NACCO Industries(US:NC)2025-04-30 20:29Financial Performance - Revenues for the three months ended March 31, 2025, increased to $65,571,000, up 23% from $53,289,000 in the same period of 2024[9] - Gross profit for the same period rose to $9,654,000, representing a 38% increase compared to $7,018,000 in 2024[9] - Net income for Q1 2025 was $4,900,000, a 7% increase from $4,570,000 in Q1 2024[11] - Basic earnings per share increased to $0.67 in Q1 2025, compared to $0.61 in Q1 2024, reflecting a 10% growth[9] - Operating profit for Q1 2025 was $7,682,000, an increase of 61% from $4,757,000 in Q1 2024[9] - Earnings from unconsolidated operations were $15.4 million for Q1 2025, compared to $13.4 million for Q1 2024, reflecting a 14.9% increase[64] - The company reported a net income of $4,900,000 for the three months ended March 31, 2025, compared to $4,570,000 for the same period in 2024, indicating a year-over-year increase of approximately 7.2%[15] Assets and Liabilities - Total current assets decreased to $227,497,000 as of March 31, 2025, down from $264,738,000 at the end of 2024, a decline of 14%[7] - Total liabilities decreased slightly to $225,070,000 as of March 31, 2025, compared to $226,740,000 at the end of 2024[7] - Total assets as of March 31, 2025, were $634,187,000, slightly up from $631,687,000 at the end of 2024[7] - The company’s balance of total stockholders' equity increased to $409,117,000 as of March 31, 2025, up from $404,947,000 at the beginning of the year[15] Cash Flow - The company reported a net cash provided by operating activities of $5,023,000 for Q1 2025, compared to a net cash used of $(9,758,000) in Q1 2024[13] - The total decrease in cash for the period was $(10,949,000), compared to a decrease of $(23,265,000) in the same period of 2024, indicating improved cash flow management[13] - Cash and cash equivalents at the end of Q1 2025 were $61,884,000, down from $72,833,000 at the end of 2024, a decrease of 15%[13] Revenue Segments - Revenue from goods transferred at a point in time was $18.7 million for Q1 2025, compared to $15.1 million in Q1 2024, reflecting a 23.8% increase[51] - Revenue from services transferred over time rose to $46.9 million in Q1 2025, up 22.9% from $38.2 million in Q1 2024[51] - Coal Mining segment revenues increased to $19.239 million in Q1 2025 from $15.545 million in Q1 2024, representing a growth of 23.5%[69] - NAMining segment revenues rose to $31.526 million in Q1 2025, up 28.7% from $24.483 million in Q1 2024[69] Inventory and Impairments - The company recorded an inventory impairment charge of $3.0 million for Q1 2025, compared to $2.5 million in Q1 2024[54] - As of March 31, 2025, total inventories were $94.323 million, slightly down from $94.608 million at December 31, 2024[54] - The company had $13.2 million classified as assets held for sale as of March 31, 2025, down from $14.2 million at December 31, 2024[33] Investments and Future Plans - The company continues to explore opportunities in new power generation resources through its ReGen Resources segment[17] - The company is evaluating the impact of new accounting standards on financial statements, with ASU 2023-09 effective for fiscal years beginning after December 15, 2024[34][35] - The company expects to recognize $1.0 million in contract liability revenue in the remainder of 2025, with additional amounts in subsequent years[52] - Sawtooth Mining will exclusively provide mining services for the Thacker Pass lithium project, targeting initial production in late 2027[26] Stock and Dividends - Cash dividends paid during the first quarter of 2025 amounted to $1,691,000, up from $1,630,000 in the same quarter of 2024, reflecting a dividend per share increase from $0.2175 to $0.2275[15] - The stock repurchase program approved on November 7, 2023, allows for the purchase of up to $20.0 million of Class A Common stock through December 31, 2025; $0.7 million was repurchased in Q1 2025[56]