8/1/2023

speaker
Glen
Operator

Ladies and gentlemen, welcome to the Suncoke Energy second quarter 2023 earnings call. My name is Glen and I will be the operator of today's call. If you would like to ask a question during the presentation, you may do so by pressing star 1 on the telephone keypad. I will now hand over to your host, Shantanu Agarwal, VP Finance and Treasurer, to begin.

speaker
Shantanu Agarwal
VP Finance and Treasurer

Thanks Glen. Good morning, and thank you for joining us this morning to discuss Suncook Energy's second quarter 2023 results. With me today are Mike Rippey, Chief Executive Officer, Catherine Gates, President, and Mark Marinko, Senior Vice President and Chief Financial Officer. Following management's prepared remarks, we'll open the call for Q&A. This conference call is being webcast live on the investor relations section of our website, and a replay will be available later today. 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 Catherine, 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 our reconciliations to non-GAAP financial measures discussed on today's call. With that, I'll now turn things over to Catherine.

speaker
Catherine Gates
President

Thanks, Shantanu. Good morning, and thank you for joining us on today's call. Earlier today, we announced Suncoke Energy's second quarter results. I want to discuss a few highlights before turning it over to Mark to review the results in detail. I'd like to start by thanking all of our Suncoke employees for their contributions to our record second quarter results. Our domestic Coke plants ran at full capacity and delivered excellent results for the quarter. Our logistics terminals were impacted by weaker commodity market conditions, but still delivered solid results. Through our collective efforts, we delivered consolidated adjusted EBITDA of $74 million, a record for second quarter performance. We also announced today that the Board of Directors of SUNCOPE approved a 25% increase in our quarterly dividend from $0.08 to $0.10 per share. The increase is effective on September 1, 2023, the next quarterly payment. This meaningful increase demonstrates the Board's and management's confidence in our continued progress and the strength and stability of our underlying core businesses. Our Foundry Coke business continues to perform well with the Foundry Coke expansion project recently completed on time and on budget. This project allows Sun Coke to continue to grow our market participation without losing the flexibility to alternate between Blast and Foundry Coke production. Our order book for non-contracted Blast Burners Coke is solid with substantially all of our non-contracted Blast Coke sales finalized for the full year. From a leverage perspective, we ended the quarter with our gross leverage ratio at approximately 1.79 times on a trailing 12-month adjusted EBITDA basis. Finally, as we continue to execute against our 2023 objectives, We are well positioned to achieve the high end of our full year adjusted EBITDA guidance range of $250 to $265 million. With that, I'll turn it over to Mark to review our second quarter earnings in detail. Mark?

Disclaimer

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