桑科能源 (SXC) 2026 年第 3 季財報電話會議：EBITDA 達 7,690 萬美元，上調展望

重點摘要

• SunCoke Energy 公布 2026 年第三季綜合調整後 EBITDA 為 7,690 萬美元，較去年同期增加 1,780 萬美元。
• 歸屬於 SunCoke 的每股淨利為 0.25 美元，年減 0.01 美元。管理層表示，若扣除 2025 年第三季列帳的資本投資稅額抵減，基礎獲利能力實質大幅改善。
• 儘管 Haverhill I 關閉後銷售量降至 87.5 萬噸，國內焦炭調整後 EBITDA 仍增加至 5,110 萬美元。
• 受惠於 Phoenix 多納入一個月的業績以及碼頭裝卸量提升，工業服務調整後 EBITDA 從 1,820 萬美元增至 3,210 萬美元。
• 管理層目前預計 2026 全年綜合調整後 EBITDA 將略高於 2.5 億至 2.65 億美元的財測區間，並將自由現金流財測上調至 1.8 億至 1.85 億美元。
• 董事會批准每股 0.12 美元的季度股利，將於 2026 年 12 月 1 日發放。這將是 SunCoke 連續第 29 個季度發放股利。

關鍵財務數據

在本季度，SunCoke 使用 5,350 萬美元償還循環信貸餘額、支出 2,090 萬美元用於資本支出，並發放了 1,010 萬美元的股利。此外，公司還收到與 2023 年 Jewell 洪水事件相關的 690 萬美元財產損失保險理賠金。

業務與營運表現

國內焦炭

國內焦炭業務受益於合約與現貨焦炭銷售組合更加有利，以及煤焦產率提升。這些增益足以彌補因 Haverhill I 關閉導致的銷量下滑。

管理層將每噸調整後 EBITDA 上升至 58.40 美元主因歸功於合約焦炭出貨比例提升。此外，煤焦產率的季節性改善也有所貢獻，因為歷史數據顯示第二季與第三季的產率通常高於氣候較寒冷潮濕的季度。

SunCoke 表示，其 Haverhill II 與 Granite City 的焦炭製造合約均已簽訂，且所有現貨高爐焦炭與鑄造焦炭銷售也已完成簽約，代表公司 2026 全年產能已售罄。

工業服務

工業服務業務錄得 3,210 萬美元的調整後 EBITDA。成長反映了與 2025 年第三季相比多納入了一個月的 Phoenix 業績，以及更高的碼頭裝卸量。

管理層表示 Phoenix 的表現符合預期，而穩健的碼頭營運狀況正支撐著物流業務。在修正後的紐奧良價格連動結構下，SunCoke 在 Convent 獲得了基於價格的額外收益。

Algoma 和解與保險理賠

SunCoke 就 2025 年對 Algoma Steel 提出的索賠達成了保密和解。管理層表示公司已獲得完整補償，且該和解（包括相關的營運資金影響）已完全反映在 2026 年的財測中。

SunCoke 共收到與 Jewell 洪水事件相關的 870 萬美元理賠款。其中 180 萬美元已計入調整後 EBITDA，而 690 萬美元主要與財產損失相關，因此未納入調整後 EBITDA。

管理層財測

管理層計劃利用自由現金流來減少債務、在獲得董事會批准的前提下繼續發放季度股利，並尋求獲利成長機會。

風險與關注事項

• Middletown 渦輪機保險索賠可能要到 2027 年初才能完成，因此潛在的理賠金並未納入 2026 年財測中。管理層表示，若於 2026 年收到理賠款，將推升業績大幅超過財測上限。
• 工業服務的業務量可能隨著鋼鐵廠產能利用率和散貨運輸狀況而波動。管理層預計第四季的業務活動將在感恩節和聖誕節假期前後趨緩。
• 煤焦產率具有季節性變動，在天氣較冷且較潮濕的季度通常表現較弱。
• CMT 的 Javelin 合約以及與 U.S. Steel Nippon 的 Granite City Works 合約將於 2026 年 12 月到期。SunCoke 表示正在積極協商中，管理層預期合作關係將在 2027 年延續。

分析師問答重點

管理層拒絕透露與 Algoma 保密和解的具體金額，但證實其經濟與營運資金影響已包含在更新後的 2026 年展望中。

在工業服務方面，管理層預計第四季調整後 EBITDA 將接近第一季、或介於第一季與第三季之間的水準，反映了預期中因假期導致的業務量趨緩。儘管如此，公司仍預期全年碼頭與 Phoenix 的運量將超過年初設定的目標。

關於 2027 年合約，管理層表示正就 CMT 的 Javelin 以及 Granite City Works 的 U.S. Steel Nippon 進行積極討論。SunCoke 預期將與雙方繼續合作，但未提供額外的條款細節。

完整法說會逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.