NACCO Industries Reports $237.7 Million Revenue and $33.7 Million Net Income for Fiscal Year 2024

NACCO Industries, Inc. reported a total revenue of $237.7 million for the fiscal year ending December 31, 2024, marking a 10.7% increase from $214.8 million in 2023. The company's profitability also improved significantly, with a net income of $33.7 million compared to a net loss of $39.6 million in the previous year. This turnaround was primarily driven by the Coal Mining segment, which saw an operating profit of $24.3 million, a substantial recovery from a loss of $71.3 million in 2023, aided by business interruption insurance recoveries of $13.6 million related to a boiler issue at the Red Hills Power Plant.

The Coal Mining segment's revenues decreased by 19.7% to $68.6 million, largely due to reduced customer demand stemming from the aforementioned boiler issue. However, the segment's operating profit was bolstered by the absence of a long-lived asset impairment charge that had impacted the previous year. In contrast, the North American Mining (NAMining) segment experienced a revenue increase of 32.6% to $119.6 million, attributed to favorable pricing and an expanded scope of work, particularly at the Sawtooth Mining operation. The Minerals Management segment also contributed positively, with revenues rising to $34.6 million, driven by increased oil production volumes following an acquisition.

Operationally, NACCO's coal deliveries totaled 23.2 million tons in 2024, slightly down from 23.7 million tons in 2023. The company operates several coal mines, including the Mississippi Lignite Mining Company and the Freedom Mine, which are strategically located to serve adjacent power plants. The NAMining segment operates 31 draglines and other equipment across 23 quarries, with a focus on limestone and sand mining. The Minerals Management segment reported a total of 198,457 gross acres of mineral interests, with a significant increase in oil and natural gas production.

Looking ahead, NACCO anticipates a modest year-over-year increase in consolidated operating profit for 2025, driven by solid customer demand in the Coal Mining segment and continued growth in NAMining. The company is optimistic about the evolving regulatory environment for fossil fuels, which may enhance coal's role in the U.S. energy mix. Additionally, NACCO plans to invest approximately $58 million in capital expenditures across its segments, with a focus on expanding its portfolio of mineral interests and enhancing operational efficiencies. The company remains committed to maintaining a conservative capital structure while pursuing growth opportunities in its core business areas.