Reports Q4 revenue $514.0M, consensus $424.5M. "2022 was an exceptional year for SunCoke, with favorable contribution margins from export coke sales and strong volumes and pricing within our Logistics segment contributing to another record year for Adjusted EBITDA," said CEO Mike Rippey. "We made significant progress on our capital allocation goals in 2022: reducing gross debt by $83M, increasing quarterly dividends by 33%, and entering into a non-binding letter of intent with United States Steel Corporation for a new granulated pig iron facility at Granite City. We also expanded our footprint in the foundry business by increasing our market participation." "As we enter 2023, we remain focused on executing against our well established objectives of exceptional safety performance, operational excellence, and a balanced approach to capital allocation," said Katherine Gates, President. "We expect 2023 consolidated Adjusted EBITDA to be between $250M-$265M, driven by our Domestic Coke plants continuing to operate at full capacity, but with the backdrop of a weaker export market. We anticipate capital expenditures of approximately $95M, including the foundry coke expansion project which will allow us to build upon our success in this market. We plan to execute against these objectives and deliver significant value to SunCoke stakeholders."
Published first on TheFly
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