Core Viewpoint - NACCO Industries will release its 2024 Fourth Quarter and Full Year financial results on March 5, 2025, followed by a conference call on March 6, 2025 to discuss these results [1]. Group 1: Financial Results Announcement - The financial results for the fourth quarter and full year of 2024 will be released after market close on March 5, 2025 [1]. - A conference call is scheduled for March 6, 2025 at 8:30 a.m. Eastern Time to discuss the financial results [2]. Group 2: Conference Call Details - The conference call can be accessed via a toll-free number for North America and an international number, with a conference ID provided [2]. - A replay of the call will be available until March 13, 2025, with specific numbers for toll-free and international access [2]. - The call will also be webcast live on NACCO's Investor Relations website, with an archive available two hours after the live call ends [2]. Group 3: Company Overview - NACCO Industries focuses on delivering aggregates, minerals, reliable fuels, and environmental solutions through its portfolio of NACCO Natural Resources businesses [3].

Financial Data and Key Metrics Changes - The company reported an operating profit of $19.7 million and net income of $15.6 million, equating to $2.14 per share, compared to an operating loss of $6.3 million and a net loss of $3.8 million or a loss of $0.51 per share in the previous year [18] - EBITDA increased to $25.7 million from $400,000 in 2023, including $13.6 million of insurance recovery income [18] Business Line Data and Key Metrics Changes - Coal Mining segment reported an operating profit of $19.9 million and segment adjusted EBITDA of $22.1 million, compared to an operating loss of $4.7 million in 2023 [19] - Minerals Management's revenues increased 54% to $8.8 million, with operating profit improving to $6.2 million, up 71% from $3.6 million in the previous year [20] - North American Mining reported an operating loss of approximately $0.5 million, down from a profit of $900,000 in 2023, with segment adjusted EBITDA at $2.2 million [20] Market Data and Key Metrics Changes - North American Mining's revenue increased 24% year-over-year due to favorable pricing and delivery mix at limestone quarries, despite lower customer demand [13] - The company anticipates solid customer demand at coal mining operations in 2025, benefiting from the absence of temporary price concessions [25] Company Strategy and Development Direction - The company is optimistic about its trajectory and the performance of its business segments, including efforts to protect its coal mining business [18] - The company is expanding its operations outside Florida, with ongoing projects in Texas, Nebraska, Arkansas, and Virginia, leveraging relationships with top aggregate producers [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's future, citing favorable macroeconomic trends and expected increases in profitability across segments [25][24] - The company is taking actions to terminate its defined benefit pension plan to eliminate future volatility from pension obligations [27] Other Important Information - The company ended the quarter with approximately $63 million in cash and $70 million in debt, and amended its revolving credit facility to increase commitments to $200 million [28] Q&A Session Summary Question: What happens when a customer is facing financial difficulties? - The response indicated that actions depend on the specific situation, including potentially pulling employees away and securing equipment [30] Question: Are you able to say how many tons that contract is? - The company noted that as it diversifies into different minerals, tonnage becomes a less meaningful statistic [31] Question: Would you expect tonnage to bounce back after the decline due to rain and customer maintenance? - Management indicated that typically, tonnage would bounce back, but hurricanes have impacted operations in Florida [33] Question: How do you categorize the businesses as consolidated and unconsolidated? - The categorization relies on control and is evaluated on a contract-by-contract basis [42] Question: Are there M&A opportunities to accelerate diversification? - The company is expanding rapidly outside Florida and has relationships with several top aggregate producers, indicating potential for growth [44]

Part I: Financial Information [Financial Statements](index=3&type=section&id=Item%201%2E%20Financial%20Statements) The company reported a significant profitability turnaround in Q3 2024, with net income of $15.6 million, driven by insurance recovery, despite a shift to net cash use from operations Consolidated Statement of Operations Highlights (Unaudited) | Financial Metric | Q3 2024 (in thousands) | Q3 2023 (in thousands) | 9 Months 2024 (in thousands) | 9 Months 2023 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $61,656 | $46,546 | $167,290 | $158,037 | | **Gross Profit (Loss)** | $7,244 | $(2,174) | $21,280 | $7,590 | | **Business Interruption Insurance Recoveries** | $13,612 | $— | $13,612 | $— | | **Operating Profit (Loss)** | $19,699 | $(6,267) | $31,822 | $(2,703) | | **Net Income (Loss)** | $15,635 | $(3,832) | $26,177 | $4,380 | | **Diluted EPS** | $2.14 | $(0.51) | $3.54 | $0.58 | Consolidated Balance Sheet Highlights (Unaudited) | Account | Sep 30, 2024 (in thousands) | Dec 31, 2023 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $63,052 | $85,109 | | Total current assets | $259,022 | $231,998 | | Total assets | $597,406 | $539,708 | | Total current liabilities | $68,923 | $69,986 | | Total liabilities | $200,096 | $157,368 | | Total stockholders' equity | $397,310 | $382,340 | Consolidated Cash Flow Highlights (Unaudited, 9 Months Ended Sep 30) | Cash Flow Activity | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Net cash (used for) provided by operating activities | $(2,879) | $63,020 | | Net cash used for investing activities | $(31,055) | $(37,555) | | Net cash provided by (used for) financing activities | $11,877 | $(8,046) | | **Net (Decrease) Increase in Cash** | **$(22,057)** | **$17,419** | [Management's Discussion and Analysis (MD&A)](index=19&type=section&id=Item%202%2E%20-%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes improved operating results primarily to the Coal Mining segment's insurance recovery and enhanced unconsolidated earnings, with a positive outlook for 2024 [Business Segments Overview](index=19&type=section&id=Business%20Segments%20Overview) The company operates three primary segments: Coal Mining, NAMining, and Minerals Management, with recent performance impacted by a customer's power plant issue - The company operates three business segments: Coal Mining, North American Mining (NAMining), and Minerals Management[81](index=81&type=chunk) - The Coal Mining segment's Mississippi Lignite Mining Company (MLMC) is consolidated, while other coal operations (Coteau, Coyote Creek, Falkirk) are accounted for as equity method investments (unconsolidated VIEs)[84](index=84&type=chunk)[89](index=89&type=chunk) - A mechanical issue at a customer's power plant significantly impacted MLMC's operations in the first nine months of 2024, leading to a **$13.6 million** business interruption insurance recovery in Q3[86](index=86&type=chunk) - The NAMining segment is positioned as a growth platform, diversifying away from thermal coal by providing mining services for industrial minerals, including for the Thacker Pass lithium project[91](index=91&type=chunk) [Consolidated Financial Performance](index=23&type=section&id=Consolidated%20Financial%20Performance) Consolidated operating profit for Q3 2024 dramatically reversed to $19.7 million, primarily driven by the Coal Mining segment's recovery, despite increased interest expense Consolidated Operating Profit (Loss) by Segment (in thousands) | Segment | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Coal Mining | $19,938 | $(4,697) | $22,288 | $(9,059) | | NAMining | $(474) | $866 | $4,966 | $3,910 | | Minerals Management | $6,188 | $3,610 | $21,709 | $16,943 | | Unallocated & Eliminations | $(5,953) | $(6,046) | $(17,141) | $(14,497) | | **Total Operating Profit (Loss)** | **$19,699** | **$(6,267)** | **$31,822** | **$(2,703)** | - Interest expense increased in Q3 and the first nine months of 2024 compared to 2023 due to higher average borrowings and interest rates[114](index=114&type=chunk) - The effective tax rate can be volatile due to the impact of the percentage depletion benefit, which is not directly related to pre-tax income levels[117](index=117&type=chunk) [Segment Performance Analysis](index=26&type=section&id=Segment%20Performance%20Analysis) The Coal Mining segment's operating profit surged to **$19.9 million** in Q3 2024 due to insurance recoveries, while NAMining saw a Q3 loss, and Minerals Management profit rose from acquisitions Coal Mining Segment: Operating Profit (Loss) Analysis (Q3 2024 vs Q3 2023, in thousands) | Component | Change Contribution | | :--- | :--- | | 2023 Operating Loss | $(4,697) | | Business interruption insurance recoveries | $13,612 | | Improvement in Gross Loss | $7,806 | | Increase in Earnings of unconsolidated operations | $2,562 | | **2024 Operating Profit** | **$19,938** | - The NAMining segment's Q3 2024 operating loss was primarily due to a **$0.9 million** charge to establish an allowance against a customer receivable[148](index=148&type=chunk) - The Minerals Management segment's revenue and profit growth was driven by higher oil and natural gas production volumes, mainly from an acquisition that closed in Q4 2023; operating profit for the first nine months of 2024 also included a **$4.5 million** gain on a land sale[156](index=156&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) The company experienced a significant shift to net cash use from operations in 2024 due to working capital changes, but enhanced liquidity by expanding its credit facility - Net cash used for operating activities was **$2.9 million** in the first nine months of 2024, a **$65.9 million** decrease from the **$63.0 million** provided in the prior year period, mainly due to unfavorable working capital changes and a **$13.6 million** business interruption insurance receivable[118](index=118&type=chunk) - In September 2024, the company amended its secured revolving credit facility, increasing the commitment to **$200 million** and extending the maturity to September 2028; as of September 30, 2024, borrowings were **$37.2 million** with **$130.9 million** of excess availability[123](index=123&type=chunk) Capital Structure | Metric | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total debt (in thousands) | $70,222 | $35,956 | | Total equity (in thousands) | $397,310 | $382,340 | | **Debt to total capitalization** | **15%** | **9%** | - Capital expenditures for the first nine months of 2024 were **$30.7 million**; an additional **$38 million** is planned for the remainder of 2024, and approximately **$48 million** is planned for 2025[129](index=129&type=chunk) [Business Outlook](index=32&type=section&id=Business%20Outlook) The company anticipates significant year-over-year increases in consolidated operating profit and net income for Q4 and full-year 2024, primarily driven by Coal Mining, with continued growth expected in 2025 - **Consolidated:** Full-year 2024 consolidated operating profit and net income are expected to increase significantly over 2023 (excluding prior-year impairments)[170](index=170&type=chunk) - **Coal Mining:** Expects significant year-over-year increases in operating profit for Q4 and full-year 2024, driven by higher earnings at unconsolidated mines and improved results at MLMC[161](index=161&type=chunk) - **NAMining:** Expects increased operating profit for Q4 and full-year 2024, driven by amended contracts and scope expansions; the Thacker Pass lithium project is expected to begin Phase 1 production in 2027[163](index=163&type=chunk)[164](index=164&type=chunk) - **Minerals Management:** Expects operating profit to decrease in Q4 and full-year 2024 compared to 2023 (excluding one-off items), due to market expectations for oil and gas prices[166](index=166&type=chunk) - **2025 Perspectives:** The company anticipates its Mitigation Resources business will achieve profitability in 2025 and plans to terminate its defined benefit pension plan, which will result in a non-cash settlement charge[176](index=176&type=chunk)[177](index=177&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204%2E%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of Q3 2024, with no material changes to internal controls - Management concluded that the company's disclosure controls and procedures are effective as of September 30, 2024[185](index=185&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the third quarter of 2024[185](index=185&type=chunk) Part II: Other Information [Risk Factors and Legal Proceedings](index=36&type=section&id=Item%201A%20Risk%20Factors) The company reported no new legal proceedings and no material changes to previously disclosed risk factors during the quarter - There were no material changes to the company's risk factors during the quarter ended September 30, 2024[187](index=187&type=chunk) - The company reported no legal proceedings for the period[187](index=187&type=chunk) [Issuer Purchases of Equity Securities](index=36&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2024, the company repurchased 68,282 shares for approximately **$2.0 million** under its **$20.0 million** stock repurchase program, with **$8.9 million** remaining Share Repurchases in Q3 2024 | Period | Total Shares Purchased | Average Price Paid per Share | Total Cost (in thousands) | | :--- | :--- | :--- | :--- | | July 2024 | 39,649 | $30.78 | $1,220.6 | | August 2024 | 28,633 | $27.82 | $796.5 | | September 2024 | — | $— | $— | | **Total Q3** | **68,282** | **$29.54** | **$2,017.1** | - As of September 30, 2024, approximately **$8.9 million** remained available for future repurchases under the company's stock repurchase program, which runs through December 31, 2025[188](index=188&type=chunk)

Financial Performance - Q3 2024 operating profit reached $19.7 million, a significant increase from a $6.3 million operating loss in Q3 2023, primarily due to $13.6 million in business interruption insurance income[1][2] - Net income for Q3 2024 was $15.6 million, compared to a net loss of $3.8 million in Q3 2023[1][2] - EBITDA for Q3 2024 was $25.7 million, a substantial increase from $423,000 in Q3 2023[2] - Revenues for the three months ended September 30, 2024, increased to $61,656,000 from $46,546,000 in the same period last year, representing a 32.3% growth[41] - Gross profit for the three months ended September 30, 2024, was $7,244,000 compared to a loss of $2,174,000 in the prior year, indicating a significant recovery[41] - Net income for the three months ended September 30, 2024, was $15,635,000, a turnaround from a net loss of $3,832,000 in the same quarter of 2023[41] - Basic earnings per share for the three months ended September 30, 2024, were $2.14, compared to a loss of $0.51 per share in the same period last year[41] - Operating profit for the three months ended September 30, 2024, was $19,699,000, a substantial improvement from an operating loss of $6,267,000 in the prior year[41] - Total revenues for the nine months ended September 30, 2024, were $167.29 million, a decrease from $158.037 million in the same period of 2023[45][46] - Gross profit for the nine months ended September 30, 2024, was $21.28 million, compared to a gross loss of $20.305 million in the previous year[45][46] - Segment Adjusted EBITDA for the nine months ended September 30, 2024, was $50.772 million, an increase from $18.726 million in the same period of 2023[45][46] - Operating profit for the nine months ended September 30, 2024, was $31.822 million, while the previous year reported an operating loss of $2.703 million[45][46] - Earnings from unconsolidated operations for the nine months ended September 30, 2024, totaled $42.054 million, compared to $37.662 million in the same period of 2023[45][46] - Business interruption insurance recoveries amounted to $13.612 million for the nine months ended September 30, 2024[45] Segment Performance - Coal Mining segment reported an operating profit of $19.9 million in Q3 2024, recovering from a loss of $4.7 million in Q3 2023, despite lower revenues[4][5] - North American Mining revenues increased to $32.3 million in Q3 2024, up from $21.7 million in Q3 2023, driven by higher reimbursed costs and favorable pricing[11] - Minerals Management revenues improved to $8.8 million in Q3 2024, compared to $5.7 million in Q3 2023, with operating profit rising to $6.2 million from $3.6 million[17] - The coal mining segment generated revenues of $17,706,000 for the three months ended September 30, 2024, down from $18,665,000 in the same period last year[43] Future Outlook - Full-year 2024 capital expenditures are expected to total approximately $69 million, with $38 million planned for the fourth quarter[22] - The company anticipates significant year-over-year increases in Coal Mining operating profit and Segment Adjusted EBITDA in Q4 2024, driven by improved results at Mississippi Lignite Mining Company[8] - North American Mining expects to see increased operating profit and Segment Adjusted EBITDA in Q4 2024, supported by amended limestone contracts and expanded scope of work[13] - Full-year 2024 net income is expected to increase significantly compared to 2023, reflecting overall improvements across segments[21] - The Minerals Management segment anticipates a moderate production decline in 2025, with expected unlevered after-tax returns on invested capital in the mid-teens as the business matures[27] - Mitigation Resources expects to achieve profitability beginning in 2025, based on current expectations for new projects and timing of permit approvals[28] Strategic Initiatives - The Company is terminating its defined benefit pension plan, expecting a noncash settlement charge in 2025 upon termination[29] - The Company is pursuing growth through acquisitions of additional mineral interests and new contracts at Mitigation Resources and North American Mining, which should be accretive to the long-term outlook[31] - NACCO is focused on managing coal production costs and maximizing efficiencies to help customers be more competitive, which benefits the Coal Mining segment[33] - NACCO established ReGen Resources to develop solar and other energy-related projects on reclaimed mining properties, addressing the increasing demand for power generation sources[34] - The Company maintains a conservative capital structure while pursuing strategic diversification to generate cash for reinvestment[35] - The Company has ten mitigation banks and four permittee-responsible mitigation projects across several states, indicating a strong foundation for growth in Mitigation Resources[28] Market Considerations - The Company believes that fluctuations in natural gas prices and renewable energy availability could affect coal demand from its customers[33] - The Company is committed to maintaining high levels of customer service and operational excellence with a focus on safety and environmental stewardship[35] Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were $16,618,000, slightly up from $16,760,000 in the same period last year[43] - Operating expenses for the nine months ended September 30, 2024, were $50.033 million, compared to $48.036 million in the same period of 2023[45][46] - The cost of sales for the nine months ended September 30, 2024, was $146.01 million, a slight increase from $150.447 million in the previous year[45][46] - Depreciation, depletion, and amortization for the nine months ended September 30, 2024, totaled $18.95 million, compared to $21.429 million in the same period of 2023[45][46]

Consolidated Financial Performance - The company reported an operating profit of $19.7 million for Q3 2024, a significant improvement from a $6.3 million operating loss in Q3 2023, marking a $25.966 million increase [2][3] - Net income for Q3 2024 was $15.6 million, compared to a net loss of $3.8 million in Q3 2023, reflecting a $19.467 million improvement [2][3] - The Q3 2024 results included $13.6 million in business interruption insurance income, which contributed to the overall financial improvement [3][7] Segment Performance Coal Mining - Coal Mining segment delivered 5,809 thousand tons in Q3 2024, slightly up from 5,733 thousand tons in Q3 2023 [5] - Revenues from the Coal Mining segment were $17.7 million in Q3 2024, down from $18.7 million in Q3 2023, primarily due to lower deliveries at Mississippi Lignite Mining Company [5][7] - The segment achieved an operating profit of $19.9 million in Q3 2024, compared to a loss of $4.7 million in Q3 2023, driven by improved operational efficiencies and the insurance recoveries [6][8] North American Mining - North American Mining revenues increased to $32.3 million in Q3 2024 from $21.7 million in Q3 2023, primarily due to higher reimbursed costs and favorable pricing [12] - Despite the revenue growth, the segment reported an operating loss of $0.5 million in Q3 2024, down from a profit of $0.9 million in Q3 2023, attributed to higher expenses and a reserve charge [13][12] Minerals Management - The Minerals Management segment saw revenues rise to $8.8 million in Q3 2024 from $5.7 million in Q3 2023, with operating profit increasing to $6.2 million from $3.6 million [15][16] - The improvements were mainly due to higher production volumes from assets acquired in late 2023 [16] Outlook - The company anticipates significant year-over-year increases in Coal Mining operating profit and Segment Adjusted EBITDA for Q4 2024, driven by improved results at Mississippi Lignite Mining Company and higher deliveries [10][20] - North American Mining expects to see operating profit and Segment Adjusted EBITDA increase in Q4 2024, supported by amended contracts and expanded scopes of work [13][25] - The Minerals Management segment is projected to experience a decrease in operating profit and Segment Adjusted EBITDA for Q4 2024 compared to 2023, influenced by market expectations for natural gas and oil prices [17][18] Capital Expenditures and Financial Position - The company had consolidated cash of $63.1 million and total debt of $70.2 million as of September 30, 2024 [4] - Full-year 2024 capital expenditures are expected to total approximately $69 million, with $38 million planned for Q4 2024 [22][15]

Group 1 - NACCO Industries will release its 2024 Third Quarter financial results on October 30, 2024, after market close [1] - A conference call to discuss the financial results will be held on October 31, 2024, at 8:30 a.m. Eastern Time [1] - The conference call can be accessed via telephone or webcast, with a replay available until November 7, 2024 [1] Group 2 - NACCO Industries specializes in delivering aggregates, minerals, reliable fuels, and environmental solutions through its portfolio of businesses [2] - Additional information about NACCO Industries can be found on its website [2]

Consolidated Q2 2024 Highlights: Operating profit of $7.4 million increased from $1.8 million in Q2 2023 Includes $4.5 million gain on sale of an asset Income before taxes of $6.2 million increased from $3.3 million in Q2 2023 Net income of $6.0 million, or $0.81/share versus $2.5 million, or $0.34/share, in Q2 2023 CLEVELAND, July 31, 2024 /PRNewswire/ -- NACCO Industries® (NYSE: NC) today announced the following consolidated results for the three months ended June 30, 2024. Comparisons in this news releas ...

CLEVELAND, May 15, 2024 /PRNewswire/ -- NACCO Industries® (NYSE: NC) today announced that the Board of Directors increased its regular cash dividend from 21.75 cents to 22.75 cents per share. The dividend is payable on both the Class A and Class B Common Stock, and will be paid June 17, 2024 to stockholders of record at the close of business on May 31, 2024. The new dividend is equal to an annual rate of $0.91 per share. About NACCO Industries NACCO Industries® brings natural resources to life by delivering ...

(Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-9172 NACCO INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Delaware 34-1505819 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 5875 Land ...

Exhibit 99 NEWS RELEASE 5875 Landerbrook Drive • Suite 220 • Cleveland, Ohio 44124-4069 At March 31, 2024, the Company had consolidated cash of $61.8 million and total debt of $49.9 million with availability of $100.4 million under its $150.0 million revolving credit facility. During the three months ended March 31, 2024, the Company repurchased approximately 128,000 shares for $4.3 million under an existing share repurchase program. The Company believes that maintaining a conservative capital structure and ...