SunCoke Energy Inc (NYSE:SXC), which makes coke and provides coal logistic services through domestic and export terminals, beat on both counts of earnings and revenue during its third quarter.
Shares shot up 7.56% to close at $8.96 on Thursday, with as many as 1.85 million traded.
Technically, a reference to the company’s weekly chart shows that the stock has broken out of an ascending triangle, and there is the possibility of further upside.
SunCoke Energy Inc (NYSE:SXC) in the third quarter
For its third quarter, SunCoke declared EPS of $0.10, which beat by an impressive $0.19, and revenue of $293.9 million, which beat by $19.4 million, and was up 12.8% year on year.
The company also reaffirmed its guidance for an adjusted EBITDA of $210 million to $235 million for 2016.
SunCoke cut total debt by $25 million in the third quarter and over $135 million over the past year.
“Our third quarter results are in line with expectations and we are most pleased with the continued cost discipline at Indiana Harbor as well as the sustained cost savings achieved following the divestiture of our former Coal Mining operation,” said Fritz Henderson, Chairman, President and Chief Executive Officer.
New line of business at SunCoke Energy Partners LP (NYSE:SXCP)
SunCoke Energy Partners announced Wednesday a new line of business at its Convent Marine Terminal which was acquired in August 2015. The terminal will be used to transload thermal coal headed for the domestic marketplace for a US utility customer.
SXCP’s General Partner is a wholly owned subsidiary of SunCoke Energy Inc (NYSE:SXC).
Accordingly, the first inbound train was received by SXCP and it is estimated that the potential throughput during Q4 2016 could be from 50,000 to 100,000 tons.
The Partnership is also close to commissioning a new, state-of-the-art fixed tower shiploader that is the largest in the world – expected to be operational by end-November.