NACCO INDUSTRIES ANNOUNCES SECOND QUARTER 2026 RESULTS
Rhea-AI Summary
NACCO Industries (NYSE: NC) reported Q2 2026 revenues of $72.3 million, up 6% year over year, with gross profit rising 123% to $15.2 million. Consolidated Adjusted EBITDA increased 72% to $15.9 million. However, a $12.0 million solar asset impairment led to an operating loss of $2.3 million and a net loss of $1.0 million, or $(0.13) per share, versus Q2 2025 net income of $3.3 million.
Utility Coal Mining revenues declined 25%, but operating profit improved to $6.3 million on better Mississippi Lignite results and higher earnings from unconsolidated mines. Contract Mining revenues excluding reimbursables rose 34% to $16.4 million, with operating profit up to $3.8 million on new dragline and limestone contracts. Minerals and Royalties revenues grew to $10.6 million, driven by a 46% increase in royalty revenues.
At June 30, 2026, NACCO had $120.1 million of debt and total liquidity of $114.6 million. According to NACCO, full-year 2026 Consolidated Adjusted EBITDA is expected to improve year over year, but operating profit and net income are expected to be significantly below 2025 due to realized and anticipated solar and coal-related charges.
Positive
- Gross profit up 123% to $15.2 million in Q2 2026
- Consolidated Adjusted EBITDA up 72% year over year to $15.9 million
- Contract Mining revenues ex-reimbursables up 34% to $16.4 million with higher operating profit
- Minerals and Royalties revenues up to $10.6 million on 46% higher royalty revenues
- Utility Coal Mining operating profit rose to $6.3 million from $1.2 million
- Total liquidity of $114.6 million against $120.1 million of debt at June 30, 2026
Negative
- Net loss of $1.0 million versus $3.3 million net income in Q2 2025
- $12.0 million impairment on certain solar development projects in Q2 2026
- Operating loss of $2.3 million in Q2 2026 versus near break-even in Q2 2025
- Utility Coal Mining revenues down 25% year over year to $21.5 million
- NACCO expects full-year 2026 operating profit and net income to be significantly lower than 2025
- Outlook includes potential additional solar curtailment costs and inventory write-downs at Mississippi Lignite Mining Company
News Explained
Solar projects remain a potential source of further charges, while up to $35 million of additional 2026 investment is conditional.
NACCO Industries has begun pursuing alternatives for certain solar investments, so the disclosed response is underway rather than completed; additional curtailment costs could still affect the company’s results.
The company lists potential asset sales, contract amendments and other strategic actions intended to monetize those investments and reduce exposure, but it does not disclose a completed sale or amendment.
NACCO also anticipates investing up to
The next material checkpoints are the outcome of the solar actions and any related curtailment costs, alongside the company’s reported remainder-of-year investment spending and cash flow before financing.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 05 | First-quarter earnings | Positive | +3.3% | Gross profit, operating profit, net income and adjusted EBITDA improved year over year. |
| Mar 04 | Fourth-quarter earnings | Negative | -12.9% | Pension settlement charge produced a quarterly net loss despite operating profit and EBITDA growth. |
| Nov 05 | Third-quarter earnings | Neutral | +0.9% | Revenue and gross profit increased, while full-year net income and EBITDA were expected to decline. |
| Aug 06 | Second-quarter earnings | Negative | -3.7% | Revenue increased, but net income and diluted EPS declined amid operational challenges. |
| Apr 30 | First-quarter earnings | Positive | -4.1% | Operating profit, net income and EBITDA improved alongside revenue growth and planned investments. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were mixed, averaging -3.3%, with three aligned reactions and two divergences.
Key Terms
adjusted ebitda financial
asset impairment charges financial
diluted eps financial
non-gaap financial measures financial
revolving credit facility financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Consolidated Q2 2026 Highlights:
- Gross profit of
$15.2 million 123% over Q2 2025 on6% revenue increase - Operating loss of
$2.3 million $12.0 million - Net loss of
$1.0 million $0.13 $3.3 million $0.44 - Adjusted EBITDA of
$15.9 million 72% over Q2 2025; down3% sequentially
NACCO Industries® (NYSE: NC) today announced consolidated results for the three and six months ended June 30, 2026.
"NACCO delivered significant year-over-year improvement in both gross profit and Adjusted EBITDA," said J.C. Butler, NACCO President and Chief Executive Officer. "While consolidated results included asset impairment charges related to solar projects, underlying momentum across our segments during the first half of 2026 remained strong. We expect operating performance to moderate in the second half, but the growth opportunities underway and our disciplined capital criteria give us confidence in our trajectory as we move into 2027. We will continue to focus on executing our business plan, strengthening our balance sheet and creating long-term value for our shareholders."
Three Months Ended | |||||
($ in thousands, except per share amounts) | 6/30/2026 | 6/30/2025 | Year/Year | 3/31/2026 | Sequential |
Revenues | $ 72,310 | $ 68,235 | 6 % | $ 62,775 | 15 % |
Gross profit | $ 15,202 | $ 6,820 | 123 % | $ 14,291 | 6 % |
Asset impairment charges | $ 11,984 | $ — | **n/m | $ — | **n/m |
Operating profit (loss) | $ (2,267) | $ (51) | **n/m | $ 11,016 | (121) % |
Net Income (loss) | $ (963) | $ 3,260 | (130) % | $ 8,836 | **n/m |
Diluted EPS | $ (0.13) | $ 0.44 | (130) % | $ 1.17 | **n/m |
Consolidated Adjusted EBITDA* | $ 15,908 | $ 9,259 | 72 % | $ 16,397 | (3) % |
*Non-GAAP financial measures are defined and reconciled on page 8. / ** n/m = not meaningful |
Strong second-quarter 2026 performance across each reportable segment led to substantial year-over-year improvements in gross profit. This strong operating performance was more than offset by impairment charges related to certain solar development projects within ReGen Resources.
Excluding the effect of the impairment charges, operating results decreased moderately from the first quarter of 2026. The decline was primarily due to lower earnings than anticipated from an equity investment in the Minerals and Royalties segment. In the Coal Mining segment, operational issues at Mississippi Lignite Mining Company's customer's power plant and reduced earnings of unconsolidated mines also contributed to the decline.
Liquidity
At June 30, 2026, the Company had outstanding debt of
Detailed Discussion of 2026 Second Quarter Compared to 2025 Second Quarter
Utility Coal Mining Results
2026 | 2025 | |||
Tons of coal delivered | (in thousands) | |||
Unconsolidated operations | 4,920 | 3,736 | ||
Consolidated operations | 633 | 890 | ||
Total deliveries | 5,553 | 4,626 | ||
2026 | 2025 | |||
(in thousands) | ||||
Revenues | $ 21,477 | $ | 28,626 | |
Gross profit (loss) | $ 373 | $ | (1,701) | |
Earnings of unconsolidated operations | $ 13,646 | $ | 11,656 | |
Operating expenses(1) | $ 7,739 | $ | 8,733 | |
Operating profit | $ 6,280 | $ | 1,222 | |
Segment Adjusted EBITDA(2) | $ 8,684 | $ | 3,354 | |
(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 reconciliations to GAAP on page 9. |
Utility Coal Mining revenues decreased
Despite lower revenues, operating profit and Segment Adjusted EBITDA improved significantly year over year. These gains primarily reflect improved Mississippi Lignite Mining Company results, increased earnings of unconsolidated operations and decreased operating expenses.
Mississippi Lignite Mining Company results benefited from redeploying crews to execute planned reclamation activities during power plant outages. These factors drove a meaningful improvement in gross profit compared with the prior year, when results were affected by a
Earnings of unconsolidated operations improved year over year primarily due to increased customer requirements at Coteau and Coyote Creek.
Contract Mining Results
2026 | 2025 | ||
(in thousands) | |||
Tons delivered | 16,013 | 13,947 | |
2026 | 2025 | ||
(in thousands) | |||
Total revenues | $ 36,919 | $ 30,723 | |
Reimbursable costs | 20,480 | 18,503 | |
Revenues excluding reimbursable costs | $ 16,439 | $ 12,220 | |
Operating profit | $ 3,765 | $ 1,010 | |
Segment Adjusted EBITDA(1) | $ 6,258 | $ 3,927 | |
(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 reconciliations to GAAP on page 9. |
Second-quarter 2026 results benefited from the commencement and ramp up of a new dragline services contract, reflecting continued progress in the strategic expansion of Contract Mining's business model. This contract combined with increased customer requirements at the limestone mining operations led to a
Minerals and Royalties Results
2026 | 2025 | ||
(in thousands) | |||
Revenues | $ 10,617 | $ 7,268 | |
Operating profit | $ 6,748 | $ 5,205 | |
Segment Adjusted EBITDA(1) | $ 7,692 | $ 6,050 | |
(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 reconciliations to GAAP on page 9. |
Minerals and Royalties revenues, operating profit and Segment Adjusted EBITDA increased primarily due to a
Unallocated
2026 | 2025 | |||
(in thousands) | ||||
Revenues | $ | 3,297 | $ 1,618 | |
Asset impairment charges | $ | 11,984 | $ — | |
Operating loss | $ | (19,060) | $ (7,488) | |
Segment Adjusted EBITDA(1) | $ | (6,807) | $ (7,291) | |
(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 reconciliations to GAAP on page 9. |
Unallocated primarily includes the financial results of Mitigation Resources of
Unallocated revenues increased over the prior year quarter primarily as a result of higher restoration and reclamation service revenue at Mitigation Resources. The significant increase in the operating loss is due to the impairment charges of
Outlook
NACCO Industries is a diversified natural resources company with a unique business model strategically positioned to deliver stable and growing financial returns over the long term. Our business model is purposefully built for durability and resilience with an expanding portfolio of long-term contracts, relationships and investments that leverage our proven operational expertise, disciplined capital allocation and an entrepreneurial yet patient approach. We have methodically built unique capabilities and clear competitive advantages that allow us to pursue a wide range of growth opportunities, often completely integrated into customers' operations in partnership-based relationships. We have multiple vectors for value creation, and we are steadfastly committed to delivering compounding returns and expanding investor value over the long term.
Our foundation rests on a stable base of long-term coal mining contracts and legacy mineral and royalty assets, which generate dependable recurring cash flows. As new long-term contracts and investments are added across the Company, these new multi-year agreements create a "layering effect" as their contributions compound over time.
While these long-term agreements and investments are intended to strengthen our earnings base over time, we continually evaluate whether individual projects or initiatives remain aligned with our strategic and financial objectives. As part of this process, changing market conditions, regulatory developments and project-specific challenges led us to reassess certain solar investments during the 2026 second quarter. In early July, we began pursuing a range of alternatives, including potential asset sales, contract amendments and other strategic actions, to monetize these investments and reduce our exposure. Depending on the outcome of these activities, additional curtailment costs could be incurred.
Strong first-half 2026 operating performance across our reportable segments is expected to drive year‑over‑year improvements in full-year 2026 Consolidated Adjusted EBITDA, which excludes the solar impairment charges and a
We also expect second-half consolidated operating profit and net income to decline from first-half 2026 and prior-year levels. Expectations for lower second-half operating profit are primarily driven by potential additional solar project curtailment costs and expected inventory write-downs at Mississippi Lignite Mining Company. Given the effect of the realized and anticipated 2026 charges, we expect full-year operating profit and net income will be significantly lower than in 2025. Comparisons to prior-year net income also reflect a
At our Utility Coal Mining segment, operated by North American Coal®, full-year customer demand is expected to be comparable and operating profit is expected to increase year over year due to a shift in focus to reclamation activities in the first half of 2026. During the second half of 2026, customer demand is expected to decline modestly compared with the prior-year period, provided Mississippi Lignite Mining Company's customer's power plant operates as currently planned. Operating results at Mississippi Lignite Mining Company are expected to decline from the first half of 2026, particularly in the third quarter, due to lower customer demand, higher diesel fuel costs and an anticipated inventory impairment charge. A higher contractually determined per ton sales price is anticipated to mitigate the lower demand. Earnings at the unconsolidated mining operations are also expected to decline primarily due to reclamation services at the Sabine Mining Company concluding as of September 30, 2026.
Looking ahead to 2027, overall customer demand for coal is expected to remain consistent with 2026, while profitability is expected to improve. This increase is driven by anticipated improvements at Mississippi Lignite Mining Company if the customer's power plant is able to operate more consistently, as well as continued stable earnings at our unconsolidated operations. Anticipated improved results at the remaining unconsolidated mining locations should mostly offset the absence of reclamation income at the Sabine Mining Company.
The Contract Mining segment, operated by North American Mining®, serves as our mining growth platform. We are building a growing portfolio of long-term contracts through geographic and mineral expansion that are expected to strengthen the foundation for sustained profitability in this segment. In early 2026, we commenced activities under a new dragline services contract as part of a
Sawtooth Mining, a North American Mining subsidiary, provides exclusive comprehensive mining services at Thacker Pass, which is owned by a joint venture led by Lithium Americas Corp. Sawtooth will supply all of the lithium-bearing ore requirements for our customer's Thacker Pass lithium processing facility, which is currently under construction. This project is providing stable income during construction and is expected to contribute increased income and long-term cash flows as lithium production commences and ramps up to full production, which is targeted for 2028.
As a result of earnings contributions from new contracts, we anticipate substantial year-over-year growth in Contract Mining operating profit and Segment Adjusted EBITDA for both the second half and full year of 2026. Second-half results are expected to moderate from the strong first-half levels as customer demand is projected to decline, primarily in the fourth quarter.
We expect significant operating profit improvement in the Contract Mining segment in 2027. This growth is driven by a full year of the dragline services contract in
The Minerals and Royalties segment, managed by Catapult Mineral Partners®, has constructed a high-quality, diversified portfolio of oil and gas mineral and royalty interests in
Mitigation Resources of
We continue to invest in our businesses to support future growth. Based on the current project pipeline, we anticipate investing up to
We remain confident in our ability to deliver improving results and increasing cash flow over time. Earnings are expected to benefit from continued expansion in Contract Mining and Mitigation Resources, along with improved operating performance across our other businesses. Looking ahead, as our recent investments mature, they are expected to support sustained earnings growth and stronger cash flow.
Our businesses provide essential inputs for electricity generation, construction and development, and industrial production. As demand for reliable uninterrupted energy continues to grow, natural resources fundamentals remain strong, reinforcing the importance of dependable baseload generation. Recent policy developments, including the re-establishment of the National Coal Council, highlight coal's ongoing strategic role in supporting grid reliability, economic competitiveness and national security. This development, along with a favorable regulatory environment, reinforces our confidence in our near-term outlook and long-term growth trajectory.
Our conservative approach to maintaining a strong capital structure and operating discipline minimizes risk, while the compounding effect of a growing portfolio of long-term contracts and strategic growth investments create a robust foundation for cash flow growth. With a perspective that spans decades, we are methodically building a strong, stable business that is expected to deliver annuity-like returns. This long-term view allows us to leverage our core skills for strategic, measured expansion and pursue opportunities with longer-term horizons and higher returns. We pursue opportunities that other companies with shorter time horizons might overlook. Our commitment is to generate increasing cash flows and return value to stockholders, whether through reinvestment for growth or direct returns such as share repurchases and payment of dividends. We remain confident in our ability to drive growth, expand our capabilities and reward shareholders over the long run.
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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 6, 2026 at 8:30 a.m. Eastern Time. The call may be accessed by dialing (888) 880-3330 (North America Toll Free) or (646) 357-8766 (International), Conference ID:3241028, or over the Internet through NACCO Industries' website at ir.nacco.com/overview. For those not planning to ask a question of management, the Company recommends listening to the call via the online webcast. 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 13, 2026. An archive of the webcast will also be available on the Company's website approximately 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) a significant reduction in demand by the Company's customers from extended power plant outages, weather conditions or other events that would change the level of customers' coal or aggregates requirements, (2) customer liquidity constraints that could increase exposure to customer credit risk, (3) changes in the prices of hydrocarbons, particularly diesel fuel, natural gas, natural gas liquids and oil as a result of factors such as OPEC and/or government actions, geopolitical developments, economic conditions and regulatory changes, as well as supply and demand dynamics, (4) changes to or termination of customer or other third-party contracts, or a customer or other third party default under a contract, (5) costs to pursue and develop new mining, mitigation, oil and gas and power generation development opportunities and other value-added service opportunities, (6) the ability to successfully evaluate investments and achieve intended financial results in new business and growth initiatives, (7) changes in development plans by third-party lessees of the Company's mineral interests, (8) failure or delays by the Company's lessees in achieving expected production of natural gas and other hydrocarbons; the availability and cost of transportation and processing services in the areas where the Company's oil and gas reserves are located; and the ability of lessees to obtain capital or financing needed for well-development operations and leasing and development of oil and gas reserves on federal lands, (9) any customer's premature facility closure or extended project development delay, (10) federal and state legislative and regulatory actions affecting fossil fuels, (11) supply chain disruptions, including price increases and shortages of parts and materials, inclusive of tariff effects, (12) changes in tax laws or regulatory requirements, including the elimination of, or reduction in, the percentage depletion tax deduction, changes in mining or power plant emission regulations and health, safety or environmental legislation, (13) impairment charges, (14) changes in costs related to geological and geotechnical conditions, repairs and maintenance, new equipment and replacement parts, fuel or other similar items, (15) equipment problems that could affect deliveries to customers, (16) changes in the costs to reclaim mining areas, (17) disruptions from natural or human causes, including severe weather, accidents, fires, earthquakes and terrorist acts, any of which could result in suspension of operations or harm to people or the environment, and (18) the ability to attract, retain, and replace workforce.
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 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | ||||||
JUNE 30 | JUNE 30 | ||||||
2026 | 2025 | 2026 | 2025 | ||||
(In thousands, except per share data) | |||||||
Revenues | $ 72,310 | $ 68,235 | $ 135,085 | $ 133,806 | |||
Cost of sales | 57,108 | 61,415 | 105,592 | 117,332 | |||
Gross profit | 15,202 | 6,820 | 29,493 | 16,474 | |||
Earnings of unconsolidated operations | 14,164 | 13,138 | 30,735 | 29,124 | |||
Operating expenses | |||||||
Selling, general and administrative expenses | 19,248 | 19,773 | 38,949 | 37,641 | |||
Amortization of intangible assets | 196 | 245 | 347 | 407 | |||
Loss (gain) on sale of assets | 205 | (9) | 199 | (81) | |||
Asset impairment charges | 11,984 | — | 11,984 | — | |||
31,633 | 20,009 | 51,479 | 37,967 | ||||
Operating profit (loss) | (2,267) | (51) | 8,749 | 7,631 | |||
Other expense (income) | |||||||
Interest expense | 1,620 | 1,944 | 3,278 | 3,718 | |||
Interest income | (633) | (770) | (1,228) | (1,635) | |||
Closed mine obligations | 445 | 503 | 934 | 976 | |||
(Gain) loss on equity securities | (858) | (349) | (1,313) | 521 | |||
Gain on settlement of excess funding liability | — | (3,590) | — | (3,590) | |||
Other, net | 332 | 217 | 424 | 520 | |||
906 | (2,045) | 2,095 | 510 | ||||
Income (loss) before income tax benefit | (3,173) | 1,994 | 6,654 | 7,121 | |||
Income tax benefit | (2,210) | (1,266) | (1,219) | (1,039) | |||
Net income (loss) | $ (963) | $ 3,260 | $ 7,873 | $ 8,160 | |||
Earnings (loss) per share: | |||||||
Basic earnings (loss) per share | $ (0.13) | $ 0.44 | $ 1.05 | $ 1.10 | |||
Diluted earnings (loss) per share | $ (0.13) | $ 0.44 | $ 1.04 | $ 1.10 | |||
Basic weighted average shares outstanding | 7,542 | 7,445 | 7,508 | 7,398 | |||
Diluted weighted average shares outstanding | 7,542 | 7,445 | 7,548 | 7,446 | |||
CONSOLIDATED ADJUSTED EBITDA RECONCILIATION (UNAUDITED) | |||||||||||
Quarter Ended | LTM | ||||||||||
6/30/2025 | 9/30/2025 | 12/31/2025 | 3/31/2026 | 6/30/2026 | 6/30/2026 | ||||||
(in thousands) | |||||||||||
Net income (loss) | $ 3,260 | $ 13,254 | $ (3,840) | $ 8,836 | $ (963) | $ 17,287 | |||||
Pension settlement charge | — | — | 7,804 | — | — | 7,804 | |||||
Asset impairment charges | — | — | — | — | 11,984 | 11,984 | |||||
Income tax provision (benefit) | (1,266) | (7,297) | 3,906 | 991 | (2,210) | (4,610) | |||||
Interest expense | 1,944 | 1,087 | 949 | 1,658 | 1,620 | 5,314 | |||||
Interest income | (770) | (708) | (709) | (595) | (633) | (2,645) | |||||
Depreciation, depletion and amortization expense | 6,091 | 6,194 | 6,199 | 5,507 | 6,110 | 24,010 | |||||
Consolidated Adjusted EBITDA* | $ 9,259 | $ 12,530 | $ 14,309 | $ 16,397 | $ 15,908 | $ 59,144 | |||||
*Consolidated Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures. NACCO defines Consolidated Adjusted EBITDA as net income (loss) before pension settlement charge, asset impairment charges, income taxes, net interest expense and depreciation, depletion and amortization expense. Consolidated Adjusted EBITDA is not a measure under |
NACCO INDUSTRIES, INC. AND SUBSIDIARIES FINANCIAL SEGMENT HIGHLIGHTS AND SEGMENT ADJUSTED EBITDA RECONCILIATIONS (UNAUDITED) | |||||||||||
Three Months Ended June 30, 2026 | |||||||||||
Utility Coal | Contract | Minerals and | Unallocated | Eliminations | Total | ||||||
(In thousands) | |||||||||||
Revenues | $ 21,477 | $ 36,919 | $ 10,617 | $ 4,433 | $ (1,136) | $ 72,310 | |||||
Cost of sales | 21,104 | 32,045 | 1,278 | 3,815 | (1,134) | 57,108 | |||||
Gross profit (loss) | 373 | 4,874 | 9,339 | 618 | (2) | 15,202 | |||||
Earnings (loss) of unconsolidated operations | 13,646 | 1,579 | (1,061) | — | — | 14,164 | |||||
Loss (gain) on sale of assets | 122 | 105 | — | (22) | — | 205 | |||||
Asset impairment charges | — | — | — | 11,984 | — | 11,984 | |||||
Operating expenses* | 7,617 | 2,583 | 1,530 | 7,714 | — | 19,444 | |||||
Operating profit (loss) | $ 6,280 | $ 3,765 | $ 6,748 | $ (19,058) | $ (2) | $ (2,267) | |||||
Segment Adjusted EBITDA** | |||||||||||
Operating profit (loss) | $ 6,280 | $ 3,765 | $ 6,748 | $ (19,058) | $ (2) | $ (2,267) | |||||
Depreciation, depletion and amortization | 2,404 | 2,493 | 944 | 269 | — | 6,110 | |||||
Asset impairment charges | — | — | — | 11,984 | — | 11,984 | |||||
Segment Adjusted EBITDA** | $ 8,684 | $ 6,258 | $ 7,692 | $ (6,805) | $ (2) | $ 15,827 | |||||
Three Months Ended June 30, 2025 | |||||||||||
Utility Coal | Contract | Minerals and Royalties | Unallocated | Eliminations | Total | ||||||
(In thousands) | |||||||||||
Revenues | $ 28,626 | $ 30,723 | $ 7,268 | $ 2,223 | $ (605) | $ 68,235 | |||||
Cost of sales | 30,327 | 28,659 | 986 | 2,051 | (608) | 61,415 | |||||
Gross profit (loss) | (1,701) | 2,064 | 6,282 | 172 | 3 | 6,820 | |||||
Earnings (loss) of unconsolidated operations | 11,656 | 1,232 | 251 | (1) | — | 13,138 | |||||
(Gain) loss on sale of assets | (14) | — | — | 5 | — | (9) | |||||
Operating expenses* | 8,747 | 2,286 | 1,328 | 7,657 | — | 20,018 | |||||
Operating profit (loss) | $ 1,222 | $ 1,010 | $ 5,205 | $ (7,491) | $ 3 | $ (51) | |||||
Segment Adjusted EBITDA** | |||||||||||
Operating profit (loss) | $ 1,222 | $ 1,010 | $ 5,205 | $ (7,491) | $ 3 | $ (51) | |||||
Depreciation, depletion and amortization | 2,132 | 2,917 | 845 | 197 | — | 6,091 | |||||
Segment Adjusted EBITDA** | $ 3,354 | $ 3,927 | $ 6,050 | $ (7,294) | $ 3 | $ 6,040 | |||||
*Operating expenses consist of Selling, general and administrative expenses and Amortization of intangible assets. | |||||||||||
**Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures. NACCO defines Segment Adjusted EBITDA as operating profit (loss) before asset impairment charges and depreciation, depletion and amortization expense. Segment Adjusted EBITDA is not a measure under |
NACCO INDUSTRIES, INC. AND SUBSIDIARIES FINANCIAL SEGMENT HIGHLIGHTS AND SEGMENT ADJUSTED EBITDA RECONCILIATIONS (UNAUDITED) | |||||||||||
Six Months Ended June 30, 2026 | |||||||||||
Utility Coal | Contract | Minerals and Royalties | Unallocated | Eliminations | Total | ||||||
(In thousands) | |||||||||||
Revenues | $ 38,168 | $ 69,558 | $ 20,163 | $ 9,264 | $ (2,068) | $ 135,085 | |||||
Cost of sales | 37,054 | 59,789 | 2,399 | 8,427 | (2,077) | 105,592 | |||||
Gross profit | 1,114 | 9,769 | 17,764 | 837 | 9 | 29,493 | |||||
Earnings (loss) of unconsolidated operations | 27,754 | 3,081 | (100) | — | — | 30,735 | |||||
Loss (gain) on sale of assets | 122 | 100 | (1) | (22) | — | 199 | |||||
Asset impairment charges | — | — | — | 11,984 | — | 11,984 | |||||
Operating expenses* | 15,042 | 4,997 | 3,181 | 16,076 | — | 39,296 | |||||
Operating profit (loss) | $ 13,704 | $ 7,753 | $ 14,484 | $ (27,201) | $ 9 | $ 8,749 | |||||
Segment Adjusted EBITDA** | |||||||||||
Operating profit (loss) | $ 13,704 | $ 7,753 | $ 14,484 | $ (27,201) | $ 9 | $ 8,749 | |||||
Depreciation, depletion and amortization | 4,716 | 4,491 | 1,831 | 579 | — | 11,617 | |||||
Asset impairment charges | — | — | — | 11,984 | — | 11,984 | |||||
Segment Adjusted EBITDA** | $ 18,420 | $ 12,244 | $ 16,315 | $ (14,638) | $ 9 | $ 32,350 | |||||
Six Months Ended June 30, 2025 | |||||||||||
Utility Coal | Contract | Minerals and Royalties | Unallocated | Eliminations | Total | ||||||
(In thousands) | |||||||||||
Revenues | $ 47,865 | $ 62,249 | $ 18,170 | $ 6,623 | $ (1,101) | $ 133,806 | |||||
Cost of sales | 52,897 | 57,037 | 3,230 | 5,288 | (1,120) | 117,332 | |||||
Gross profit (loss) | (5,032) | 5,212 | 14,940 | 1,335 | 19 | 16,474 | |||||
Earnings (loss) of unconsolidated operations | 26,119 | 2,201 | 805 | (1) | — | 29,124 | |||||
(Gain) loss on sale of assets | (86) | — | — | 5 | — | (81) | |||||
Operating expenses* | 16,160 | 4,433 | 2,633 | 14,822 | — | 38,048 | |||||
Operating profit (loss) | $ 5,013 | $ 2,980 | $ 13,112 | $ (13,493) | $ 19 | $ 7,631 | |||||
Segment Adjusted EBITDA** | |||||||||||
Operating profit (loss) | $ 5,013 | $ 2,980 | $ 13,112 | $ (13,493) | $ 19 | $ 7,631 | |||||
Depreciation, depletion and amortization | 4,150 | 5,619 | 2,753 | 362 | — | 12,884 | |||||
Segment Adjusted EBITDA** | $ 9,163 | $ 8,599 | $ 15,865 | $ (13,131) | $ 19 | $ 20,515 | |||||
*Operating expenses consist of Selling, general and administrative expenses and Amortization of intangible assets. | |||||||||||
**Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures. NACCO defines Segment Adjusted EBITDA as operating profit (loss) before asset impairment charges and depreciation, depletion and amortization expense. Segment Adjusted EBITDA is not a measure under |
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SOURCE NACCO Industries