0001514705-26-000032
SEC filing二季度净利大增，上调全年指引，工业服务创纪录。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $475.3M | $434.1M | +$41.2M |
| Operating Income | $29.0M | $9.8M | +$19.2M |
| Net Income | $15.6M | $3.5M | +$12.1M |
| Net Income Attributable to SXC | $13.1M | $1.9M | +$11.2M |
| Diluted EPS (GAAP) | $0.15 | $0.02 | +$0.13 |
| Adjusted EBITDA (Non-GAAP) | $69.6M | $43.6M | +$26.0M |
| Domestic Coke Revenue | $367.5M | $410.4M | -$42.9M |
| Domestic Coke Adjusted EBITDA | $42.5M | $40.5M | +$2.0M |
| Domestic Coke Sales Volumes | 878K tons | 943K tons | -65K tons |
| Domestic Coke Adjusted EBITDA per ton | $48.41 | $42.95 | +$5.46 |
| Industrial Services Revenue | $98.4M | $15.1M | +$83.3M |
| Industrial Services Adjusted EBITDA | $34.4M | $7.7M | +$26.7M |
| Terminals Handling Volumes | 6,672K tons | 4,746K tons | +1,926K tons |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Consolidated Adjusted EBITDA | $250M - $265M | Non-GAAP |
| FY2026 | Consolidated Net Income | $23M - $42M | GAAP |
| FY2026 | Capital Expenditures | $90M - $100M | — |
| FY2026 | Operating Cash Flow | $240M - $260M | — |
| FY2026 | Domestic Coke Total Sales | ~3.4M tons | — |
简评
SunCoke 二季度业绩显著改善，营收同比增长 9.5% 至 4.753 亿美元，归母净利从去年同期的 190 万美元跃升至 1310 万美元，摊薄 EPS 达 $0.15。核心驱动来自 Phoenix 收购并表及码头处理量提升，Industrial Services 调整后 EBITDA 同比大增 2670 万美元至 3440 万，创收购以来最佳季度；Domestic Coke 虽受 Haverhill I 关停拖累销量下滑 65 千吨，但受益于煤焦产率改善，调整后 EBITDA 仍同比增长 200 万至 4250 万，每吨 EBITDA 提升至 $48.41。利润率方面，合并调整后 EBITDA 利润率从去年同期的 10.0% 提升至 14.6%，主要得益于高毛利的 Phoenix 业务贡献及运营效率改善。
管理层对下半年展望乐观，将全年合并调整后 EBITDA 指引上调至 2.5 亿-2.65 亿美元区间，净利指引为 2300 万-4200 万。CEO Katherine Gates 强调工业服务与国内焦炭业务均表现强劲，Middletown 涡轮机已于 5 月恢复运行，有望提振下半年能源销售。资本返还方面，公司宣布连续第 28 个季度派发每股 $0.12 现金股息，9 月 2 日支付。资产负债表保持稳健，期末现金 4270 万美元，长期债务 6.539 亿美元。主要风险包括 Haverhill I 关停带来的销量缺口、煤价传导机制对收入的压制，以及 Phoenix 整合相关的重组与关停成本。