SunCoke Energy Inc. (NYSE: SXC) reported a fourth‑quarter net loss of $85.6 million and adjusted EBITDA of $56.7 million, a sharp reversal from the $23.7 million net income and $66.1 million adjusted EBITDA posted in the same quarter a year earlier. The loss was largely driven by a one‑time, non‑cash impairment charge tied to the permanent closure of the Haverhill I cokemaking facility, a breach of contract by Algoma Steel that halted 200,000 tons of coke sales, and lower pricing in the domestic coke segment.
The company’s domestic coke operations were offset by Phoenix Global’s performance, which remained in line with expectations. SunCoke’s coke fleet has been optimized to a 3.7 million‑ton annual capacity, and the company remains sold‑out for the year. Management noted that the Haverhill I closure and Algoma breach will reduce domestic coke volumes but at higher margins, and that full utilization of the remaining terminals is expected to support the 2026 outlook.
Revenue for the quarter reached $480.2 million, beating the consensus estimate of $437.2 million. Non‑GAAP earnings per share were $0.12 versus the $0.09 estimate, a $0.03 beat, while GAAP EPS was a loss of $1.00 per share, missing the $0.14 consensus. The revenue beat was driven by stronger demand in the industrial services segment, largely from Phoenix Global, while the GAAP loss reflected the impairment and contract‑related costs.
Full‑year 2025 results showed a net loss of $44.2 million ($0.52 per share) and adjusted EBITDA of $219.2 million, down from the $95.9 million net income and $272.8 million adjusted EBITDA reported in 2024. The decline reflects the cumulative impact of the Haverhill I closure, the Algoma breach, and pricing pressures in the domestic coke market.
SunCoke raised its 2026 adjusted EBITDA guidance to $230 million–$250 million, a lift that reflects the full contribution of Phoenix Global and a stabilized coke fleet. The company reaffirmed its quarterly $0.12 per share dividend and reported a liquidity position of $206 million. Management expressed confidence that the company will be fully utilized and sold‑out for the year, and that excess cash flow will be used to pay down debt and support future growth.
Investors reacted negatively to the GAAP loss and missed EPS, but the revenue beat and the upward revision of 2026 guidance signal management’s confidence in the company’s strategic pivot and the resilience of its industrial services business.
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