NACCO Industries, Inc. Provides Consolidated Earnings Guidance for the Fourth Quarter and Full Year of 2022 and for the Full Year 2023
November 02, 2022 at 04:50 pm EDT
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NACCO Industries, Inc. provided consolidated earnings guidance for the fourth quarter and full year of 2022 and for the full year 2023. The company expects a significant increase in consolidated operating profit, net income in the fourth quarter of 2022 due to anticipated higher results at the Minerals Management and North American Mining segments, as well as income from an equity interest in a North Dakota-based ethanol business.
For the 2022 full year, excluding the settlements associated with the GRE/Rainbow Energy transaction recognized in 2022 and the Bisti termination fee recognized in 2021, the company expects consolidated operating profit, net income to improve significantly over 2021.
In 2023, the company expects consolidated net income to decrease significantly from 2022 largely due to $30.9 million of pre-tax contract termination income recognized during 2022. Excluding the effect of the contract termination settlements, net income is expected to decrease substantially due to significantly reduced royalty income at the Minerals Management segment and lower earnings in the Coal Mining segment, as well as an anticipated reduction in income from an equity interest in a North Dakota-based ethanol business.
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.