SunCoke Energy, Inc. (NYSE:SXC) Q2 2023 Earnings Conference Call August 1, 2023 11:00 AM ET

Company Participants

Shantanu Agrawal - IR

Katherine Gates - President

Mark Marinko - SVP & CFO

Conference Call Participants

Lucas Pipes - B. Riley

Nathan Martin - Benchmark Company

Operator

Ladies and gentlemen, welcome to the SunCoke Energy Second Quarter 2023 Earnings Call. My name is Glenn, and I will be the operator for today's call. [Operator Instructions]

I will now hand you over to your host, Shantanu Agrawal, VP, Finance and Treasurer, to begin.

Shantanu Agrawal

Thanks, Glenn. Good morning, and thank you for joining us this morning to discuss SunCoke Energy's second quarter 2023 results. With me today are Mike Rippey, Chief Executive Officer; Katherine Gates, President; and Mark Marinko, Senior Vice President and Chief Financial Officer.

Following management's prepared remarks, we'll open the call for Q&A. 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.

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 financial measures discussed on today's call.

With that, I'll now turn things over to Katherine.

Katherine Gates

Thanks, Shantanu. Good morning, and thank you for joining us on today's call. Earlier today, we announced SunCoke Energy's second quarter results. I want to discuss a few highlights before turning it over to Mark to review the results in detail. I'd like to start by thanking all of our SunCoke employees for their contributions to our record second quarter results. Our domestic coke plants ran at full capacity and delivered excellent results for the quarter. Our logistics terminals were impacted by weaker commodity market conditions, but still delivered solid results.

Through our collective efforts, we delivered consolidated adjusted EBITDA of $74 million, a record for second quarter performance. We also announced today that the Board of Directors of SunCoke approved a 25% increase in our quarterly dividend from $0.08 to $0.10 per share. The increase is effective on September 1, 2023, the next quarterly payment. This meaningful increase demonstrates the Board's and management's confidence in our continued progress and the strength and stability of our underlying core businesses.