NACCO Industries, Inc. reported significant financial improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Revenues for Q3 2024 reached $61.7 million, a 32.4% increase from $46.5 million in Q3 2023. For the nine months, revenues totaled $167.3 million, up from $158.0 million year-over-year. The company achieved a gross profit of $7.2 million in Q3 2024, a substantial recovery from a gross loss of $2.2 million in Q3 2023. Operating profit also saw a remarkable turnaround, reporting $19.7 million in Q3 2024 compared to an operating loss of $6.3 million in the prior year.
Net income for Q3 2024 was $15.6 million, a significant improvement from a net loss of $3.8 million in Q3 2023. For the nine-month period, net income rose to $26.2 million from $4.4 million in 2023. Basic and diluted earnings per share for Q3 2024 were both $2.14, compared to a loss of $0.51 per share in Q3 2023.
The Coal Mining segment reported revenues of $17.7 million in Q3 2024, a slight decrease from $18.7 million in Q3 2023, primarily due to reduced customer requirements at the Mississippi Lignite Mining Company (MLMC). However, operating profit for the Coal Mining segment improved significantly, reaching $19.9 million in Q3 2024, compared to a loss of $4.7 million in Q3 2023, largely due to $13.6 million in business interruption insurance recoveries.
The North American Mining (NAMining) segment experienced robust growth, with revenues increasing by 48.8% to $32.3 million in Q3 2024, driven by higher demand and improved contract terms. The Minerals Management segment also contributed positively, with a $4.5 million gain recognized from the sale of land.
On the balance sheet, total assets increased to $597.4 million as of September 30, 2024, up from $539.7 million at the end of 2023. Total liabilities rose to $200.1 million, while stockholders' equity increased to $397.3 million. Cash and cash equivalents decreased to $63.1 million from $85.1 million at the end of 2023.
Strategically, NACCO is focusing on enhancing the resiliency of its coal mining operations and exploring renewable energy initiatives through its newly established ReGen Resources. The company is also assessing the implications of new environmental regulations and is committed to maintaining a conservative capital structure while pursuing growth opportunities.
About NACCO INDUSTRIES INC
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