サンコーク・エナジー（SXC）2026年第3四半期決算説明会：EBITDAは7,690万ドルに到達、業績見通しを引き上げ

要点

• SunCoke Energyが発表した2026年第3四半期の連結調整後EBITDAは7,690万ドルで、前年同期比1,780万ドル増加しました。
• SunCokeに帰属する1株当たり純利益は前年同期比0.01ドル減の0.25ドルとなりました。経営陣によると、2025年第3四半期に計上された設備投資税額控除を除いた実質的な収益性は大幅に改善しました。
• Haverhill Iの操業停止に伴い販売量が87万5,000トンに減少したものの、国内コークス事業の調整後EBITDAは5,110万ドルに増加しました。
• 産業サービス事業の調整後EBITDAは、Phoenixの実績が1ヶ月分追加されたことやターミナル取扱量の増加に支えられ、1,820万ドルから3,210万ドルに増加しました。
• 経営陣は現在、2026年通期の連結調整後EBITDAが2億5,000万〜2億6,500万ドルのガイダンス範囲をわずかに上回ると予想しており、フリーキャッシュフローのガイダンスを1億8,000万〜1億8,500万ドルに引き上げました。
• 取締役会は1株当たり0.12ドルの四半期配当を承認し、2026年12月1日に支払われる予定です。これはSunCokeにとって29四半期連続の配当となります。

主要財務データ

当四半期中、SunCokeはリボルビングローン残高の削減に5,350万ドルを充て、設備投資に2,090万ドル、配当支払いに1,010万ドルを支出しました。また、2023年のJewellにおける洪水被害に関連する物損保険金690万ドルを受領しました。

事業および業績ハイライト

国内コークス事業

国内コークス事業は、契約販売とスポット販売の好調な構成（プロダクトミックス）、および石炭からコークスへの歩留まり向上による恩恵を受けました。これらのプラス要因により、Haverhill Iの操業停止に伴う販売量減少の影響が相殺されました。

経営陣は、トン当たりの調整後EBITDAが58.40ドルに上昇した主な要因について、契約コークスの出荷比率が高まったためと説明しています。また、歩留まりは気温が低く湿度の高い時期よりも第2および第3四半期に高くなる傾向があり、この季節要因による歩留まり向上も寄与しました。

SunCokeは、Haverhill IIおよびGranite Cityのコークス製造契約が締結済みであり、高炉用および鋳物用の全スポットコークス販売も確定したため、2026年通期分が完売状態となったことを明らかにしました。

産業サービス事業

産業サービス事業の調整後EBITDAは3,210万ドルとなりました。この成長には、2025年第3四半期と比較してPhoenixの実績が1ヶ月分多く含まれたことや、ターミナル取扱量の増加が反映されています。

経営陣は、Phoenixの業績が予想通りに推移しており、堅調なターミナル市況が物流事業を支えていると述べました。SunCokeは、改定されたニューオーリンズの価格連動構造に基づき、Conventにおいて価格連動型の追加収益（キッカー）を受領しています。

Algomaとの和解金および保険金回収

SunCokeは、Algoma Steelに対する2025年の請求に関して守秘義務を伴う和解に達しました。経営陣は自社の損失が全額補償されたと述べており、関連する運転資本への影響を含む和解の内容は、2026年のガイダンスに完全に反映されていると説明しました。

SunCokeはJewellでの洪水被害に関連して合計870万ドルの保険金を受領しました。このうち180万ドルは調整後EBITDAに含まれましたが、主に物損に関連する690万ドルは調整後EBITDAから除外されました。

経営陣のガイダンス

経営陣は、フリーキャッシュフローを有利子負債の削減、取締役会の承認を条件とする四半期配当の継続、および収益性の高い成長機会の追求に充てる計画です。

リスクと注視事項

• Middletownにおけるタービン保険金請求の完了は2027年初頭までずれ込む可能性があるため、回収見込額は2026年のガイダンスから除外されています。経営陣は、2026年中に支払いを受領した場合は業績がガイダンスの上限を大幅に上回ることになると述べています。
• 産業サービス事業の取扱量は、製鉄所の稼働率やばら積み商品の荷動きによって変動する可能性があります。経営陣は、感謝祭やクリスマスなどのホリデーシーズン前後に第4四半期の活動が軟化すると予想しています。
• 石炭からコークスへの歩留まりには季節変動があり、通常、気温が低く湿度の高い四半期には低下します。
• CMTにおけるJavelinとの契約およびU.S. Steel NipponとのGranite City Worksにおける契約は2026年12月に満了します。SunCokeによると、協議は現在活発に行われており、経営陣は2027年も取引関係が継続すると見込んでいます。

アナリスト質疑応答の要点

経営陣は機密事項であるAlgomaとの和解金額の開示を辞退しましたが、その経済的影響および運転資本への影響が改定後の2026年見通しに含まれていることを確認しました。

産業サービス事業について、経営陣は予想されるホリデーシーズンの取扱量軟化を反映し、第4四半期の調整後EBITDAが第1四半期に近い水準、または第1四半期と第3四半期の間の水準になると予想しています。それにもかかわらず、同社は通期のターミナルおよびPhoenixの取扱量が年初に設定した目標を上回ると見込んでいます。

2027年の契約に関して、経営陣はCMTにおけるJavelinおよびGranite City WorksにおけるU.S. Steel Nipponとの協議を活発に進めていると説明しました。SunCokeは両社との契約継続を見込んでいますが、追加の条件については開示していません。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Thank you for standing by. My name is Dale, and I will be your conference operator today. At this time, I would like to welcome everyone to the SunCoke Energy Third Quarter 2026 Earnings Call. [Operator Instructions]

I would now like to turn the conference over to Sharon Doyle, Investor Relations Manager. You may begin.

Sharon Doyle

Thanks, Dale. Good morning, and thank you for joining us to discuss SunCoke Energy's Third Quarter 2026 results. With me today are Katherine Gates, President and Chief Executive Officer; and Shantanu Agrawal, Senior Vice President and Chief Financial Officer.

This conference call is being webcast live on the Investor Relations section of our website, and a replay will be available later today. Following management's prepared remarks, we will open the call for Q&A. If we do not get to your questions on the call today, please feel free to reach out to our Investor Relations team.

Before I turn things over to Katherine, let me remind you that the various remarks we make on today's call regarding future expectations constitute forward-looking statements. The cautionary language regarding forward-looking statements in our SEC filings apply to the remarks we make today. These documents are available on our website, as are reconciliations to non-GAAP financial measures discussed on today's call.

With that, I'll now turn things over to Katherine.

Katherine Gates

Thanks, Sharon. Good morning, and thank you for joining us on today's call. This morning, we announced SunCoke Energy's third quarter results. I want to share a few highlights before turning it over to Shantanu to discuss the results in detail.

We are extremely pleased with our third quarter results with strong consolidated adjusted EBITDA of $76.9 million. Both of our operating segments delivered excellent performance. Domestic Coke benefited from a favorable mix of contract and spot coke sales and favorable coal-to-coke yields, while Industrial Services benefited from 1 additional month of Phoenix results compared with the prior year period and higher terminals handling volumes.

We also announced this morning that we reached a settlement agreement related to our 2025 claim against Algoma Steel. The agreement was executed in October, and we can confirm that we were made whole.

Turning to capital allocation. Earlier today, we also announced a quarterly dividend of $0.12 per share payable to shareholders on December 1, 2026. This is our 29th consecutive quarterly dividend. While the dividend is evaluated on a quarterly basis by our Board, we expect the dividend to continue as part of our well-balanced capital allocation strategy.

Our operating segments continue to perform strongly and consistently. Based on our year-to-date results and outlook for the remainder of the year, we expect to modestly exceed the high end of our full year 2026 consolidated adjusted EBITDA guidance range of $250 million to $265 million.

With that, I will turn it over to Shantanu to review our third quarter earnings in detail. Shantanu?

Shantanu Agrawal

Thanks, Katherine. Turning to Slide 4. Net income attributable to SunCoke was $0.25 per share in the third quarter of 2026, down $0.01 from the prior year period. The benefits from our operating performance and the insurance recoveries from the 2023 Jewell flood event were offset by the absence of capital investment tax credits recorded in the third quarter of 2025. Excluding that item, the underlying earnings performance improved materially. While the insurance recovery was a substantial benefit to our net income and earnings per share during the quarter, the majority of the recovery proceeds were attributable to property damage and therefore excluded from adjusted EBITDA.

Consolidated adjusted EBITDA for the third quarter of 2026 was $76.9 million, an increase of $17.8 million from the prior year period. Domestic Coke increased by $7.1 million, primarily driven by a change in the mix of contract and spot coke sales and favorable coal-to-coke yields, partially offset by lower coke sales volumes due to Haverhill I's shutdown.

Industrial Services increased by $13.9 million, primarily driven by 1 additional month of Phoenix results compared with the third quarter of 2025 and higher terminals handling volumes. Corporate and other expenses increased by $3.2 million, driven by higher employee-related expenses.

Moving to Slide 5 to discuss our Domestic Coke business performance in detail. Third quarter Domestic Coke adjusted EBITDA was $51.1 million, and coke sales volumes were 875,000 tons compared to $44 million and 951,000 tons in the prior year period. The increase in adjusted EBITDA was primarily driven by a change in the mix of contract and spot coke sales and favorable coal-to-coke yields, partially offset by lower coke sales volumes due to the Haverhill I shutdown. We are pleased with the excellent performance from our coke operations, and with a solid outlook for the remainder of the year, we are well positioned to achieve the high end of our full year 2026 Domestic Coke adjusted EBITDA guidance range of $172 million to $178 million.

Now moving on to Slide 6 to discuss our Industrial Services results. Our Industrial Services segment generated $32.1 million of adjusted EBITDA in the third quarter of 2026 compared with $18.2 million in the prior year period. The increase primarily reflects 1 additional month of Phoenix results compared with the third quarter of 2025 and higher terminals handling volumes. Third quarter terminals handling volumes were 6.4 million tons, and steel customer volumes serviced were 5.9 million tons. Our Industrial Services segment continues to perform very well, and we now expect to exceed the high end of our full year 2026 Industrial Services adjusted EBITDA guidance range of $110 million to $115 million.

Now turning to Slide 7 to discuss our liquidity position for Q3. SunCoke ended the third quarter with ample liquidity of approximately $276 million. Gross leverage was 2.34x on a trailing 12-month adjusted EBITDA basis. Net cash provided by operating activities during the third quarter was $94.8 million. We used $53.5 million to pay down our revolver balance, spent $20.9 million on capital expenditures and paid $10.1 million in dividends at the rate of $0.12 per share. We also received $6.9 million of insurance recoveries related to the 2023 Jewell flood event.

SunCoke has a strong track record of generating steady free cash flow, and we expect the trend to continue through the balance of the year. Year-to-date, we have reduced debt substantially while simultaneously increasing our free cash flow outlook to $180 million to $185 million, which reflects the impact of the settlement agreement with Algoma. As Kathleen mentioned earlier, we intend to continue utilizing our free cash flow to pay down debt as well as to reward our long-term shareholders via dividends, which is reviewed and approved on a quarterly basis by our Board of Directors.

With that, I'll turn it back over to Katherine.

Katherine Gates

Thanks, Shantanu. Wrapping up on Slide 8. As always, safety is our first priority, and our team remains committed to maintaining strong safety and environmental performance throughout the year. Robust safety and environmental standards set SunCoke apart and are central to our reliable delivery of high-quality coke and industrial services.

As we look ahead, we continue to be confident in all aspects of our business. Our long-term coke business is underpinned by the 3 pillars of Indiana Harbor, Middletown and Jewell Foundry, which have consistently delivered excellent performance and results. With our Haverhill II and Granite City coke-making contracts in place and all spot blast and foundry coke sales finalized, we're sold out for the full year.

Our Industrial Services segment is also well positioned going forward. Phoenix is performing as we expected, and 2026 will benefit from a full year of Phoenix adjusted EBITDA. We also see solid market conditions at our terminals and are focused on growing both our Phoenix and logistics businesses.

As always, we take a balanced yet opportunistic approach to capital allocation. Our focus will remain on utilizing our free cash flow to support our capital allocation priorities, including paying down our revolver balance. We plan to continue returning capital via the quarterly dividend approved by our Board, which has always been well received by our long-term shareholders. Our focus is also on profitable growth opportunities to further reward our long-term shareholders.

This commitment to maximizing value for all stakeholders means operating and investing in our assets in the best and most efficient way possible to support our customers and to further grow the business. Based on our strong year-to-date performance and outlook for the remainder of the year, we now expect full year consolidated adjusted EBITDA to modestly exceed the high end of our guidance range of $250 million to $265 million. In addition, we are increasing our free cash flow guidance to a range of $180 million to $185 million.

Let's go ahead and open up the call for Q&A.

Operator

Your first question comes from the line of Nathan Martin of StoneX Financial.

質疑応答

Nathan Martin

Can we get some more details on the settlement agreement with Algoma that was reached this month? Katherine, I know you said you were made whole, but what was the amount? And then how will that impact the fourth quarter results?

Katherine Gates

Thanks for the question. You can appreciate that this is a confidential settlement. And beyond that, we don't talk about the economics of specific customers or specific contracts.

What I can say is that we're really pleased with the resolution of the matter. We were made whole, and the impact of the relationship that we have with Algoma as it related to both the steps that we took to mitigate the effect of the contract rejection and the settlement itself is totally reflected in the guidance for 2026.

Nathan Martin

Okay. So any of the previous kind of working capital headwinds you've talked about there, all that has been reflected now that you have the settlement in place?

Katherine Gates

That's correct.

Nathan Martin

Okay. Got it. And then somewhat related, does SunCoke still expect the insurance proceeds from the turbine failure at Middletown to arrive sometime here in the fourth quarter?

Katherine Gates

So great question. We're obviously really pleased that the turbine returned to service in May, and power resumed, and everything is working just as we expected. The claims process for the turbine may not be complete at the end of 2026. This may go into early 2027. So as a result, the insurance recovery for the turbine is not included in our guidance. If we receive payment for the claim in 2026, we will significantly exceed the high end of our guidance range.

Nathan Martin

Okay. Got it. Because previously, it was, I think, included in your guidance range. So is it almost the case that the -- maybe the Jewell proceeds you got there have kind of offset potentially the proceeds you originally expected from Middletown?

Shantanu Agrawal

No. So Nate, on that, as I mentioned, the Jewell proceeds, a significant chunk of that is excluded from adjusted EBITDA. We received total $8.7 million from the Jewell proceeds -- from the Jewell flood event, only $1.8 million of that in adjusted EBITDA. The remainder $6.9 million, as I mentioned, is running through the net income, but it's not included in adjusted EBITDA. The increase in the guidance as we are guiding towards the modestly exceeding the consolidated adjusted EBITDA guidance, that's driven by the performance, along with the Algoma settlement.

Nathan Martin

Okay. So that Algoma settlement is basically potentially going to offset any delay in the insurance proceeds from the turbine failure?

Shantanu Agrawal

That's kind of what is contemplated in the guidance.

Nathan Martin

Okay. Got it. That's helpful, Shantanu. I appreciate that. Maybe just looking at the Industrial Services segment, great quarter there. I think last quarter, we talked about how even the new higher full year guidance still kind of assumed a slowdown in the second half versus the first half. I think you said levels probably a bit more like the first quarter levels. Clearly, volumes for both the terminals business and Phoenix remained elevated.

So now, I guess, you're expecting to exceed the high end of the full year guidance range. But can you help us frame the magnitude there? I mean, is it reasonable to expect fourth quarter adjusted EBITDA looks similar again to the third quarter, just given strong demand? We've got higher export thermal volume and prices as well. Just how should we think about that?

Shantanu Agrawal

So great question, Nate, on that. Again, right, like as we have talked about, the Industrial Services segment is the segment where there is the most volatility in our business, right? So if the steel mills are running really hard and if there is a lot of bulk products moving through the rivers, bulk product moving out of the U.S., you see additional volumes and additional profitability come through that.

As we think about Q4, what is in our guidance today, both our full year volume guidance for terminals as well as for Phoenix, we expect to exceed the $24 million and the $22 million that we laid out at the start of the year, right? That's a given.

Now to your question of what is the magnitude of Q4, again, there is a little bit of uncertainty, but the expectation is as we go into the holiday period of Thanksgiving and Christmas, the steel mills are going to slow down, they shut down their volumes a little bit. Same thing on the -- a little bit on the terminals side. Not to that extent, but you see that a little bit on the -- in the Q4 where the volumes are a little bit lighter than Q2 or Q3, right? So if you want to think about what Q4 looks like, I would say somewhere closer to Q1 or in between the Q1 and the Q3 range would be my expectation for Industrial Services segment in Q4.

Nathan Martin

Okay. Got it, Shantanu. And then just to confirm, I'm assuming, just given where export thermal coal prices are today, that you guys are expecting you should receive the price kicker there at Convent?

Shantanu Agrawal

Yes. So if you recall, we changed our kicker. Instead of being an export coal-driven, it's more the New Orleans price-driven. Now that price has come up as well. Given kind of what's happening in the U.S. export market, the coal is moving. So we are getting the kicker, but it's a different kicker versus what it was previous -- in the previous years.

Operator

Your next question comes from the line of Henry Hearle of B. Riley Securities.

Henry Hearle

I guess, just on the Domestic Coke business, adjusted EBITDA per ton came in at $58.40, which is your strongest in recent quarters. How would you attribute the improvement between the contract and spot sales mix shift, and then also the coal-to-coke yield benefit?

Shantanu Agrawal

Henry, thanks for the question. So there are timing differences when you move quarter-to-quarter where the mix between what you're shipping in a quarter, what is contract versus spot versus what is spot changes. So in Q3, obviously, there was a bigger portion of contract coke going out versus the spot coke, and that's why you see the adjusted EBITDA per ton being higher.

And as for coal-to-coke yields, right, that has some seasonality in it where Q1 and Q4 being our cold and wet quarters, you historically see higher yields in Q2 and Q3 versus Q1 and Q4. So I would say both of these factors kind of played into it. But obviously, the contract versus spot coke mix is a bigger factor versus the yield if you're comparing quarter -- previous quarter to this -- previous year quarter to this year quarter.

Henry Hearle

Got it. And then looking towards 2027, I believe you have a couple of contracts expiring in December of this year, 2026. Are you confident that those will be extended going forward? Just any color there would be great.

Katherine Gates

So we're in active discussions if you're thinking about the Javelin contract at CMT and the contract with U.S. Steel Nippon at Granite City Works. We're in active discussions with both of those parties and expect to move forward with them in 2027. Obviously, we can't say more at this point in time.

But overall, if you're thinking about 2027, we expect to have a strong finish here to 2026, and Shantanu has sort of walked through some of the nuances of that. So Q4 being a bit softer, but overall, very strong finish to 2026, and we have good momentum going into 2027.

Operator

With no further questions, that concludes our Q&A session. I will now turn the conference back over to Katherine Gates, President and CEO, for closing remarks.

Katherine Gates

Thank you all for joining us today and for your continued interest in SunCoke. Let's continue to work safely today and every day. Thank you, guys.

Operator

This concludes today's conference call. You may now disconnect.