Workflow
NACCO INDUSTRIES ANNOUNCES THIRD QUARTER 2024 RESULTS
NCNACCO Industries(NC) Prnewswire·2024-10-30 20:52

Consolidated Financial Performance - The company reported an operating profit of 19.7millionforQ32024,asignificantimprovementfroma19.7 million for Q3 2024, a significant improvement from a 6.3 million operating loss in Q3 2023, marking a 25.966millionincrease[2][3]−NetincomeforQ32024was25.966 million increase [2][3] - Net income for Q3 2024 was 15.6 million, compared to a net loss of 3.8millioninQ32023,reflectinga3.8 million in Q3 2023, reflecting a 19.467 million improvement [2][3] - The Q3 2024 results included 13.6millioninbusinessinterruptioninsuranceincome,whichcontributedtotheoverallfinancialimprovement[3][7]SegmentPerformanceCoalMining−CoalMiningsegmentdelivered5,809thousandtonsinQ32024,slightlyupfrom5,733thousandtonsinQ32023[5]−RevenuesfromtheCoalMiningsegmentwere13.6 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 18.7millioninQ32023,primarilyduetolowerdeliveriesatMississippiLigniteMiningCompany[5][7]−Thesegmentachievedanoperatingprofitof18.7 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 4.7millioninQ32023,drivenbyimprovedoperationalefficienciesandtheinsurancerecoveries[6][8]NorthAmericanMining−NorthAmericanMiningrevenuesincreasedto4.7 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 21.7millioninQ32023,primarilyduetohigherreimbursedcostsandfavorablepricing[12]−Despitetherevenuegrowth,thesegmentreportedanoperatinglossof21.7 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 0.9millioninQ32023,attributedtohigherexpensesandareservecharge[13][12]MineralsManagement−TheMineralsManagementsegmentsawrevenuesriseto0.9 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 5.7millioninQ32023,withoperatingprofitincreasingto5.7 million in Q3 2023, with operating profit increasing to 6.2 million from 3.6million[15][16]−Theimprovementsweremainlyduetohigherproductionvolumesfromassetsacquiredinlate2023[16]Outlook−Thecompanyanticipatessignificantyear−over−yearincreasesinCoalMiningoperatingprofitandSegmentAdjustedEBITDAforQ42024,drivenbyimprovedresultsatMississippiLigniteMiningCompanyandhigherdeliveries[10][20]−NorthAmericanMiningexpectstoseeoperatingprofitandSegmentAdjustedEBITDAincreaseinQ42024,supportedbyamendedcontractsandexpandedscopesofwork[13][25]−TheMineralsManagementsegmentisprojectedtoexperienceadecreaseinoperatingprofitandSegmentAdjustedEBITDAforQ42024comparedto2023,influencedbymarketexpectationsfornaturalgasandoilprices[17][18]CapitalExpendituresandFinancialPosition−Thecompanyhadconsolidatedcashof3.6 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 70.2millionasofSeptember30,2024[4]−Full−year2024capitalexpendituresareexpectedtototalapproximately70.2 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]