Research Reports

Prepared Highlights

Q1 2026 consolidated adjusted EBITDA of $56.5 million, down from $59.8 million in prior year, reflecting strong operational execution but impacted by winter weather, Middletown turbine failure, and Haverhill 1 shutdown (CEO, CFO, prepared).
Domestic coke segment: Q1 adjusted EBITDA $35.3 million on coke sales of 842,000 tons, versus $49.9 million on 898,000 tons in prior year; decline driven by weather, lower power sales, and Haverhill 1 shutdown (CFO, prepared).
Industrial Services segment: Q1 adjusted EBITDA $26.2 million (up from $13.7 million prior year), driven by addition of Phoenix; terminal handling volumes 5.6 million tons, a sequential improvement vs Q4 2025 (CFO, prepared).
Full year 2026 domestic coke adjusted EBITDA guidance reaffirmed: $162 million – $168 million (CFO, prepared).
Full year 2026 Industrial Services adjusted EBITDA guidance reaffirmed: $90 million – $100 million (CFO, prepared).
Consolidated adjusted EBITDA guidance for full year 2026 reaffirmed: $230 million – $250 million (CEO, CFO, prepared).
Q1 net loss attributable to SunCoke of ($0.05) per share, down $0.25 year-over-year (CFO, prepared).
Operating cash flow of $72.7 million (strong, driven by reduction in coal/coke inventory); CapEx of $17 million; dividends paid of $10.7 million ($0.12 per share) (CFO, prepared).
Cash balance of $104.4 million + revolver availability of $158 million = total liquidity $262 million (CFO, prepared).
Used $26 million for debt paydown during Q1 (CFO, prepared).
Running at full capacity and sold out for the full year; all spot blast and foundry coke sales finalized (CEO, prepared).
Power production at Middletown expected to resume late in Q2 2026 (CFO, prepared).

Mgmt Quotes

"We're pleased with our performance in the first quarter, delivering consolidated adjusted EBITDA of $56.5 million, reflecting strong operational execution." — CEO
"We are confident we will achieve full year 2026 consolidated adjusted EBITDA within our guidance range of $230 million to $250 million." — CEO
"While we experienced a slow start to the year, we are already seeing improvement in our coke operations in the second quarter with more favorable weather conditions." — CFO
"We expect our Industrial Services segment to continue delivering strong results throughout the balance of the year." — CFO
"Our focus will remain on utilizing our free cash flow to support our capital allocation priorities... with the goal of gross leverage below 3x by the end of 2026 and beyond." — CEO

Prepared Metrics

Metric	Value	Speaker/Context
Consolidated adjusted EBITDA, Q1 2026	$56.5 million	CFO, prepared
Domestic coke adjusted EBITDA, Q1 2026	$35.3 million	CFO, prepared
Coke sales volumes, Q1 2026	842,000 tons	CFO, prepared
Industrial Services adjusted EBITDA, Q1 2026	$26.2 million	CFO, prepared
Terminal handling volumes, Q1 2026	5.6 million tons	CFO, prepared
Net loss per share, Q1 2026	($0.05)	CFO, prepared
Operating cash flow, Q1 2026	$72.7 million	CFO, prepared
CapEx, Q1 2026	$17 million	CFO, prepared
Cash balance, end of Q1 2026	$104.4 million	CFO, prepared
Revolver availability, end of Q1 2026	$158 million	CFO, prepared
Total liquidity, end of Q1 2026	$262 million	CFO, prepared
Debt paydown, Q1 2026	$26 million	CFO, prepared
Dividend per share, Q1 2026	$0.12	CEO, prepared
Full-year domestic coke adjusted EBITDA guidance	$162M–$168M	CFO, prepared
Full-year Industrial Services adjusted EBITDA guidance	$90M–$100M	CFO, prepared
Full-year consolidated adjusted EBITDA guidance	$230M–$250M	CEO, CFO, prepared

Q&A Batch (1-2 of 2)

Q1 — Nathan Martin

Topic: Domestic Coke EBITDA/吨低于全年指引的原因及分部业绩
Key points:
- Q1 Domestic Coke adjusted EBITDA/吨约$42，低于全年指引$48–$50；主因冬季天气影响运营和Middletown涡轮机停工（两者影响相当）。
- 此前Q4 2025财报电话会曾提及Q1比运行率低约$10 million，仍成立。
- Middletown涡轮机预计Q2末恢复，Q2仍受无电力生产影响，Q3/Q4恢复后显著改善；Q2该影响约$5 million（管理层确认“大致在这个范围”）。
- Industrial segment：营收环比持平或略降，但adjusted EBITDA环比增加约$3–$3.5 million，得益于终端业务量改善（Q4 ’25 vs Q1 ’26）及Phoenix业务协同效应（第二季度整合，部分一次性拖累成本）。
Mgmt stance: 中性偏积极。Domestic Coke短期承压但全年指引维持，Q3/Q4有望回升；Industrial segment终端市场持续改善，Phoenix协同将在全年逐步体现。

Q2 — Henry Hearle

Topic: 物流终端受益于监管政策（Section 303 DPA）及地缘冲突对热煤出口的影响
Key points:
- 管理层认为终端业务量改善主要来自市场需求及国际煤价，并非直接由DPA或DoD资金驱动；历史上类似监管倡议影响有限。
- 不再单独拆分CMT出口中热煤占比，但历史比例可参考。
- 中东冲突导致国际煤价上升，进而推高热煤需求；市场未见减弱迹象。
Mgmt stance: 中性偏积极。承认价格和需求因冲突上升，但强调基本面（国际需求）是核心驱动力，而非政策直接推动。