SunCoke Energy (SXC) Q1 2025 earnings summary

Executive summary

• Q1 2025 Adjusted EBITDA was $59.8 million, down from $67.9 million in Q1 2024, with EPS at $0.20, a decrease of $0.03 year-over-year, as strong logistics performance partially offset weaker domestic coke results due to challenging spot market and lower Granite City contract economics.

• Extended Granite City contract with U.S. Steel through September 30, 2025, with an option for an additional three months, at lower economics and volumes.

• Declared a $0.12 per share dividend, payable June 2, 2025.

• Ended Q1 with $543.7 million in liquidity, including $193.7 million cash and $350 million undrawn revolver; gross leverage at 1.89x trailing 12-month Adjusted EBITDA.

Financial highlights

• Q1 2025 sales and other operating revenue: $436.0 million, down from $488.4 million in Q1 2024.

• Net income attributable to shareholders was $17.3 million, or $0.20 per share, down from $20.0 million, or $0.23 per share, year-over-year.

• Domestic Coke Adjusted EBITDA was $49.9 million on sales of 898,000 tons; Logistics Adjusted EBITDA was $13.7 million on 5.724 million tons handled.

• Operating income for Q1 2025 was $30.2 million, down from $34.5 million year-over-year.

• Net cash provided by operating activities was $25.8 million, up from $10.0 million in Q1 2024.

Outlook and guidance

• Reaffirmed full-year 2025 consolidated Adjusted EBITDA guidance of $210–$225 million and Free Cash Flow of $100–$115 million.

• Domestic Coke Adjusted EBITDA guidance: $185–$192 million; Logistics Adjusted EBITDA: $45–$50 million.

• Domestic Coke total production forecasted at approximately 4.0 million tons; CapEx guidance at $65 million.

• Full-year operating cash flow guidance unchanged at $165–$180 million.