Nacco Industries, Inc. Provides Earnings Guidance for the Fourth Quarter, Full Year of 2021 and 2022
November 03, 2021 at 04:54 pm EDT
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NACCO Industries, Inc. provided earnings guidance for the fourth quarter, full year of 2021 and 2022. Overall, NACCO expects a significant increase in consolidated operating profit, net income in the fourth quarter of 2021 over 2020, primarily due to the absence of prior year charges totaling $11.6 million. Excluding these items, fourth quarter 2021 consolidated operating profit is expected to decrease from the prior year primarily due to anticipated lower results in the Coal Mining and Minerals Management segments partially offset by an increase in the North American Mining segment.
The Company expects net income for the 2021 full year to be significantly higher than 2020, resulting from the Bisti Fuels termination payment and the absence of the prior-year charges totaling $12.1 million. Excluding these items, the Company also expects significantly higher 2021 net income and Consolidated Adjusted EBITDA as a result of the strong results in the first nine-months of the year.
In 2022, NACCO expects consolidated net income to decrease significantly from 2021.
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.