NACCO INDUSTRIES ANNOUNCES SECOND QUARTER 2023 RESULTS
- Consolidated income before taxes decreased by 92.8% in Q2 2023 compared to Q2 2022.
- Consolidated net income decreased by 93.2% in Q2 2023 compared to Q2 2022.
- Adjusted EBITDA decreased by 56.1% in Q2 2023 compared to Q2 2022.
- The Coal Mining segment experienced a significant decline in operating profit and Segment Adjusted EBITDA due to lower volumes, increased costs, and operational inefficiencies.
- North American Mining showed improvements in operating profit and Segment Adjusted EBITDA.
- Minerals Management segment experienced a significant decrease in revenue, operating profit, and Segment Adjusted EBITDA due to declines in natural gas and oil prices.
- The Company expects consolidated results to continue to decrease in Q3 2023 before improving in Q4 2023.
- None.
Second Quarter 2023 NACCO Consolidated Highlights:
- Consolidated income before taxes of
versus$3.3 million in Q2 2022$45.1 million - Q2 2022 operating profit and other income included
and$14.0 million , respectively, of income from contract termination settlements$16.9 million - Consolidated net income decreased to
, or$2.5 million /share, from$0.34 , or$37.2 million /share, in Q2 2022$5.07 - Adjusted EBITDA decreased to
from$9.2 million in Q2 2022$21.0 million
Three Months Ended | Six Months Ended | ||||||||||
($ in thousands except per share amounts) | 6/30/2023 | 6/30/2022 | % Change | 6/30/2023 | 6/30/2022 | % Change | |||||
Operating Profit | (94.1) % | (92.0) % | |||||||||
Other (income) expense, net | (90.2) % | (73.6) % | |||||||||
Income before taxes | (92.8) % | (87.3) % | |||||||||
Income tax provision (benefit) | n.m | n.m | |||||||||
Net Income | (93.2) % | (83.5) % | |||||||||
Diluted Earnings/share | (93.3) % | (83.9) % | |||||||||
Adjusted EBITDA* | (56.1) % | (52.9) % | |||||||||
*Non-GAAP financial measures are defined and reconciled on pages 9 to 11. |
In May 2022, Great River Energy ("GRE") terminated its existing agreements with the Company's subsidiary, Falkirk Mining Company. As a result, GRE paid the Company
Adjusted EBITDA, which excludes the
At June 30, 2023, the Company had consolidated cash of
Detailed Discussion of Results
Coal Mining Results
Coal deliveries for the second quarter of 2023 and 2022 were as follows: | |||
2023 | 2022 | ||
Tons of coal delivered | (in thousands) | ||
Unconsolidated operations | 4,602 | 5,534 | |
Consolidated operations | 906 | 915 | |
Total deliveries | 5,508 | 6,449 | |
Key financial results for the second quarter of 2023 and 2022 were as follows: | |||
2023 | 2022 | ||
(in thousands) | |||
Revenues | $ 26,343 | $ 26,602 | |
Gross profit (loss) | $ (6,926) | $ 1,964 | |
Earnings of unconsolidated operations | $ 9,962 | $ 13,460 | |
Contract termination settlement | $ — | $ 14,000 | |
Operating expenses(1) | $ 7,711 | $ 8,249 | |
Operating profit (loss) | $ (4,675) | $ 21,175 | |
Segment Adjusted EBITDA(2) | $ (327) | $ 11,563 | |
(1) | Operating expenses consist of Selling, general and administrative expenses, Amortization of intangible assets and (Gain) loss on sale of assets. |
(2) | Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP. See non-GAAP explanation and the related |
Operating results at the Coal Mining segment decreased significantly in the second quarter of 2023 compared with 2022. Prior year results included the
Results decreased at Mississippi Lignite Mining Company due to a significant increase in the cost per ton delivered attributable to costs incurred to establish a new mine area, adverse mining conditions caused by increased rainfall and operational inefficiencies related to final mining activities at the existing mine area. A
The reduction in earnings of unconsolidated operations was the result of a number of factors:
- a decrease in Coteau earnings due to lower volumes and pricing,
- a decline in Falkirk earnings due to lower customer requirements and a decrease in the per ton management fee effective May 2022 through May 2024 to support the transition of the Coal Creek Station Power Plant to Rainbow Energy, and
- lower Sabine earnings because coal deliveries ceased on March 31, 2023 and mine reclamation activities commenced on April 1, 2023.
These decreases were partly offset by improved results at Coyote Creek due to increased customer requirements.
Coal Mining Outlook
Coal deliveries for second-half and full-year 2023 are expected to decrease from 2022 levels. The owner of the power plant served by the Company's Sabine Mine in
Coal Mining operating profit and Segment Adjusted EBITDA are also expected to decrease significantly in both the 2023 second half and full year compared with the respective 2022 periods, including and excluding the contract termination payment received in 2022. The expected reduction in operating profit for the remainder of 2023 is primarily the result of reduced earnings at both the consolidated and unconsolidated Coal Mining operations.
Results at the consolidated mining operations are projected to decrease significantly in the second half of 2023 from the comparable 2022 period. This expected decrease is mainly due to an expected substantial decline in earnings at Mississippi Lignite Mining Company from decreased customer demand and increased costs associated with establishing operations in a new mine area. The year-over-year decrease in second-half 2023 results is expected to be lower than the decrease experienced in the first half of 2023 because the anticipated inefficiencies of this project are expected to continue through the third quarter and then moderate beginning in the fourth quarter of 2023 and into 2024. Mississippi Lignite Mining Company does not anticipate opening additional mine areas through the remaining contract term. As a result, mine development capital expenditures are expected to moderate from 2024 through 2032. While increased depreciation from capital expenditures related to the new mine area will affect future results, the Company anticipates Mississippi Lignite Mining Company should contribute favorably to Segment Adjusted EBITDA in future years. In 2023, capital expenditures are expected to be
The anticipated reduction in earnings at the unconsolidated Coal Mining operations for the second half of 2023 from second half of 2022 is primarily due to the early retirement of the Pirkey power plant and commencement of final reclamation at the Sabine Mine, which began April 1, 2023. Sabine is receiving compensation for providing final mine reclamation services, but at a lower rate than during active mining. Funding for Sabine's mine reclamation is the responsibility of the customer. A decrease in earnings at Falkirk and Coteau is also expected to contribute to the lower earnings of unconsolidated operations.
The Company's contract structure at each of its coal mining operations eliminates exposure to spot coal market price fluctuations. However, fluctuations in natural gas prices, weather and the availability of renewable power generation, particularly wind, can contribute to changes in power plant dispatch and customer demand for coal. Changes to customer power plant dispatch would affect the Company's outlook for the remainder of 2023, as well as over the longer term.
North American Mining Results
Deliveries for the second quarter of 2023 and 2022 were as follows: | |||
2023 | 2022 | ||
(in thousands) | |||
Tons delivered | 13,939 | 13,373 | |
Key financial results for the second quarter of 2023 and 2022 were as follows: | |||
2023 | 2022 | ||
(in thousands) | |||
Revenues | $ 21,716 | $ 22,814 | |
Operating profit | $ 2,214 | $ 1,257 | |
Segment Adjusted EBITDA(1) | $ 4,069 | $ 2,750 | |
(1) | Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP. See non-GAAP explanation and the related |
Second-quarter 2023 revenues decreased from 2022 mainly due to a decline in mine reclamation revenue at Caddo Creek.
Second-quarter 2023 operating profit and Segment Adjusted EBITDA at North American Mining increased over
North American Mining Outlook
North American Mining expects operating profit and Segment Adjusted EBITDA to increase in both the 2023 second half and full year over the respective 2022 periods but decrease from the 2023 first half. The second-half increase over 2022 is primarily because the second half of 2022 included a
In 2023, North American Mining capital expenditures are expected to be
Minerals Management Results
Key financial results for the second quarter of 2023 and 2022 were as follows: | |||
2023 | 2022 | ||
(in thousands) | |||
Revenues | $ 9,171 | $ 11,962 | |
Operating profit | $ 7,289 | $ 13,073 | |
Segment Adjusted EBITDA(1) | $ 8,038 | $ 13,616 | |
(1) | Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP. See non-GAAP explanation and the related |
Minerals Management revenue, operating profit and Segment Adjusted EBITDA decreased significantly from the 2022 second quarter due to a
Minerals Management Outlook
The Minerals Management segment derives income from royalty-based leases under which lessees make payments to the Company based on their sale of natural gas, oil, natural gas liquids and coal, extracted primarily by third parties. Changing prices of natural gas and oil could have a significant impact on Minerals Management's operating profit.
Operating profit and Segment Adjusted EBITDA for the 2023 second half and full year are expected to decrease significantly compared with the respective 2022 periods. These decreases are primarily driven by current market expectations for natural gas and oil prices. Based on current market expectations, operating profit in the second half is expected to decline moderately from the first half of 2023.
The Company's forecast is based on current market assumptions for natural gas and oil market prices; however, commodity prices are inherently volatile. Growing economic uncertainty continues to drive commodity price volatility and any change in natural gas and oil prices from current expectations will result in adjustments to the Company's outlook.
As an owner of royalty and mineral interests, the Company's access to information concerning activity and operations with respect to its interests is limited. The Company's expectations are based on the best information currently available and could vary positively or negatively as a result of adjustments made by operators, additional leasing and development and/or changes to commodity prices. Development of additional wells on existing interests in excess of current expectations could be accretive to future results.
In 2023, Minerals Management expects capital expenditures of approximately
Consolidated Outlook
Overall, the Company expects consolidated results to continue to decrease in the third quarter before improving in the fourth quarter. The improvement in fourth quarter 2023 results will not offset the anticipated third quarter decline. Therefore, earnings in the second half of 2023 are expected to be lower than both the first half of 2023 and the second half of 2022, primarily driven by activity at the Minerals Management and Coal Mining segments. At Minerals Management, the decrease in the second half of 2023 is primarily driven by the expected continued reduction in commodity prices from 2022 price levels. At the Coal Mining segment, a higher cost per ton at Mississippi Lignite Mining Company is expected to reduce earnings in the second half of 2023, particularly the third quarter. In addition, a reduction in earnings from the unconsolidated mines is expected to contribute to the decrease. These reductions are expected to be partially offset by lower income tax expense. The Company expects a negative effective income tax rate between
Management continues to view the long-term business outlook for NACCO positively, despite an expected significant decrease in full-year 2023 consolidated net income compared with 2022. In 2024 and beyond, the Coal Mining segment expects increased profitability compared with anticipated full-year 2023 results due in part to improvements at Falkirk and Mississippi Lignite Mining Company. At Falkirk, the temporary price concessions end in June 2024. At Mississippi Lignite Mining Company, the cost per ton delivered is expected to moderate once the move to the new mine area is complete in the second half of 2023. In addition, certain costs incurred at Mississippi Lignite Mining Company in 2023 will be passed through to the customer and included in revenues in 2024. Earnings from the Sawtooth Mining lithium project are also expected to contribute to improved results in 2024 and 2025 and more significantly when production commences at Thacker Pass in 2026.
Mitigation Resources of
In 2023, the Company expects capital expenditures of approximately
Long-term Growth and Diversification
The Company is pursuing growth and diversification by strategically leveraging its core mining and natural resources management skills to build a strong portfolio of affiliated businesses. Management continues to be optimistic about the long-term outlook. In the Minerals Management segment, as well as in the Company's Mitigation Resources of
The Minerals Management segment continues to pursue acquisitions of mineral and royalty interests in
The Company remains committed to expanding the North American Mining business while improving profitability. North American Mining intends to be a substantial contributor to operating profit over time. The pace of achieving that objective will depend on the execution and successful implementation of profit improvement initiatives in the aggregates operations, and the mix and scale of new projects. A number of initiatives are underway or in the planning stages that are expected to support the continuing improvement of financial results at these mining operations over time. Until profit improves at existing operations, North American Mining has narrowed its business development efforts.
Sawtooth Mining has a mining services agreement to provide comprehensive mining services as the exclusive contract miner for the Thacker Pass lithium project in northern
Mitigation Resources continues to expand its business, which creates and sells stream and wetland mitigation credits and provides services to those engaged in permittee-responsible mitigation as well as provides other environmental restoration services. This business offers an opportunity for growth and diversification in an industry where the Company has substantial knowledge and expertise and a strong reputation. Mitigation Resources is making strong progress toward its goal of becoming a top ten provider of stream and wetland mitigation services in the southeastern
The Company also continues to pursue activities which can strengthen the resiliency of its existing coal mining operations. The Company remains focused on managing coal production costs and maximizing efficiencies and operating capacity at mine locations to help customers with management fee contracts be more competitive. These activities benefit both customers and the Company's Coal Mining segment, as fuel cost is a significant driver for power plant dispatch. Increased power plant dispatch results in increased demand for coal by the Coal Mining segment's customers. Fluctuating natural gas prices, weather and availability of renewable energy sources, such as wind and solar, could affect the amount of electricity dispatched from coal-fired power plants. While the Company realizes the coal mining industry faces political and regulatory challenges and demand for coal is projected to decline over the longer-term, the Company believes coal should be an essential part of the energy mix in
The Company continues to look for ways to create additional value by utilizing its core mining competencies which include reclamation and permitting. One such way the Company may be able to utilize these skills is through development of utility-scale solar projects on reclaimed mining properties. Reclaimed mining properties offer large tracts of land that could be well-suited for solar and other energy-related projects. These projects could be developed by the Company itself or through joint ventures that include partners with expertise in energy development projects. In March 2023, the Company acquired
The Company is committed to maintaining a conservative capital structure as it continues to grow and diversify, while avoiding unnecessary risk. Strategic diversification will generate cash that can be re-invested to strengthen and expand the businesses. The Company also continues to maintain the highest levels of customer service and operational excellence with an unwavering focus on safety and environmental stewardship.
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Conference Call
In conjunction with this news release, the management of NACCO Industries will host a conference call on Thursday, August 3, 2023 at 8:30 a.m. Eastern Time. To participate in the live call, please register more than 15 minutes in advance at https://conferencingportals.com/event/BzfGzlJS to obtain the dial-in information and conference call access codes. For those not planning to ask a question of management, the Company recommends listening to the call via the online webcast, which can be accessed through the NACCO Industries' website at ir.nacco.com/home. Please allow 15 minutes to register, download and install any necessary audio software required to listen to the webcast. A replay of the call will be available shortly after the call ends through August 10, 2023. An archive of the webcast will also be available on the Company's website two hours after the live call ends.
Non-GAAP and Other Measures
This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Included in this release are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with
Forward-looking Statements Disclaimer
The statements contained in this news release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) changes to or termination of customer or other third-party contracts, or a customer or other third party default under a contract, (2) any customer's premature facility closure, (3) regulatory actions, including the United States Environmental Protection Agency's 2023 proposed rules relating to mercury and greenhouse gas emissions for coal-fired power plants, changes in mining permit requirements or delays in obtaining mining permits that could affect deliveries to customers, (4) a significant reduction in purchases by the Company's customers, including as a result of changes in coal consumption patterns of
About NACCO Industries
NACCO Industries® brings natural resources to life by delivering aggregates, minerals, reliable fuels and environmental solutions through its robust portfolio of NACCO Natural Resources businesses. Learn more about our companies at nacco.com, or get investor information at ir.nacco.com.
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NACCO INDUSTRIES, INC. AND SUBSIDIARIES | |||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | ||||||
JUNE 30 | JUNE 30 | ||||||
2023 | 2022 | 2023 | 2022 | ||||
(In thousands, except per share data) | |||||||
Revenues | $ 61,350 | $ 61,369 | $ 111,491 | $ 116,392 | |||
Cost of sales | 54,943 | 45,726 | 101,727 | 84,902 | |||
Gross profit | 6,407 | 15,643 | 9,764 | 31,490 | |||
Earnings of unconsolidated operations | 11,084 | 14,622 | 24,908 | 29,214 | |||
Contract termination settlement | — | 14,000 | — | 14,000 | |||
Operating expenses | |||||||
Selling, general and administrative expenses | 14,746 | 15,841 | 29,622 | 30,625 | |||
Amortization of intangible assets | 927 | 1,058 | 1,654 | 1,905 | |||
Loss (gain) on sale of assets
| 68 | (2,317) | (168) | (2,453) | |||
15,741 | 14,582 | 31,108 | 30,077 | ||||
Operating profit | 1,750 | 29,683 | 3,564 | 44,627 | |||
Other (income) expense | |||||||
Interest expense | 572 | 496 | 1,117 | 1,009 | |||
Interest income | (1,714) | (195) | (2,869) | (340) | |||
Closed mine obligations | 433 | 377 | 842 | 757 | |||
(Gain) loss on equity securities | (421) | 1,878 | (1,049) | 1,360 | |||
Other contract termination settlements | — | (16,882) | — | (16,882) | |||
Other, net | (377) | (1,064) | (2,102) | (1,294) | |||
(1,507) | (15,390) | (4,061) | (15,390) | ||||
Income before income tax provision (benefit) | 3,257 | 45,073 | 7,625 | 60,017 | |||
Income tax provision (benefit) | 737 | 7,893 | (587) | 10,255 | |||
Net income | $ 2,520 | $ 37,180 | $ 8,212 | $ 49,762 | |||
Earnings per share: | |||||||
Basic earnings per share | $ 0.34 | $ 5.07 | $ 1.10 | $ 6.83 | |||
Diluted earnings per share | $ 0.34 | $ 5.07 | $ 1.09 | $ 6.79 | |||
Basic weighted average shares outstanding | 7,513 | 7,330 | 7,465 | 7,286 | |||
Diluted weighted average shares outstanding | 7,513 | 7,330 | 7,515 | 7,325 |
ADJUSTED EBITDA RECONCILIATION (UNAUDITED) | |||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | ||||||
JUNE 30 | JUNE 30 | ||||||
2023 | 2022 | 2023 | 2022 | ||||
(in thousands) | |||||||
Net income | $ 2,520 | $ 37,180 | $ 8,212 | $ 49,762 | |||
Contract termination settlements | — | (30,882) | — | (30,882) | |||
Income tax provision (benefit) | 737 | 7,893 | (587) | 10,255 | |||
Interest expense | 572 | 496 | 1,117 | 1,009 | |||
Interest income | (1,714) | (195) | (2,869) | (340) | |||
Depreciation, depletion and amortization expense | 7,090 | 6,488 | 14,109 | 12,615 | |||
Adjusted EBITDA* | $ 9,205 | $ 20,980 | $ 19,982 | $ 42,419 | |||
*Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures. NACCO defines |
NACCO INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
Three Months Ended June 30, 2023 | |||||||||||
Coal Mining | North | Minerals | Unallocated | Eliminations | Total | ||||||
(In thousands) | |||||||||||
Revenues | $ 26,343 | $ 21,716 | $ 9,171 | $ 4,628 | $ (508) | $ 61,350 | |||||
Cost of sales | 33,269 | 18,884 | 910 | 2,375 | (495) | 54,943 | |||||
Gross profit (loss) | (6,926) | 2,832 | 8,261 | 2,253 | (13) | 6,407 | |||||
Earnings of unconsolidated operations | 9,962 | 1,122 | — | — | — | 11,084 | |||||
Operating expenses* | 7,711 | 1,740 | 972 | 5,318 | — | 15,741 | |||||
Operating profit (loss) | $ (4,675) | $ 2,214 | $ 7,289 | $ (3,065) | $ (13) | $ 1,750 | |||||
Segment Adjusted EBITDA** | |||||||||||
Operating profit (loss) | $ (4,675) | $ 2,214 | $ 7,289 | $ (3,065) | $ (13) | $ 1,750 | |||||
Depreciation, depletion and amortization | 4,348 | 1,855 | 749 | 138 | — | 7,090 | |||||
Segment Adjusted EBITDA** | $ (327) | $ 4,069 | $ 8,038 | $ (2,927) | $ (13) | $ 8,840 | |||||
Three Months Ended June 30, 2022 | |||||||||||
Coal Mining | North | Minerals | Unallocated | Eliminations | Total | ||||||
(In thousands) | |||||||||||
Revenues | $ 26,602 | $ 22,814 | $ 11,962 | $ 617 | $ (626) | $ 61,369 | |||||
Cost of sales | 24,638 | 20,583 | 733 | 528 | (756) | 45,726 | |||||
Gross profit | 1,964 | 2,231 | 11,229 | 89 | 130 | 15,643 | |||||
Earnings of unconsolidated operations | 13,460 | 1,162 | — | — | — | 14,622 | |||||
Contract termination settlement | 14,000 | — | — | — | — | 14,000 | |||||
Operating expenses* | 8,249 | 2,136 | (1,844) | 6,041 | — | 14,582 | |||||
Operating profit (loss) | $ 21,175 | $ 1,257 | $ 13,073 | $ (5,952) | $ 130 | $ 29,683 | |||||
Segment Adjusted EBITDA** | |||||||||||
Operating profit (loss) | $ 21,175 | $ 1,257 | $ 13,073 | $ (5,952) | $ 130 | $ 29,683 | |||||
Contract termination settlement | (14,000) | — | — | — | — | (14,000) | |||||
Depreciation, depletion and amortization | 4,388 | 1,493 | 543 | 64 | — | 6,488 | |||||
Segment Adjusted EBITDA** | $ 11,563 | $ 2,750 | $ 13,616 | $ (5,888) | $ 130 | $ 22,171 | |||||
*Operating expenses consist of Selling, general and administrative expenses, Amortization of intangible assets and (Gain) loss on sale of | |||||||||||
**Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures. |
NACCO INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||
Six Months Ended June 30, 2023 | |||||||||||
Coal Mining | North | Minerals | Unallocated | Eliminations | Total | ||||||
(In thousands) | |||||||||||
Revenues | $ 46,996 | $ 42,349 | $ 17,456 | $ 5,819 | $ (1,129) | $ 111,491 | |||||
Cost of sales | 59,147 | 38,125 | 1,962 | 3,589 | (1,096) | 101,727 | |||||
Gross profit (loss) | (12,151) | 4,224 | 15,494 | 2,230 | (33) | 9,764 | |||||
Earnings of unconsolidated operations | 22,428 | 2,480 | — | — | — | 24,908 | |||||
Operating expenses* | 14,639 | 3,660 | 2,161 | 10,648 | — | 31,108 | |||||
Operating profit (loss) | $ (4,362) | $ 3,044 | $ 13,333 | $ (8,418) | $ (33) | $ 3,564 | |||||
Segment Adjusted EBITDA** | |||||||||||
Operating profit (loss) | $ (4,362) | $ 3,044 | $ 13,333 | $ (8,418) | $ (33) | $ 3,564 | |||||
Depreciation, depletion and amortization | 8,588 | 3,741 | 1,560 | 220 | — | 14,109 | |||||
Segment Adjusted EBITDA** | $ 4,226 | $ 6,785 | $ 14,893 | $ (8,198) | $ (33) | $ 17,673 | |||||
Six Months Ended June 30, 2022 | |||||||||||
Coal Mining | North | Minerals | Unallocated | Eliminations | Total | ||||||
(In thousands) | |||||||||||
Revenues | $ 47,564 | $ 44,218 | $ 24,716 | $ 809 | $ (915) | $ 116,392 | |||||
Cost of sales | 43,488 | 40,233 | 1,481 | 877 | (1,177) | 84,902 | |||||
Gross profit (loss) | 4,076 | 3,985 | 23,235 | (68) | 262 | 31,490 | |||||
Earnings of unconsolidated operations | 26,786 | 2,428 | — | — | — | 29,214 | |||||
Contract termination settlement | 14,000 | — | — | — | — | 14,000 | |||||
Operating expenses* | 16,335 | 3,885 | (1,466) | 11,323 | — | 30,077 | |||||
Operating profit (loss) | $ 28,527 | $ 2,528 | $ 24,701 | $ (11,391) | $ 262 | $ 44,627 | |||||
Segment Adjusted EBITDA** | |||||||||||
Operating profit (loss) | $ 28,527 | $ 2,528 | $ 24,701 | $ (11,391) | $ 262 | $ 44,627 | |||||
Contract termination settlement | (14,000) | — | — | — | — | (14,000) | |||||
Depreciation, depletion and amortization | 8,426 | 2,960 | 1,121 | 108 | — | 12,615 | |||||
Segment Adjusted EBITDA** | $ 22,953 | $ 5,488 | $ 25,822 | $ (11,283) | $ 262 | $ 43,242 | |||||
*Operating expenses consist of Selling, general and administrative expenses, Amortization of intangible assets and (Gain) loss on sale of | |||||||||||
**Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures. |
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SOURCE NACCO Industries
FAQ
What was NACCO Industries' consolidated income before taxes in Q2 2023?
What was NACCO Industries' consolidated net income in Q2 2023?
What was NACCO Industries' Adjusted EBITDA in Q2 2023?
Why did the Coal Mining segment experience a decline in operating profit and Segment Adjusted EBITDA?
Did North American Mining show improvements in operating profit and Segment Adjusted EBITDA?
Why did the Minerals Management segment experience a decrease in revenue, operating profit, and Segment Adjusted EBITDA?