Suncoke Energy (SXC) Tops Q1 EPS by 12c; Discussions On Proposed Simplification Transaction Terminated

Suncoke Energy (NYSE: SXC) reported Q1 EPS of $0.02, $0.12 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $309 million versus the consensus estimate of $406.9 million.

"We are pleased with our first quarter performance, and this fast start has positioned us to deliver upon our financial guidance in 2017," said Fritz Henderson, Chairman, President and Chief Executive Officer of SunCoke Energy, Inc.

The Company also announced the termination of discussions with the Conflicts Committee of the Board of Directors of SunCoke Energy Partners, L.P. regarding the proposed Simplification Transaction, announced on October 31, 2016. The Conflicts Committee and its independent advisors reviewed the proposal made by SXC and had several discussions with the Company over the last few months regarding the potential transaction. At this time, the parties have determined that they will not be able to reach an agreement and have therefore terminated discussions regarding the Simplification Transaction.

"While we continue to believe strongly in the merits of a simplified structure, we were focused on taking a disciplined approach and ultimately it became clear we would not reach an agreement with the Conflicts Committee on a value, through the exchange ratio, for the unaffiliated LP units," said Henderson. "Going forward, we still see real opportunity for SunCoke as we remain well-positioned to leverage our strong competitive advantages in cokemaking and logistics. We remain focused on executing on our strategic initiatives to drive operational excellence and optimize our asset base as we seek to capitalize on the continued improvement in the steel and coal markets."

For earnings history and earnings-related data on Suncoke Energy (SXC) click here.

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