NEW YORK SunCoke Energy Partners LPs fourth-quarter net income more than doubled to $15.3 million from $7.3 million a year earlier thanks to contributions from its Middletown, Ohio, coke facility.
The newly formed master limited partnershipa subsidiary of Lisle, Ill.-based SunCoke Energy Inc.posted full-year net income of $56.8 million, up from $30.8 million in 2011. SunCoke Energy Partners owns a 65-percent interest in each of SunCoke Energys Haverhill and Middletown cokemaking facilities in Ohio.
The financial results are for periods prior to SunCoke Energy Partners Jan. 24 initial public offering of 13.5 million common units, representing a 42.1-percent partner interest. The results were presented on a combined basis, including the 35-percent interest in the Haverhill and Middletown facilities owned by SunCoke.
"Our strong fourth-quarter and full-year performance was driven by our new Middletown facility, which began operations in October 2011," said Fritz Henderson, chairman and chief executive officer of SunCoke Energy Partners. "The success of the Middletown startup and the sustained solid results at Haverhill reflect our continued focus on the disciplined and reliable operation of cokemaking facilities."
Fourth-quarter revenue increased 32.9 percent to $186.2 million from $140.1 million in the same period a year earlier, while full-year revenue jumped 64.6 percent to $740.2 million from $449.8 million in 2011.
SunCoke, through its subsidiaries, owns a 55.9-percent partner interest in SunCoke Energy Partners.
A version of this article was first published by AMM sister publication Steel First.