SunCoke Energy(SXC) - 2024 Q2 - Quarterly Results

Financial Performance - Second quarter 2024 net income was $23.3 million, a 5.9% increase from $22.0 million in the prior year period, with net income attributable to SXC at $21.5 million or $0.25 per diluted share, compared to $20.4 million or $0.24 per diluted share in the prior year [5]. - Revenues for Q2 2024 were $470.9 million, a decrease of 11.9% from $534.4 million in Q2 2023 [30]. - Net income for the first half of 2024 was $44.4 million, up 11.8% from $39.7 million in the same period of 2023 [34]. - Total net income for the first half of 2024 was $44.4 million, up from $39.7 million in the first half of 2023, an increase of 17.7% [39]. - Estimated net income for the full year 2024 is projected to be between $67 million and $84 million [42]. Revenue Breakdown - Revenues decreased by $63.5 million to $470.9 million, primarily due to lower blast coke sales volumes and the pass-through of lower coal prices on long-term agreements [6][7]. - Domestic Coke segment revenues fell by $64.3 million to $441.6 million, with sales volumes decreasing by 70,000 tons to 973,000 tons [11][13]. - Domestic Coke sales revenue decreased to $441.6 million in Q2 2024 from $505.9 million in Q2 2023, reflecting a decline of 12.7% [36]. - Brazil Coke segment revenues were $9.1 million with Adjusted EBITDA of $2.5 million, consistent with the prior year [17]. Adjusted EBITDA - Consolidated Adjusted EBITDA for the quarter was $63.5 million, down 14.2% from the record $74.0 million in the same period last year [5]. - Adjusted EBITDA for Q2 2024 was $63.5 million, down 14.5% from $74.0 million in Q2 2023 [36]. - Estimated Adjusted EBITDA for 2024 is expected to range from $240 million to $255 million [42]. Expenses and Costs - Corporate and Other expenses were $9.1 million, comparable to $8.2 million in the same quarter of 2023 [18]. - Depreciation and amortization expense for Q2 2024 was $28.7 million, compared to $36.4 million in Q2 2023, a decrease of 21.2% [39]. - Interest expense, net for Q2 2024 was $5.8 million, down from $7.2 million in Q2 2023, a reduction of 19.4% [39]. - Income tax expense for Q2 2024 was $5.6 million, compared to $8.3 million in Q2 2023, a decrease of 32.5% [39]. - Interest expense for the first half of 2024 was $12.1 million, down from $14.4 million in the first half of 2023, a decrease of 16.0% [39]. Cash Flow and Capital Expenditures - Cash and cash equivalents decreased to $81.9 million as of June 30, 2024, from $140.1 million at the beginning of the year [32]. - Capital expenditures for 2024 are projected to be between $75 million and $80 million, with operating cash flow estimated between $185 million to $200 million [24]. Dividends and Shareholder Returns - The Board of Directors approved a 20% increase in quarterly dividends, raising it from $0.10 to $0.12 per share, effective September 3rd [3]. Logistics Performance - The logistics segment handled 6 million tons during the quarter, with revenues increasing by $0.5 million to $20.2 million, driven by higher transloading volumes [3][16]. - Tons handled in logistics increased to 5,982,000 tons in Q2 2024, up from 5,191,000 tons in Q2 2023, representing a growth of 15.3% [36].