SunCoke Energy reports $2.7 million net loss in Q3

Friday, 06 November 2020 00:36:15 (GMT+3)   |   San Diego

SunCoke Energy, Inc. today reported results for the third quarter 2020. The company reported revenues of $302.2 million, compared to $404.3 million in Q3 2019, and a net loss of $2.7 million, compared to a net loss of $163 million in Q3 2019.

In a press release, the company said the results reflect lower volumes in both the Domestic Coke and Logistics segments as well as the pass through of lower coal prices in the Domestic Coke segment.

In the Domestic Coke segment, revenues totaled $287.1 million, compared to revenues of $378.5 million in Q3 2019. Sales volumes in the segment 868,000 tons, compared to 1.06 million tons in Q3 2019. The company said the results are largely due to lower volumes across the fleet as well as the pass through of lower coal costs.

In the Brazil Coke segment, revenues were $7.1 million during the third quarter 2020, which was lower than revenues of $9.6 million, during the third quarter 2019, driven by lower sales volumes.

As for an outlook for the full-year 2020, the company said domestic coke production is expected to be approximately 3.75 million tons, and domestic coke adjusted EBITDA/ton is expected to be between $53 to $54/ton.

"In the third quarter, cokemaking operations performed well despite running at lowered rates. Our Domestic Coke fleet demonstrated excellent cost discipline and delivered strong results while following the CDC mandated guidelines and operating at sub-optimal rates." said Mike Rippey, President and Chief Executive Officer of SunCoke Energy Inc. "We continue to execute on our revised 2020 objectives, and the third quarter results have positioned us to achieve our full year Adjusted EBITDA guidance. Additionally, we extended the Haverhill II coke agreement with AK Steel for an additional two years, further illustrating our strong, long-term relationships with our customers."

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