Company: NC
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000789933-25-000102
Chunk: 81

Company: NACCO INDUSTRIES INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 81
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 Red Hills Power Plant and higher selling, general and administrative expenses. These unfavorable changes were partially offset by an increase in earnings of unconsolidated operations. 

The increase in selling, general and administrative expenses was mainly the result of higher employee-related costs. 

The increase in earnings of unconsolidated operations was primarily due to higher per ton management fees, mainly the result of temporary price concessions ending at Falkirk in June 2024, partially offset by lower customer demand at Coteau, Coyote and Falkirk. 

CONTRACT MINING SEGMENT

FINANCIAL REVIEW

Tons delivered by the Contract Mining segment were as follows for the three and nine months ended September 30: 

THREE MONTHSNINE MONTHS 2025 20242025 2024Total tons delivered14,385 12,005 41,185 43,178 

The results of operations for the Contract Mining segment were as follows for the three and nine months ended September 30:

THREE MONTHSNINE MONTHS 2025 20242025 2024Total revenues $45,611  $32,326 $107,860 $84,729 Reimbursable costs32,959 21,922 71,009 50,819 Revenues excluding reimbursable costs$12,652 $10,404 $36,851 $33,910 Total revenues $45,611 $32,326 $107,860 $84,729 Cost of sales 42,395 31,379 99,432 77,304 Gross profit 3,216 947 8,428 7,425 Earnings of unconsolidated operations(a)1,074 1,122 3,275 3,935 Selling, general and administrative expenses2,363 2,843 6,796 6,696 Gain on sale of assets(2)(300)(2)(302)Operating profit (loss)$1,929  $(474)$4,909  $4,966 

(a) See Note 6 to the Unaudited Condensed Consolidated Financial Statements for a discussion of our unconsolidated subsidiaries.

Third Quarter of 2025 Compared with Third Quarter of 2024

Total revenues increased in the third quarter of 2025 compared with the third quarter of 2024, primarily due to an increase in reimbursable costs,