SunCoke Energy, Inc. reported a decline in sales and operating revenue for the third quarter and the first nine months of 2024. For the three months ended September 30, 2024, revenue was $490.1 million, down from $520.4 million in the same period of 2023. For the nine months, revenue decreased to $1,449.4 million from $1,542.6 million. The decrease in revenue was primarily attributed to lower sales in the Domestic Coke segment, which saw a drop from $495.7 million in Q3 2023 to $459.9 million in Q3 2024.
Despite the revenue decline, SunCoke experienced significant improvements in profitability. Operating income for Q3 2024 rose to $47.2 million, compared to $29.7 million in Q3 2023. Net income for the third quarter increased to $33.3 million from $8.5 million, while net income attributable to SunCoke Energy, Inc. rose to $30.7 million from $7.0 million. For the nine months ended September 30, 2024, net income was $77.7 million, up from $48.2 million in the prior year.
The company’s Adjusted EBITDA for Q3 2024 was $75.3 million, an increase from $65.4 million in Q3 2023. For the nine months, Adjusted EBITDA remained relatively stable at $206.7 million compared to $206.5 million in the same period of 2023. The increase in Adjusted EBITDA was supported by higher transloading volumes and pricing in the Logistics segment, along with a $9.5 million pre-tax gain from extinguishing black lung liabilities.
SunCoke's total costs and operating expenses for Q3 2024 decreased to $442.9 million from $490.7 million in Q3 2023, contributing to the improved operating income. The company also reported a significant reduction in its black lung liability, which fell from $58.2 million at the end of 2023 to $14.4 million as of September 30, 2024, following a $36.0 million lump sum payment to satisfy self-insured federal liabilities.
As of September 30, 2024, SunCoke had cash and cash equivalents of $164.7 million, an increase from $140.1 million at the end of 2023. Total liabilities decreased to $963.8 million from $1,014.9 million, while total equity rose to $691.0 million from $645.5 million. The company remains in compliance with all debt covenants and does not anticipate any violations.
Overall, while revenue has declined, SunCoke Energy, Inc. has successfully improved its profitability and reduced liabilities, positioning itself for future operational stability.
About SunCoke Energy, Inc.
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