SunCoke Energy Partners (SXCP) is trading more than 7% lower before Thursday’s opening bell after announcing lower-than-expected Q1 earnings and a 33% reduction in its quarterly dividend.
For the first quarter, the company reported a profit of $0.26 per share, up from a loss of $2.77 per share last year but below the consensus estimate of $0.32 per share. It was not clear if the figures were comparable.
Total revenue of $214.8 million increased from $195.6 million a year ago and beat the estimated $207.1 million.
For FY18, SunCoke reaffirmed its adjusted EBITDA guidance of $215 million to $225 million with capital expenditures projected at $61 million.
The company also set a quarterly dividend at $.40 per share, down 33% from the previous dividend of $0.5940. The dividend will be paid on June 1 to shareholders of record as of May 15.