NACCO Industries, Inc. Provides Consolidated Earnings and Operating Guidance for the Full Year of 2024
May 01, 2024 at 04:45 pm EDT
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NACCO Industries, Inc. provided consolidated earnings and operating guidance for the full year of 2024. For the quarter, the company expects to generate net income compared with the substantial 2023 consolidated net loss, which included a $65.9 million impairment charge. These improvements are primarily due to anticipated increased profitability at the Coal Mining segment from improved results at Mississippi Lignite Mining Company, Falkirk and Coteau. The effect of North American Mining's growth and profit improvement initiatives are also expected to contribute to improved 2024 results.
For the full year, the Company expects overall coal deliveries to increase modestly from 2023 levels primarily due to anticipated higher deliveries at Coteau and Falkirk. These improvements are expected to be partly offset by reduced deliveries at Mississippi Lignite Mining Company, due to an ongoing boiler issue, and the cessation of coal deliveries at the Company's Sabine Mine in April 2023.
NACCO Industries, Inc. is a holding company. It brings natural resources to life by delivering aggregates, minerals, reliable fuels and environmental solutions through its robust portfolio of NACCO Natural Resources businesses. The Companyâs segments include Coal Mining, North American Mining (NAMining) and Minerals Management. The Coal Mining segment operates surface coal mines for power generation companies. The NAMining segment is a mining partner for producers of aggregates, activated carbon, lithium and other industrial minerals. The Minerals Management segment, which includes the Catapult Mineral Partners (Catapult) business, acquires and promotes the development of mineral interests. Mitigation Resources of North America (Mitigation Resources) provides stream and wetland mitigation solutions. NAMining provides contract mining services for independently owned mines and quarries, creating value for its customers by performing the mining aspects of its customersâ operations.