Stock Track | SunCoke Energy Surges 6.4% on Strong Q2 Results and Dividend Hike

Stock Track07-31

Shares of SunCoke Energy (NYSE: SXC) jumped 6.4% during intraday trading on Monday, following the company's release of robust second-quarter 2024 financial results and an announcement of a 20% increase in its quarterly cash dividend.

SunCoke Energy reported net income of $21.5 million, or $0.25 per diluted share, for the second quarter of 2024, up from $20.4 million, or $0.24 per diluted share, in the prior-year period. The company's revenue declined 11.9% year-over-year to $470.9 million, primarily due to lower blast coke sales volumes and the pass-through of lower coal prices on its long-term, take-or-pay agreements.

However, SunCoke Energy's adjusted EBITDA, a key profitability metric, came in at $63.5 million, down only 10.5% from the second quarter of 2023, driven by strong performance from its cokemaking and logistics segments. The company's Board of Directors also approved a 20% increase in the quarterly cash dividend to $0.12 per share, citing confidence in SunCoke's ability to achieve the high end of its full-year 2024 adjusted EBITDA guidance range of $240 million to $255 million.

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