SunCoke Energy Inc (SXC) 2024 Q2 法說會逐字稿

Good morning. Thank you all for attending the SunCoke Energy Second Quarter 2024 Earnings Call. My name is Brika, and I will be your moderator today. (Operator Instructions) I would now like to pass the conference over to your host, Shantanu Agrawal, VP, Investor Relations at SunCoke Energy. Thank you. You may proceed Shantanu.

早安.感謝大家參加 SunCoke Energy 2024 年第二季財報電話會議。我叫 Brika，今天我將擔任你們的主持人。（操作員指示）我現在想將會議交給主持人 SunCoke Energy 投資者關係副總裁 Shantanu Agrawal。謝謝。你可以繼續Shantanu。

Thanks, Brika. Good morning and thank you for joining us this morning to discuss SunCoke Energy's second quarter 2024 results. With me today are Katherine Gates, President and Chief Executive Officer; and Mark Marinko, Senior Vice President and Chief Financial Officer. Following management's prepared remarks, we'll open the call for Q&A.

謝謝，布麗卡。早安，感謝您今天早上加入我們討論 SunCoke Energy 的 2024 年第二季業績。今天與我在一起的有總裁兼執行長凱瑟琳蓋茲 (Katherine Gates)；馬克‧馬林科 (Mark Marinko)，資深副總裁兼財務長。在管理階層準備好要演講後，我們將開始問答環節。

This conference call is being webcast live on the Investor Relations section of our website, and a replay will be available later today. If we do not get to your questions on the call today, please feel free to reach out to our Investor Relations team.

本次電話會議將在我們網站的投資者關係部分進行網路直播，今天稍後將進行重播。如果我們在今天的電話會議上沒有回答您的問題，請隨時聯絡我們的投資者關係團隊。

Before I turn things over to Katherine, let me remind you that the various remarks we make on today's call regarding future expectations constitute forward-looking statements. The cautionary language regarding forward-looking statements in our SEC filings apply to the remarks we make today. These documents are available on our website as are reconciliations to non-GAAP financials measures discussed on today's call. With that, I'll now turn things over to Katherine.

在我將事情交給凱瑟琳之前，讓我提醒您，我們在今天的電話會議上就未來預期發表的各種言論均構成前瞻性陳述。我們向美國證券交易委員會提交的文件中有關前瞻性聲明的警告性語言也適用於我們今天發表的言論。這些文件以及今天電話會議上討論的非公認會計原則財務指標的調節表都可以在我們的網站上找到。這樣，我現在就把事情交給凱瑟琳。

Thanks, Shantanu. Good morning and thank you for joining us on today's call. This morning, we announced SunCoke Energy's second quarter results. I want to share a few highlights before turning it over to Mark to discuss the results in detail. First, I would like to thank all of our employees for their contribution to our results.

謝謝，山塔努。早安，感謝您參加今天的電話會議。今天早上，我們公佈了 SunCoke Energy 第二季業績。在交給馬克詳細討論結果之前，我想先分享一些要點。首先，我要感謝所有員工為我們的業績所做的貢獻。

Our domestic coke plants continue to run at full capacity and our logistics terminals again had strong results, handling 6 million tons during the quarter. Through our collective efforts, we delivered consolidated adjusted EBITDA of $63.5 million during the quarter. This strong performance in the first half of the year positions us well to achieve the high end of our full year 2024 adjusted EBITDA guidance range.

我們的國內焦炭廠繼續滿載運行，我們的物流碼頭再次取得了良好的業績，本季處理了 600 萬噸。透過我們的集體努力，本季我們實現了 6,350 萬美元的綜合調整後 EBITDA。今年上半年的強勁表現使我們能夠很好地實現 2024 年全年調整後 EBITDA 指導範圍的高端。

We also announced today that the Board of Directors approved a 20% increase in our quarterly dividend from $0.10 to $0.12 per share. The increase has affected the next quarterly payment date of September 3, 2024. This increase reflects the confidence of our Board and management team in the strength and stability of our underlying core businesses.

我們今天也宣布，董事會批准將季度股息從每股 0.10 美元增加到 0.12 美元，增加 20%。此次調漲影響了下一個季度付款日期 2024 年 9 月 3 日。這一成長反映了我們的董事會和管理團隊對我們基礎核心業務的實力和穩定性的信心。

Our gross leverage remained below 2 times at approximately 1.93 times on a trailing 12-month adjusted EBITDA basis at the end of the quarter. We continue to focus on executing against our 2024 key initiatives and now expect to achieve the high end of our full-year adjusted EBITDA guidance range of $240 million to $255 million. With that, I'll turn it over to Mark to review our second quarter earnings in detail. Mark?

截至本季末，以過去 12 個月調整後 EBITDA 計算，我們的總槓桿率仍低於 2 倍，約 1.93 倍。我們繼續專注於執行 2024 年的關鍵舉措，現在預計將實現全年調整後 EBITDA 指導範圍的上限，即 2.4 億美元至 2.55 億美元。這樣，我將把它交給馬克來詳細審查我們第二季的收益。標記？

Thanks, Katherine. Turning to slide 4. Our net income attributable to SunCoke was $0.25 per share in the second quarter of 2024, up $0.01 versus the prior year period. The increase was driven by lower depreciation, tax and net interest expense, which was mostly offset by lower sales volumes and pricing in our domestic coke segment.

謝謝，凱瑟琳。轉到投影片 4。2024 年第二季度，SunCoke 歸屬於我們的淨利潤為每股 0.25 美元，比去年同期成長 0.01 美元。這一增長是由折舊、稅收和淨利息支出下降推動的，而國內焦炭部門的銷售和定價下降大部分抵消了這一增長。

Consolidated adjusted EBITDA for the second quarter of 2024 was $63.5 million compared to record second quarter results in the prior year of $74 million. The decrease in adjusted EBITDA was primarily driven by lower blast coke sales volumes due to timing of spot sales in the prior year quarter. Lower cold coke yields and lower API2 price adjustment benefit at CMT, partially offset by higher transloading volumes at our domestic logistics terminals.

2024 年第二季合併調整後 EBITDA 為 6,350 萬美元，而上年第二季創紀錄的業績為 7,400 萬美元。調整後 EBITDA 的下降主要是由於上一季現貨銷售時間表導致高爐焦炭銷售下降。CMT 冷焦產量下降和 API2 價格調整下降的好處，部分被我們國內物流碼頭轉運量的增加所抵消。

Moving to slide 5 to discuss our domestic coke business performance in detail. Second-quarter domestic coke adjusted EBITDA was $57.9 million and coke sales volumes were 973,000 tons. While the domestic coke fleet continued to run at full capacity, the decrease in adjusted EBITDA as compared to the record prior year period, was primarily driven by lower blast coke sales volumes due to the timing of spot blast coke sales in the prior year period.

請到投影片 5，詳細討論我們國內焦炭業務的表現。第二季國內焦炭調整後 EBITDA 為 5,790 萬美元，焦炭銷售量為 973,000 噸。雖然國內焦炭船隊繼續滿載運行，但與去年同期創紀錄水平相比，調整後 EBITDA 有所下降，這主要是由於去年同期現貨高焦炭銷售時間導致高爐焦炭銷量下降。

Lower coal-to-coke yields on our long-term take-or-pay contracts also impacted second quarter results. As we mentioned in our first quarter call, all spot blast and foundry coke sales are finalized for the full year. Our full year domestic coke sales fund guidance remains approximately 4.1 million tons, and we are reaffirming our full-year domestic coke adjusted EBITDA guidance of $238 million to $245 million.

我們長期照付不議合約的煤焦產量較低也影響了第二季的業績。正如我們在第一季電話會議中提到的，全年所有現貨鼓風和鑄造焦炭銷售均已確定。我們全年國內焦炭銷售基金指引仍約 410 萬噸，我們重申全年國內焦炭調整後 EBITDA 指引為 2.38 億美元至 2.45 億美元。

Now moving on to slide 6 to discuss our logistics business. Our logistics business generated $12.2 million of adjusted EBITDA in the second quarter of 2024 compared to $11.7 million in the second quarter of 2023. The increase in adjusted EBITDA was primarily due to higher transloading volumes from our domestic terminals, partially offset by lower pricing at CMT due to limited API2 price adjustment benefit during the quarter.

現在轉到投影片 6 來討論我們的物流業務。我們的物流業務在 2024 年第二季產生了 1,220 萬美元的調整後 EBITDA，而 2023 年第二季為 1,170 萬美元。調整後 EBITDA 的成長主要是由於我們國內碼頭的轉運量增加，部分被 CMT 由於本季 API2 價格調整收益有限而降低的定價所抵銷。

We expect some recovery of the API2 price adjustment benefit in the third quarter. Our terminals handled combined throughput volumes of approximately 6 million tons during the second quarter of 2024, as compared to 5.2 million tons during the same prior year period. Our domestic coke terminals handled 3.5 million tons in the second quarter of 2024, as compared to 2.8 million tons during the same prior year period, driven by new business.

我們預計 API2 調價效益將在第三季有所恢復。2024 年第二季度，我們的碼頭處理的綜合吞吐量約為 600 萬噸，而去年同期為 520 萬噸。在新業務的推動下，我們的國內焦炭碼頭在 2024 年第二季處理了 350 萬噸焦炭，而去年同期為 280 萬噸。

We are pleased with the strong results from our Logistics segment in the first half of the year. We experienced very limited high water costs in the first and second quarters, which contributed to our favorable results. Additionally, our domestic terminals handled a total of 7.1 million tons, representing best first-half performance in terms of volume in the past five years.

我們對上半年物流部門的強勁業績感到高興。第一季和第二季我們經歷了非常有限的高水成本，這為我們帶來了良好的表現。此外，國內碼頭累計吞吐量710萬噸，上半年吞吐量創五年來最佳表現。

For the second half of the year, while we expect solid operating performance from the logistics segment to continue, we anticipate a modest decline in total logistics handling tons as compared to the first half. Our strong first half logistics performance, coupled with our outlook for the remainder of the year, positions us well to exceed logistics full year 2024 adjusted EBITDA and volume guidance.

下半年，雖然我們預計物流板塊將繼續保持穩健的經營業績，但我們預計物流總吞吐量將較上半年略有下降。我們上半年強勁的物流業績，加上我們對今年剩餘時間的展望，使我們能夠超越物流 2024 年全年調整後的 EBITDA 和銷售指導。

Now turning to Slide 7 to discuss our liquidity position for Q2. SunCoke ended the second quarter with a cash balance of $81.9 million and a fully undrawn revolver of $350 million. Net cash used in operating activities was $9.3 million and was negatively impacted by the timing of approximately $68 million of cash receipts at quarter end.

現在轉向投影片 7 討論我們第二季的流動性狀況。SunCoke 第二季末的現金餘額為 8,190 萬美元，未提取的左輪資金為 3.5 億美元。經營活動使用的現金淨額為 930 萬美元，受到季末約 6,800 萬美元現金收入時間的負面影響。

We expect operating cash flow to normalize over the remainder of the year, and we are reaffirming our full-year operating cash flow guidance of $185 million to $200 million. We paid $8.4 million in dividends at the rate of $0.10 per share this quarter and spent $17.5 million on CapEx. In total, we ended the quarter with a strong liquidity position of $431.9 million. With that, I will turn it back over to Katherine.

我們預計營運現金流將在今年剩餘時間內恢復正常，並重申全年營運現金流指引為 1.85 億至 2 億美元。本季我們以每股 0.10 美元的價格支付了 840 萬美元的股息，並在資本支出上花費了 1,750 萬美元。總的來說，本季末我們的流動性部位強勁，達到 4.319 億美元。這樣，我會將其轉回給凱瑟琳。

Thanks, Mark. Wrapping up on slide 8. As always, safety is our first priority, and we will continue to focus on strong safety and environmental performance. Robust safety and environmental standards set SunCoke apart and are central to our reliable delivery of high-quality coke and logistics services. We remain focused on safely executing against our operating and capital plan for full utilization of our coke making assets.

謝謝，馬克。投影片 8 結束。一如既往，安全是我們的首要任務，我們將繼續專注於強大的安全和環保績效。嚴格的安全和環境標準使 SunCoke 脫穎而出，並且是我們可靠地提供高品質焦炭和物流服務的核心。我們仍然專注於安全地執行我們的營運和資本計劃，以充分利用我們的煉焦資產。

We also continue to focus on adding new business at our logistics terminals. We are pleased with the results of our efforts so far with new business largely driving the highest first-half volumes at our domestic terminals in the last five years. And while we were able to finalize all of our spot blast and foundry coke sales for the full year, we continue to pursue future opportunities to broaden our customer base. As we've demonstrated in the past, we will pursue a balanced yet opportunistic approach to capital allocation.

我們也繼續專注於在物流碼頭增加新業務。我們對迄今為止的努力成果感到滿意，新業務在很大程度上推動了我們國內碼頭上半年吞吐量達到過去五年來的最高水平。雖然我們能夠完成全年所有​​現貨噴砂和鑄造焦炭的銷售，但我們將繼續尋求未來的機會來擴大我們的客戶群。正如我們過去所表明的那樣，我們將追求平衡但機會主義的資本配置方法。

From a growth perspective, we continue to work on developing the Granite City GPI project. The 20% quarterly dividend increase aligns with our capital allocation goal of rewarding long-term shareholders and reflects the strength and stability of our business. We continuously evaluate the capital needs of the business, our capital structure and the need to reward our shareholders, and we'll make capital allocation decisions accordingly.

從成長的角度來看，我們繼續致力於開發 Granite City GPI 項目。季度股利增加20%符合我們回報長期股東的資本配置目標，反映了我們業務的實力和穩定性。我們不斷評估業務的資本需求、資本結構以及回報股東的需要，並據此做出資本配置決策。

Finally, we are very pleased with the strong results in the first half of the year and coupled with our outlook for the balance of the year, we now expect to achieve full-year consolidated adjusted EBITDA at the high end of our guidance range of $240 million to $255 million. With that, let's go ahead and open up the call for Q&A.

最後，我們對上半年的強勁業績感到非常滿意，再加上我們對今年餘下時間的展望，我們現在預計全年綜合調整後 EBITDA 將達到我們指導範圍 240 美元的上限百萬至 2.55 億美元。接下來，讓我們開始進行問答環節。

(Operator Instructions)

（操作員說明）

Lucas Pipes, B. Riley Securities.

盧卡斯‧派普斯 (Lucas Pipes)，B. 萊利證券 (Riley Securities)。

Thank you very much, operator. Good morning, everyone. My first question is in regards to the recent announcement from your largest customer on an acquisition in Canada. Obviously, still has to close, but I wondered how you expect this deal impacting your future coke sales to this customer, especially in light of the June 2025 contract expiration? Thank you very much.

非常感謝您，接線生。大家早安。我的第一個問題是關於你們最大的客戶最近宣布的在加拿大的收購事宜。顯然，仍然需要完成，但我想知道您預計這筆交易將如何影響您未來對該客戶的焦炭銷售，特別是考慮到 2025 年 6 月合約到期？非常感謝。

Thanks, Lucas. Yeah. So when we look at the Stelco acquisition, we don't see any change in supply or demand as far as coke in the North American market and therefore, no change in the overall coke balance.

謝謝，盧卡斯。是的。因此，當我們審視 Stelco 收購時，我們沒有看到北美市場焦炭的供應或需求發生任何變化，因此整體焦炭平衡沒有變化。

Got it. So in terms of like any displacement from Canada coming into Cleveland, for example, you wouldn't expect that?

知道了。例如，就任何來自加拿大的流離失所者進入克利夫蘭而言，您不會想到這一點嗎？

Well, what I said was that there's no change in the overall coke balance. So we don't know what Cliffs will decide to do. But if we -- if the assumption sort of in your question is that if Cliffs is using Stelco's excess coke, and instead of Stelco selling that coke to another customer, that they in turn took that excess coke and used it for themselves, from our perspective, we would see the customer that Stelco was selling to as an opportunity to potentially pursue that customer.

嗯，我說的是整體焦炭平衡沒有改變。所以我們不知道克里夫斯會決定要做什麼。但是如果我們——如果你問題中的假設是，如果克利夫斯正在使用Stelco 的多餘焦炭，而不是Stelco 將焦炭出售給另一個客戶，那麼他們反過來從我們的公司那裡拿走多餘的焦炭並為自己使用。

And since, again, there's no change in the macro supply and demand, we would do what we've always done, which is to aim to run full and sell out, and we would look to sell our coke to either that potential customer, other customers in the North American market for our spot blast coke sales, foundry coke sales and, of course, the seaborne market.

而且，由於宏觀供需沒有變化，我們會做我們一直在做的事情，即以滿載運行並售完為目標，我們會考慮將焦炭賣給潛在客戶，北美市場的其他客戶參與我們的現貨高爐焦銷售、鑄造焦銷售，當然還有海運市場。

That is very helpful. I appreciate that clarity. A quick follow-up on the logistics side. First, did you see any benefit from the Baltimore outage in terms of volumes getting rerouted down to the Gulf? And then a major Illinois Basin producer commented earlier this week that sulfur discounts are a bit higher than they have been. And so I wonder kind of what you expect for Q3, Q4 in terms of volumes through CMT? Thank you very much.

這非常有幫助。我很欣賞這種清晰度。物流方面的快速跟進。首先，您認為巴爾的摩停電對將運量改道至墨西哥灣有什麼好處嗎？伊利諾伊州盆地的一家主要生產商本週稍早評論稱，硫磺折扣比以往要高一些。所以我想知道您對第三季、第四季透過 CMT 的銷售有何期望？非常感謝。

Sure. So with respect to the unfortunate incident in Baltimore, we did benefit from that unfortunate incident in the first half, and we talked about that in our first quarter call. So when you see us talk about having a softer second half, that's really due to the higher volumes that we saw in the first half that aren't getting replicated in the second half.

當然。因此，關於巴爾的摩的不幸事件，我們確實從上半年的不幸事件中受益，我們在第一季電話會議中談到了這一點。因此，當你看到我們談論下半年的疲軟時，這實際上是由於我們在上半年看到的較高交易量在下半年沒有複製。

Thank you. Could you -- can you speak to the market?

謝謝。你能－你能跟市場談談嗎？

Yeah, I can take that. I mean from an Illinois basin coal perspective, right, like if you look at the API2 futures kind of pricing here, we don't -- I mean that has stabilized quite a bit after a really volatile '23 and early '24. So from a volumes or a demand perspective, what is going through our terminals, we are not seeing a huge change going from first half to the second half. So that's basically what our expectation is for the second half of the year right now.

是的，我可以接受。我的意思是，從伊利諾伊州盆地煤炭的角度來看，對吧，就像你看看這裡的API2 期貨定價一樣，我們不會——我的意思是，在經歷了23 年和24 年初的劇烈波動之後，價格已經穩定了許多。因此，從數量或需求的角度來看，我們的碼頭的情況，從上半年到下半年，我們沒有看到巨大的變化。這基本上就是我們現在對下半年的期待。

Very helpful. And then congratulations on the dividend increase. That is great to see. Katherine, any read-through to future growth? Or would you say this is more of a reflection of kind of the solid results to date, and it doesn't really change your priorities if it comes to Granite City pig iron for example? I would appreciate your thoughts on that. Thank you.

非常有幫助。然後恭喜股息增加。很高興看到這一點。凱瑟琳，對未來的成長有什麼解讀嗎？或者你會說這更反映了迄今為止的可靠結果，如果涉及花崗岩城生鐵，它並沒有真正改變你的優先事項？我很感激你對此的想法。謝謝。

Well, absolutely. So we continue to work with US Steel on the GPI project. That is still ongoing. Our engineering work is still ongoing. There has been no change in our focus with respect to the GPI project as our number one growth focus and growth opportunity. I think it's just important to remember that the fundamentals of that project are so strong. And it's certainly taken a long time. And I think it's -- that can be a frustration.

嗯，絕對是。因此，我們繼續與美國鋼鐵公司就 GPI 專案進行合作。這仍在繼續。我們的工程工作仍在進行中。我們對 GPI 專案作為我們第一個成長重點和成長機會的關注沒有改變。我認為重要的是要記住該項目的基礎是如此強大。這肯定花了很長時間。我認為這可能會令人沮喪。

But if you really think about the fundamentals of that low-cost iron ore, the availability of the blast furnace, the location of our coke plant, and the ability to send that high-quality GPI then to Big River, that's really hard to replicate in the market. And so we continue to strongly believe in the fundamentals of that project.

但如果你真正考慮低成本鐵礦石的基本原理、高爐的可用性、我們焦化廠的位置，以及將高品質 GPI 發送到 Big River 的能力，那真的很難複製在市場上。因此，我們繼續堅信該專案的基本原理。

We continue to work on it. US Steel continues to work on it with us. So the increase in our dividend, and it's the third year that we have increased our dividend, it fully reflects the GPI project with respect to the ability to increase that dividend. And we'll continue to focus on capital allocation that rewards our long-term shareholders.

我們將繼續努力。美國鋼鐵公司將繼續與我們合作。所以我們增加股息，這是我們第三年增加股息，這充分反映了GPI項目增加股息的能力。我們將繼續專注於回報我們長期股東的資本配置。

Katherine, I appreciate all the call today. Thank you very much and to you and the team. Best of luck.

凱瑟琳，我感謝今天所有的電話。非常感謝您以及您和您的團隊。祝你好運。

Thank you, Luca.

謝謝你，盧卡。

Nathan Martin, Benchmark Co.

內森馬丁，基準公司

Thanks, operator. Good morning, everyone. Let's stick with the logistics for a second here, a big pickup, obviously, quarter over quarter at CMT in particular. It sounds like that was likely material other than coal. Can you talk about some of the new business you guys have secured there and how you see that playing out going forward?

謝謝，接線生。大家早安。讓我們先關注物流方面的問題，顯然，尤其是 CMT，每季都有大幅提升。聽起來這可能是煤以外的材料。您能談談您在那裡獲得的一些新業務以及您對未來發展的看法嗎？

So Nathan, thank you. We're seeing the new business at our domestic terminal. So CMT continues to run well. But this is really at our domestic terminals where we're seeing that business. And this is not the unfortunate sort of Baltimore bridge business for lack of a better term that we saw in the first half, but this is actual new business that's coming in. We can't talk about specific customers, but this is at our domestic terminals. And that's why you're seeing such high volumes for those domestic terminals, the highest that we've had in the last five years.

內森，謝謝你。我們在國內航站樓看到了新業務。因此，CMT 繼續運作良好。但這確實是在我們的國內航站樓上看到的業務。這不是我們在上半年看到的那種不幸的巴爾的摩橋樑業務，因為缺乏更好的術語，但這是真正即將到來的新業務。我們不能談論具體的客戶，但這是在我們的國內航站樓。這就是為什麼國內航站樓的吞吐量如此之高，是過去五年來的最高水準。

Okay. So then that makes sense, Katherine. Then the increase you're saying at CMT quarter over quarter was really just picking up on shipments that were diverted away from Baltimore?

好的。那麼這是有道理的，凱瑟琳。那麼，您所說的 CMT 季度環比增長實際上只是從巴爾的摩轉移出去的發貨量增加了？

That's correct. And we had slightly higher volumes from a timing basis than expected in the in the first half.

這是正確的。從時間來看，我們上半年的銷售略高於預期。

Yeah, Nate, I mean we did not get any benefit at CMT from the Baltimore incident. It was all at the domestic terminals. If you look -- if you're comparing Q2 '23 to Q2 '24, I think -- I'm not sure which comparison you're talking about, but it's roughly 130,000 tons pickup on CMT, which is which is pretty normal. It's nothing like outstanding. Are you comparing Q1 '24 versus Q1 -- Q2 '24? I just want to make sure that we can address that.

是的，內特，我的意思是我們在 CMT 並沒有從巴爾的摩事件中得到任何好處。一切都在國內航站樓進行。如果你看 - 如果你比較 23 年第二季度和 24 年第二季度，我想 - 我不確定你在談論哪個比較，但 CMT 的拾取量約為 130,000 噸，這是相當正常的。這根本不是什麼傑出的事。您是否正在比較 24 年第 1 季和 24 年第 1 季 - 第 2 季？我只是想確保我們能夠解決這個問題。

Yeah. I was looking sequentially, Shantanu, because it was up 650,000 tons plus or minus.

是的。我按順序查看，Shantanu，因為它增加了 65 萬噸上下。

Okay. Yeah. No, I mean, definitely, the second quarter for CMT was much better than the first quarter. Obviously, as we mentioned, if you remember, when we gave our 2024 guidance, we were coming into the year with a very, very soft market, which I kind of reference to being a volatile market and that was kind of factored in, in our original guidance, right?

好的。是的。不，我的意思是，毫無疑問，CMT 第二季比第一季好得多。顯然，正如我們所提到的，如果你還記得，當我們給出2024 年指導時，我們進入的這一年市場非常非常疲軟，我指的是一個波動的市場，這在某種程度上已被考慮在內，我們原來的指導，對嗎？

And Q1 came in a little bit softer, but we saw a pickup in the Q2, and that's what you can see in the volume and that's for normalizing. And it's just kind of the normal volumes that we being at CMT. So -- but majority of the new business, the pickup in the EBITDA and the reason behind the increase in the guidance is coming from the domestic logistics terminals.

第一季的表現有點疲軟，但我們看到第二季有所回升，這就是你在音量中看到的，這是為了正常化。這只是我們 CMT 的正常數量。所以，但大部分新業務、EBITDA 的回升以及指引增加背後的原因都來自國內物流碼頭。

Okay. Got it. So you still kind of feel like CMT is going to normalize somewhere around maybe 2 million tons, plus or minus per quarter, that kind of run rate?

好的。知道了。所以你仍然覺得 CMT 會在大約 200 萬噸左右（每季加減）實現正常化，這樣的運行率？

Yeah. That's kind of what's factored in the guidance, right? Like kind of we give the volume guidance. Yeah.

是的。這就是指南中考慮的因素，對嗎？就像我們提供音量指導一樣。是的。

Okay. Yeah. I was just trying to figure out if -- which number is closer to what you guys expect moving forward, the 1.8 in the first quarter or the 2.5 in the second quarter. Okay. Got it. I'll leave that one. I mean, I guess, really what it all comes down to, right, is, I guess, the first half for the logistics business, you guys did $25 million of EBITDA. Full-year guidance is $30 to $35 million.

好的。是的。我只是想弄清楚，哪個數字更接近你們對未來的預期，是第一季的 1.8 還是第二季的 2.5。好的。知道了。我會留下那個。我的意思是，我想，這一切歸根結底到底是，我想，上半年物流業務的 EBITDA 達到了 2500 萬美元。全年指引為 3,000 至 3,500 萬美元。

Obviously, you now expect to exceed that range. But I mean, could we get any thoughts on what kind of magnitude you're baking in at this point? I mean, is it $5 million, $10 million? You did know, obviously, the expectation for volume to slow down somewhat in the second half? But it would be great to get your thoughts on the forecast there.

顯然，您現在期望超出該範圍。但我的意思是，我們能否對您目前正在烘烤的大小有任何想法？我的意思是，是500萬美元還是1000萬美元？顯然，您確實知道預計下半年成交量會放緩？但如果能了解您對那裡的預測的想法，那就太好了。

Yeah. Nate, I mean, at this point, we are not providing a new guidance range. We are just saying that we are going to exceed the guidance range. So yeah, I mean, obviously, we need to see how the second half plays out and we will get an idea, but we feel very comfortable that we'll be kind of above our guidance range based on the first-half performance.

是的。內特，我的意思是，目前我們還沒有提供新的指導範圍。我們只是說我們將超出指導範圍。所以，是的，我的意思是，顯然，我們需要看看下半場的表現如何，我們就會得到一個想法，但我們感到非常放心，我們將高於基於上半場表現的指導範圍。

And then going back to kind of your first question, right? Like so our full year guidance for CMT was 4.1 million tons for coal and 3.8 million tons for other products. And that is -- we said that we are going to exceed the volumes, but for CMT, you can think about that the guidance on those volumes remain unchanged. Majority of the pickup is coming through the domestic terminals.

然後回到你的第一個問題，對嗎？因此，我們對 CMT 的全年指引是煤炭 410 萬噸，其他產品 380 萬噸。也就是說，我們說過我們將超過數量，但對於 CMT 來說，你可以認為對這些數量的指導保持不變。大部分的取貨是透過國內航站樓進行。

Okay. Got it. That's very helpful Shantanu. I appreciate that. And then maybe just shifting over to the domestic coke business quickly. You guys mentioned last quarter some planned outages, I think, here in the second half. Is that still the case? And how do you expect that to impact maybe EBITDA per ton in sales in the second half versus what you saw in the first half? I think typically, sales remain fairly consistent, but it would just be great to get your thoughts.

好的。知道了。這對尚塔努很有幫助。我很欣賞這一點。然後也許會迅速轉向國內焦炭業務。你們提到上個季度有一些計畫停電，我想是在下半年。現在還是這樣嗎？與上半年相比，您預計這對下半年每噸銷售的 EBITDA 有何影響？我認為通常情況下，銷售量保持相當穩定，但如果您能了解您的想法那就太好了。

Yeah. I mean, the expectation, as we are reaffirming our guidance for $238 million to $245 million, that still remains the case. Kind of this year, the timing of the sales and production have aligned really well, unlike the last quarter, where Q2 of '23 was a record quarter mostly driven by the timing of the shipment you can see, right? Like we sold 46,000 tons more than what we produced last quarter in '23.

是的。我的意思是，當我們重申 2.38 億至 2.45 億美元的指引時，這種預期仍然如此。今年，銷售和生產的時間安排非常吻合，與上個季度不同，23 年第二季度是創紀錄的季度，主要是由發貨時間驅動的，你可以看到，對嗎？例如我們的銷售量比 23 年上季的產量多了 46,000 噸。

But for 2024, our sales and production are pretty well aligned. We did mention that we have some outages into the second -- in the second half of the year, which is factored in. So yeah, I think it should be pretty consistent. If you look at sequentially quarter over quarter, with -- and traditionally, Q4 has been kind of our weakest quarter with production and getting -- sorry, with outages, and us getting ready for winter and everything. So we expect that to be similar story this year as well.

但到 2024 年，我們的銷售和生產將非常一致。我們確實提到，我們在下半年出現了一些停電，這一點已被考慮在內。所以是的，我認為它應該非常一致。如果你按季度來看，傳統上，第四季度是我們生產和獲得最弱的季度，抱歉，停電，我們正在為冬天和一切做好準備。因此，我們預計今年也會出現類似的情況。

Got it. Typical seasonality. Okay. Perfect. I appreciate that, Shantanu. I'll leave it there. Best of luck, you guys in the second half.

知道了。典型的季節性。好的。完美的。我很感激，山塔努。我會把它留在那裡。祝你們下半場好運。

Thanks, Nathan.

謝謝，內森。

Thank you, Nathan. And we have no current questions. (Operator Instructions) Okay, we have no questions registered. So I would like to hand it back to Katherine Gates, President and CEO with SunCoke Energy for some final remarks.

謝謝你，內森。目前我們沒有任何問題。（操作員說明）好的，我們沒有登記任何問題。因此，我想請 SunCoke Energy 總裁兼執行長 Katherine Gates 做最後的發言。

Thank you all again for joining us this morning and for your continued interest in SunCoke. Let's continue to work safely and create value for all of our stakeholders.

再次感謝大家今天早上加入我們以及對 SunCoke 的持續關注。讓我們繼續安全工作，為所有利害關係人創造價值。

Thank you all for joining the SunCoke Energy second quarter 2024 earnings call. You may now disconnect from the call and please enjoy the rest of your day.

感謝大家參加 SunCoke Energy 2024 年第二季財報電話會議。現在您可以掛斷電話，並享受接下來的一天。