SunCoke Energy(US:SXC)2024-05-01 16:42Financial Performance - SunCoke Energy, Inc. reported revenues of $488.4 million for Q1 2024, a slight increase of 0.1% compared to $487.8 million in Q1 2023[18]. - The net income attributable to SunCoke Energy, Inc. was $20.0 million in Q1 2024, representing a 22.7% increase from $16.3 million in Q1 2023[18]. - Operating income rose to $34.5 million in Q1 2024, up 9.0% from $31.7 million in Q1 2023[18]. - The company’s basic earnings per share increased to $0.24 in Q1 2024, compared to $0.19 in Q1 2023, reflecting a 26.3% growth[18]. - Net income for Q1 2024 was $21.1 million, up from $17.7 million in Q1 2023, representing an increase of 19.3%[82]. - Adjusted EBITDA for Q1 2024 was $67.9 million, compared to $67.1 million in Q1 2023, reflecting a year-over-year increase of 1.2%[91]. Assets and Liabilities - Total current assets increased to $431.4 million as of March 31, 2024, compared to $416.8 million at the end of 2023[22]. - Cash and cash equivalents decreased to $120.1 million at the end of Q1 2024, down from $140.1 million at the end of 2023[22]. - Total liabilities decreased to $1,000.1 million as of March 31, 2024, from $1,014.9 million at the end of 2023[22]. - The company’s total equity increased to $653.2 million as of March 31, 2024, compared to $645.5 million at the end of 2023[22]. - Total accrued liabilities decreased to $39.6 million as of March 31, 2024, from $51.7 million at the end of 2023[41]. Cash Flow and Capital Expenditures - Net cash provided by operating activities was $10.0 million in Q1 2024, a significant decrease from $30.2 million in Q1 2023[25]. - Capital expenditures for Q1 2024 were $15.5 million, down from $22.6 million in Q1 2023[25]. - Total capital expenditures for the three months ended March 31, 2024, were $15.5 million, a decrease of 31.4% from $22.6 million in the same period of 2023[124]. - Ongoing capital expenditures were $14.5 million for the three months ended March 31, 2024, compared to $21.7 million in the prior year[124]. - Expansion capital expenditures increased slightly to $1.0 million in Q1 2024 from $0.9 million in Q1 2023[124]. Segment Performance - Domestic Coke segment revenue was $459.5 million in Q1 2024, slightly up from $458.8 million in Q1 2023[80]. - Brazil Coke segment revenue increased to $8.3 million in Q1 2024 from $7.9 million in Q1 2023[80]. - Logistics segment revenue decreased to $20.6 million in Q1 2024 from $21.1 million in Q1 2023[80]. - Domestic Coke segment sales increased to $459.5 million, up from $458.8 million, with production volumes rising to 1,000 thousand tons, a 6% increase year-over-year[104]. - Brazil Coke segment reported sales of $8.3 million, consistent with the prior year, while Adjusted EBITDA remained at $2.4 million[106]. - Logistics segment sales decreased to $20.6 million from $21.1 million, with Adjusted EBITDA dropping to $13.0 million from $13.5 million[105]. Compliance and Debt - As of March 31, 2024, the company was in compliance with all applicable debt covenants and does not anticipate any violations[46]. - The company has a maximum consolidated net leverage ratio of 4.50:1.00 and a minimum consolidated interest coverage ratio of 2.50:1.00 under its debt agreements[44]. - As of March 31, 2023, total debt was $490.8 million, with $500 million in senior notes due 2029 and no outstanding balance on the revolving credit facility[42]. - The fair value of the Company's total debt was estimated to be $450.9 million at March 31, 2024, compared to a carrying amount of $500.0 million[67]. Other Financial Metrics - Effective tax rate decreased to 25.2% for the three months ended March 31, 2024, down from 27.8% in the same period of 2023[40]. - The company declared a cash dividend of $0.10 per share on February 1, 2024, and another on May 1, 2024, both reflecting a consistent dividend policy[120]. - The company has $96.3 million remaining available under its share repurchase program, which was authorized for a total cost not to exceed $100.0 million[136].