Company: NC
Filing Date: 2025-04-07
Form Type: ARS
Source: 0000789933-25-000013
Chunk: 102

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-07
Form: ARS
Chunk 102
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 the IRS called Compliance Assurance Process (CAP). The objective of CAP is to contemporaneously work with the IRS to achieve federal tax compliance and resolve all or most issues prior to the filing of the tax return. See Note 13 to the Consolidated Financial Statements in this Form 10-K for further discussion of our income taxes. Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS NACCO INDUSTRIES, INC. AND SUBSIDIARIES (Tabular Amounts in Thousands, Except Per Share and Percentage Data) 51

CONSOLIDATED FINANCIAL SUMMARY Our results of operations were as follows for the years ended December 31: 2024 2023 Revenues: Coal Mining $ 68,611 $ 85,415 NAMining 119,600 90,532 Minerals Management 34,579 32,985 Unallocated Items 17,707 8,459 Eliminations (2,789) (2,597) Total revenue $ 237,708 $ 214,794 Operating profit (loss): Coal Mining $ 24,311 $ (71,342) NAMining 5,772 3,348 Minerals Management 28,927 19,418 Unallocated Items (23,317) (21,461) Eliminations 12 (100) Total operating profit (loss) $ 35,705 $ (70,137) Interest expense 5,566 2,460 Interest income (4,428) (6,081) Closed mine obligations 2,381 3,585 Gain on equity securities (1,805) (1,958) Other, net 345 (3,985) Other expense (income), net 2,059 (5,979) Income (loss) before income tax benefit 33,646 (64,158) Income tax benefit (95) (24,571) Net income (loss) $ 33,741 $ (39,587) Effective income tax rate (0.3) % 38.3 % The components of the change in revenues and operating profit are discussed below in Segment Results. Other expense (income), net Interest expense increased in 2024 compared with 2023 due to higher average borrowings as well as an increase in interest rates. Interest income decreased in 2024 compared with 2023 due to lower earnings on reduced cash balances. Gain on equity securities represents changes in the market price of invested assets reported at