ton
amounts) 2020 2019 Increase/ 2020 2019 Increase/
(Decrease) (Decrease)
---
Sales and
other
operating
revenues $
289.6 $
373.3 $
(83.7) $
1,265.4 $
1,489.1 $
(223.7)
Adjusted
EBITDA(1) $
43.3 $
52.1 $
(8.8) $
217.0 $
226.7 $
(9.7)
Sales Volume
(in
thousands
of tons) 880 1,080 (200) 3,789 4,171 (382)
Adjusted
EBITDA per
ton(2) $
49.20 $
48.24 $
0.96 $
57.27 $
54.35 $
2.92
(1) See definitions of Adjusted
EBITDA and reconciliation
elsewhere in this release.
(2) Reflects Domestic Coke Adjusted
EBITDA divided by Domestic Coke
sales volumes.
-- Revenues decreased $83.7 million and $223.7 million for the fourth
quarter and full-year 2020, respectively, compared with the same prior
year periods, reflecting lower volumes across most of the fleet as well
as the pass-through of lower coal costs, partially offset by increased
volumes at Indiana Harbor from the rebuilt ovens, which were completed
during 2019.
-- Adjusted EBITDA decreased $8.8 million and $9.7 million for the fourth
quarter and full-year 2020, respectively, as operating and maintenance
cost savings across the Domestic Coke fleet partially offset the
decrease in volume discussed above.
Logistics
Logistics consists of the handling and mixing services of coal and other aggregates at our Convent Marine Terminal ("CMT"), Lake Terminal, Kanawha River Terminals ("KRT") and Dismal River Terminal ("DRT").
Three Months Ended
Years Ended
December 31, December 31,
(Dollars in
millions) 2020 2019 Increase/ 2020 2019 Increase/
(Decrease) (Decrease)
---
Sales and other
operating
revenues $
11.7 $
14.8 $
(3.1) $
36.0 $
72.8 $
(36.8)
Intersegment sales $
5.3 $
7.0 $
(1.7) $
22.1 $
26.3 $
(4.2)
Adjusted EBITDA(1) $
6.7 $
8.5 $
(1.8) $
17.3 $
42.6 $
(25.3)
Tons handled
(thousands of
tons)(2) 4,265 4,971 (706) 14,678 21,053 (6,375)
(1) See definitions of Adjusted
EBITDA and reconciliation
elsewhere in this release.
(2) Reflects inbound tons handled
during the period.
-- Revenues decreased $3.1 million for the fourth quarter 2020 and $36.8
million for the full-year 2020. Lower demand and depressed export
pricing drove lower throughput volumes in the fourth quarter and
full-year 2020.
-- Adjusted EBITDA decreased $1.8 million for the fourth quarter 2020 and
$25.3 million for the full-year 2020 due to coal customer bankruptcy
partially offset by operating and maintenance cost savings.
Brazil Coke
Brazil Coke consists of a cokemaking facility in Vitória, Brazil, which we operate for an affiliate of ArcelorMittal.
-- Revenues were $8.8 million and $31.6 million for the fourth quarter and
full-year 2020, respectively, reflecting a decrease of $0.3 million and
$6.8 million, respectively, as compared to the same prior year periods.
The decrease in full year was driven by lower volumes and the
unfavorable impact of foreign currency.
-- Adjusted EBITDA was $3.0 million and $13.5 million for the fourth
quarter and full-year 2020, respectively, a decrease of $0.3 million and
$2.5 million, respectively, as compared with the same prior year
periods. The decrease in full year was mainly due to lower volumes.
Corporate and Other
Corporate and other expenses, which includes activity from our legacy coal mining business, were $16.0 million and $41.9 million during the fourth quarter and full-year 2020, respectively, $2.9 million and $4.5 million higher than during the fourth quarter and full-year 2019, respectively. Corporate expenses in the current year periods included foundry related research and development costs of $1.5 million and $3.9 million during the fourth quarter and full-year 2020, respectively, as well as higher legacy costs of approximately $2.0 million during both the fourth quarter and full-year of 2020, respectively, as compared to the same prior year periods. These increases to corporate and other expense were partly offset by lower employee related expenses.
2021 OUTLOOK
Our 2021 guidance is based on our Domestic Coke plants running at full capacity with uncontracted capacity filled by export sales and Foundry coke sales. It also assumes higher volumes at Logistics facilities.
Our 2021 guidance is as follows:
-- Domestic coke total production is expected to be approximately 4.1
million tons
-- Consolidated Adjusted EBITDA is expected to be $215 million to $230
million
-- Capital expenditures are projected to be approximately $80 million
-- Cash generated by operations is estimated to be between $160 million and
$180 million
-- Cash taxes are projected to be between $5 million to $10 million
RELATED COMMUNICATIONS
We will host our quarterly earnings call at 10:30 a.m. Eastern Time (9:30 a.m. Central Time) today. The conference call will be webcast live and archived for replay in the Investors section of www.suncoke.com. Investors and analysts may participate in this call by using the following link:
http://www.directeventreg.com/registration/event/9394703
Upon registration, each participant will be emailed a confirmation, dial-in details, and a registrant ID.
SUNCOKE ENERGY, INC.
SunCoke Energy, Inc. (NYSE: SXC) supplies high-quality coke to the integrated steel industry under long-term, take-or-pay contracts that pass through commodity and certain operating costs to customers. We utilize an innovative heat-recovery cokemaking technology that captures excess heat for steam or electrical power generation. Our cokemaking facilities are located in Illinois, Indiana, Ohio, Virginia and Brazil. We have more than 60 years of cokemaking experience serving the integrated steel industry. In addition, we provide export and domestic material handling services to coke, coal, steel, power and other bulk and liquids customers. Our logistics terminals have the collective capacity to mix and transload more than 40 million tons of material each year and are strategically located to reach Gulf Coast, East Coast, Great Lakes and international ports. To learn more about SunCoke Energy, Inc., visit our website at www.suncoke.com.
SunCoke routinely announces material information to investors and the marketplace using press releases, Securities and Exchange Commission filings, public conference calls, webcasts and SunCoke's website at http://www.suncoke.com/English/investors/sxc. The information that SunCoke posts to its website may be deemed to be material. Accordingly, SunCoke encourages investors and others interested in SunCoke to routinely monitor and review the information that SunCoke posts on its website, in addition to following SunCoke's press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
DEFINITIONS
-- Adjusted EBITDA represents earnings before interest, taxes, depreciation
and amortization ("EBITDA"), adjusted for any impairments, (gain) loss
on extinguishment of debt, restructuring costs, changes to our
contingent consideration liability related to our acquisition of CMT,
and/or transaction costs incurred as part of the Simplification
Transaction. EBITDA and Adjusted EBITDA do not represent and should not
be considered alternatives to net income or operating income under
accounting principles generally accepted in the U.S. ("GAAP") and may
not be comparable to other similarly titled measures in other
businesses. Management believes Adjusted EBITDA is an important measure
in assessing operating performance. Adjusted EBITDA provides useful
information to investors because it highlights trends in our business
that may not otherwise be apparent when relying solely on GAAP measures
and because it eliminates items that have less bearing on our operating
performance. EBITDA and Adjusted EBITDA are not measures calculated in
accordance with GAAP, and they should not be considered a substitute for
net income or any other measure of financial performance presented in
accordance with GAAP.
-- Adjusted EBITDA attributable to SXC represents Adjusted EBITDA less
Adjusted EBITDA attributable to noncontrolling interests.
FORWARD-LOOKING STATEMENTS
This press release and related conference call contain "forward-looking statements" (as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended). Such forward-looking statements include statements that are not strictly historical facts, and include, among other things, statements regarding: our expectations of financial results, condition and outlook; anticipated effects of the COVID-19 pandemic and responses thereto, including the pandemic's impact on general economic and market conditions, as well as on our business, our customers, our results of operations and financial condition; anticipated actions to be taken by management to sustain SunCoke during the economic uncertainty caused by the pandemic and related business actions; and anticipated actions by governments to contain the spread of COVID-19 or mitigate the severity thereof.
Forward-looking statements often may be identified by the use of such words as "believe," "expect," "plan," "project," "intend," "anticipate," "estimate," "predict," "potential," "continue," "may," "will," "should," or the negative of these terms, or similar expressions. Forward-looking statements are inherently uncertain and involve significant known and unknown risks and uncertainties (many of which are beyond the control of SunCoke) that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to domestic and international economic, political, business, operational, competitive, regulatory and/or market factors affecting SunCoke, as well as uncertainties related to: pending or future litigation, legislation or regulatory actions; liability for remedial actions or assessments under existing or future environmental regulations; gains and losses related to acquisition, disposition or impairment of assets; recapitalizations; access to, and costs of, capital; the effects of changes in accounting rules applicable to SunCoke; and changes in tax, environmental and other laws and regulations applicable to SunCoke's businesses.
Currently, such risks and uncertainties also include: SunCoke's ability to manage its business during and after the COVID-19 pandemic; the impact of the COVID-19 pandemic on SunCoke's results of operations, revenues, earnings and cash flows; SunCoke's ability to reduce costs and capital spending in response to the COVID-19 pandemic; SunCoke's balance sheet and liquidity throughout and following the COVID-19 pandemic; SunCoke's prospects for financial performance and achievement of strategic objectives following the COVID-19 pandemic; capital allocation strategy following the COVID-19-related outbreak; and the general impact on our industry and on the U.S. and global economy resulting from COVID-19, including actions by domestic and foreign governments and others to contain the spread, or mitigate the severity, thereof.
Forward-looking statements are not guarantees of future performance, but are based upon the current knowledge, beliefs and expectations of SunCoke management, and upon assumptions by SunCoke concerning future conditions, any or all of which ultimately may prove to be inaccurate. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. SunCoke does not intend, and expressly disclaims any obligation, to update or alter its forward-looking statements (or associated cautionary language), whether as a result of new information, future events or otherwise after the date of this press release except as required by applicable law.
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, SunCoke has included in its filings with the Securities and Exchange Commission cautionary language identifying important factors (but not necessarily all the important factors) that could cause actual results to differ materially from those expressed in any forward-looking statement made by SunCoke. For information concerning these factors and other important information regarding the matters discussed in this press release, see SunCoke's Securities and Exchange Commission filings such as its annual and quarterly reports and current reports on Form 8-K, copies of which are available free of charge on SunCoke's website at www.suncoke.com. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. Unpredictable or unknown factors not discussed in this release also could have material adverse effects on forward- looking statements.
SunCoke Energy, Inc.
Consolidated Statements of Operations
Three Months Ended
Years Ended
December 31,
December 31,
---
2020 2019 2020 2019
---
(Unaudited) (Unaudited) (Unaudited) (Audited)
(Dollars and shares in millions,
except per share amounts)
Revenues
Sales and other
operating revenue $
310.1 $
397.2 $
1,333.0 $
1,600.3
Costs and operating expenses
Cost of products sold
and operating
expenses 243.0 323.8 1,048.2 1,277.6
Selling, general and
administrative
expenses 30.3 22.9 81.4 75.8
Depreciation and
amortization expense 32.0 34.0 133.7 143.8
Long-lived asset and
goodwill impairment - 247.4
Total costs and
operating expenses 305.3 380.7 1,263.3 1,744.6
Operating income
(loss) 4.8 16.5 69.7 (144.3)
Interest expense, net 13.1 14.7 56.3 60.3
Gain on extinguishment
of debt, net (2.3) (5.7) (1.5)
(Loss) income before
income tax (benefit)
expense (6.0) 1.8 19.1 (203.1)
Income tax (benefit)
expense (2.5) 2.6 10.3 (54.7)
Net (loss) income (3.5) (0.8) 8.8 (148.4)
Less: Net income
attributable to
noncontrolling
interests 1.5 0.6 5.1 3.9
Net (loss) income
attributable to
SunCoke Energy, Inc. $
(5.0) $
(1.4) $
3.7 $
(152.3)
(Loss) earnings attributable to
SunCoke Energy, Inc. per common
share:
Basic $
(0.06) $
(0.02) $
0.04 $
(1.98)
Diluted $
(0.06) $
(0.02) $
0.04 $
(1.98)
Weighted average number of common
shares outstanding:
Basic 82.8 86.0 83.0 76.8
Diluted 82.8 86.0 83.2 76.8
SunCoke Energy, Inc.
Consolidated Balance Sheets
December 31,
2020 2019
---
(Unaudited) (Audited)
(Dollars in millions, except par
value amounts)
Assets
Cash and cash
equivalents $
48.4 $
97.1
Receivables, net 46.3 59.5
Inventories 126.6 147.0
Income tax receivable 5.5 2.2
Other current assets 2.9 2.5
Total current assets 229.7 308.3
Properties, plants and
equipment (net of
accumulated
depreciation of
$1,032.9 million and
$903.7 million at
December 31, 2020 and
2019, respectively) 1,328.0 1,390.2
Goodwill and other
intangible assets, net 37.2 38.1
Deferred charges and
other assets 18.5 17.2
Total assets $
1,613.4 $
1,753.8
Liabilities and Equity
Accounts payable $
104.1 $
142.4
Accrued liabilities 49.8 47.3
Current portion of
financing obligations 3.0 2.9
Interest payable 2.0 2.2
Total current
liabilities 158.9 194.8
Long-term debt and
financing obligations 673.9 780.0
Accrual for black lung
benefits 60.0 50.5
Retirement benefit
liabilities 24.7 24.5
Deferred income taxes 159.3 147.6
Asset retirement
obligations 11.4 14.4
Other deferred credits
and liabilities 24.3 23.6
Total liabilities 1,112.5 1,235.4
Equity
Preferred stock, $0.01
par value. Authorized
50,000,000 shares; no
issued shares at both
December 31, 2020 and
2019 -
Common stock, $0.01 par
value. Authorized
300,000,000 shares;
issued 98,177,941 and
98,047,389 shares at
December 31, 2020 and
2019, respectively 1.0 1.0
Treasury stock,
15,404,482 and
13,783,182 shares at
December 31, 2020 and
2019, respectively (184.0) (177.0)
Additional paid-in
capital 715.7 712.1
Accumulated other
comprehensive loss (17.1) (14.4)
Retained deficit (46.6) (30.1)
Total SunCoke Energy,
Inc. stockholders'
equity 469.0 491.6
Noncontrolling
interests 31.9 26.8
Total equity 500.9 518.4
Total liabilities and
equity $
1,613.4 $
1,753.8
SunCoke Energy, Inc.
Consolidated Statements of Cash Flows
Years Ended December 31,
2020 2019
---
(Unaudited) (Audited)
(Dollars in millions)
Cash Flows from Operating Activities:
Net income (loss) $
8.8 $
(148.4)
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Long-lived asset and goodwill
impairment - 247.4
Depreciation and amortization expense 133.7 143.8
Deferred income tax expense (benefit) 12.1 (63.1)
Payments in excess of expense for
postretirement plan benefits (1.7) (1.9)
Share-based compensation expense 3.8 4.5
Gain on extinguishment of debt, net (5.7) (1.5)
Changes in working capital pertaining to operating
activities:
Receivables, net 13.2 15.9
Inventories 21.8 (36.6)
Accounts payable (38.0) 23.5
Accrued liabilities 2.5 (2.4)
Interest payable (0.2) (1.4)
Income taxes (3.3) (1.5)
Other 10.8 3.6
Net cash provided by operating
activities 157.8 181.9
Cash Flows from Investing Activities:
Capital expenditures (73.9) (110.1)
Other investing activities (1.4) 0.3
Net cash used in investing activities (75.3) (109.8)
Cash Flows from Financing Activities:
Repayment of long-term debt (55.9) (90.5)
Debt issuance costs - (2.1)
Proceeds from revolving facility 629.9 408.6
Repayment of revolving facility (684.9) (370.3)
Proceeds from financing obligation 10.0
Repayment of financing obligations (3.0) (2.9)
Dividends paid (19.9) (5.1)
Shares repurchased (7.0) (36.3)
Cash distributions to noncontrolling
interests - (14.2)
Other financing activities (0.4) (7.9)
Net cash used in financing activities (131.2) (120.7)
Net (decrease) increase in cash and
cash equivalents (48.7) (48.6)
Cash and cash equivalents at
beginning of year 97.1 145.7
Cash and cash equivalents at end of
year $
48.4 $
97.1
Supplemental Disclosure of Cash Flow Information
Interest paid, net of capitalized
interest of $0.2 million and $2.3
million, respectively $
51.8 $
58.2
Income taxes paid, net of refunds of
$3.0 million and $0.3 million,
respectively $
1.1 $
9.5
SunCoke Energy, Inc.
Segment Operating Data
Three Months Ended
Years Ended
December 31, December 31,
---
2020 2019 2020 2019
---
(Unaudited) (Unaudited) Unaudited) (Audited)
---
(Dollars in millions)
Sales and other operating
revenues:
Domestic Coke $
289.6 $
373.3 $
1,265.4 $
1,489.1
Brazil Coke 8.8 9.1 31.6 38.4
Logistics 11.7 14.8 36.0 72.8
Logistics
intersegment
sales 5.3 7.0 22.1 26.3
Elimination of
intersegment
sales (5.3) (7.0) (22.1) (26.3)
Total sales and
other operating
revenue $
310.1 $
397.2 $
1,333.0 $
1,600.3
Adjusted EBITDA(1)
Domestic Coke $
43.3 $
52.1 $
217.0 $
226.7
Brazil Coke 3.0 3.3 13.5 16.0
Logistics 6.7 8.5 17.3 42.6
Corporate and
Other(2) (16.0) (13.1) (41.9) (37.4)
Total Adjusted
EBITDA $
37.0 $
50.8 $
205.9 $
247.9
Coke Operating Data:
Domestic Coke
capacity %
utilization (%) 85
% 100 91
% 98
%
Domestic Coke
production
volumes
(thousands of
tons) 907 1,073 3,840 4,168
Domestic Coke
sales volumes
(thousands of
tons) 880 1,080 3,789 4,171
Domestic Coke
Adjusted EBITDA
per ton(3) $
49.20 $
48.24 $
57.27 $
54.35
Brazilian Coke
production-
operated
facility
(thousands of
tons) 415 371 1,396 1,641
Logistics Operating Data:
Tons handled
(thousands of
tons)(4) 4,265 4,971 14,678 21,053
(1) See definition of Adjusted EBITDA
and reconciliation to GAAP
elsewhere in this release.
(2) Corporate and Other includes the
activity from our legacy coal
mining business, which incurred
Adjusted EBITDA losses of $7.4
million and $13.2 million during
the three and twelve months
ended December 31, 2020,
respectively, as well as losses
of $5.4 million and $11.2
million during the three and
twelve months ended December 31,
2019, respectively.
Additionally, Corporate and
Other includes foundry related
research and development costs
of $3.9 million during 2020.
(3) Reflects Domestic Coke Adjusted
EBITDA divided by Domestic Coke
sales volumes.
(4) Reflects inbound tons handled
during the period.
SunCoke Energy, Inc.
Reconciliation of Non-GAAP Information
Adjusted Net (Loss) Income to Adjusted EBITDA
Three Months Ended Years Ended
December 31, December 31,
---
2020 2019 2020 2019
---
(Unaudited) (Unaudited) (Unaudited) (Audited)
(Dollars in millions)
Net (loss) income
attributable to SunCoke
Energy, Inc. $
(5.0) $
(1.4) $
3.7 $
(152.3)
Add: Net income attributable
to noncontrolling interests 1.5 0.6 5.1 3.9
Net (loss) income $
(3.5) $
(0.8) $
8.8 $
(148.4)
Add:
Long-lived asset and
goodwill impairment - 247.4
Depreciation and amortization
expense 32.0 34.0 133.7 143.8
Interest expense, net 13.1 14.7 56.3 60.3
Gain on extinguishment of
debt, net (2.3) (5.7) (1.5)
Income tax (benefit) expense (2.5) 2.6 10.3 (54.7)
Contingent consideration
adjustments(1) - (4.2)
Restructuring costs(2) 0.2 2.5
Simplification Transaction
costs(3) - 0.3 5.2
Adjusted EBITDA $
37.0 $
50.8 $
205.9 $
247.9
Subtract: Adjusted EBITDA
attributable to
noncontrolling interest(4) 2.5 1.6 9.1 40.7
Adjusted EBITDA attributable
to SunCoke Energy, Inc. $
34.5 $
49.2 $
196.8 $
207.2
(1) In connection with the CMT
acquisition, the Partnership
entered into a contingent
consideration arrangement that
required the Partnership to make
future payments to the seller based
on future volume over a specified
threshold, price and contract
renewals. Adjustments to the fair
value of the contingent
consideration were primarily the
result of modifications to the
volume forecast. Customer events
during the third quarter of 2019
reduced contingent consideration
liability to zero.
(2) Charges related to a company-wide
restructuring and cost-reduction
initiative.
(3) Costs expensed by the Partnership
associated with SunCoke's
acquisition of all outstanding
Partnership common units not
already owned by SunCoke on June
28, 2019 ("Simplification
Transaction").
(4) Reflects noncontrolling interests in
Indiana Harbor and the portion of
the Partnership owned by public
unitholder prior to the closing of
the Simplification Transaction.
SunCoke Energy, Inc.
Reconciliation of Non-GAAP Information
Estimated 2021 Consolidated Adjusted EBITDA to Estimated Net Income
2021
Low High
Net income $
15 $
35
Add:
Depreciation and amortization expense 137 133
Interest expense, net 55 50
Income tax expense 8 12
Adjusted EBITDA $
215 $
230
Subtract: Adjusted EBITDA attributable to noncontrolling interest(1) 9 9
Adjusted EBITDA attributable to SunCoke Energy, Inc. $
206 $
221
(1) Reflects non-controlling
interest in Indiana
Harbor.
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SOURCE SunCoke Energy, Inc.
