SunCoke Energy Slips To Q1 Loss

(RTTNews) - SunCoke Energy, Inc. (SXC) reported a net loss for the first quarter of $7.8 million or $0.11 per share, compared to net income of $2.1 million or $0.03 per share for the year-ago quarter.

The year-over-year decline is nainly due to the impact of severe winter weather on cokemaking yields and production as well the Indiana Harbor refurbishment, the company said.

Total revenue for the first quarter fell 20.7% to $359.6 million from $453.9 million a year ago.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share on revenue of $364.97 million for the first quarter.

SunCoke Energy also said that it has entered into an contribution agreement with SunCoke Energy Partners, L.P. (SXCP) to contribute a 33% interest in its Haverhill and Middletown cokemaking facilities for total consideration of $365 million. SunCoke Energy will continue to retain a 2% interest in both facilities.