Shares of SunCoke Energy (NYSE: SXC) were surging 16% higher in afternoon trading Thursday after the coking coal leader reported better-than-expected second-quarter earnings, leading it to raise full-year guidance for adjusted EBITDA guidance. Metallurgical, or coking, coal is key in the production of steel, and SunCoke reported that global demand for coke helped lift revenue for its domestic coke segment 15% from the year-ago period. Total revenue rose 7.7% in the quarter to $364 million, and though the metallurgical coal producer reported an $8.8 million net loss, or $0.11 per share, that was because it took a $0.27-per-share hit from the costs associated with extinguishing its debt as it completed a refinancing, which extended its revolving credit line and its maturities.
Shopping Cart