NACCO Industries(US:NC) Prnewswire·2024-10-30 20:52Consolidated 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]