Company: NC
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000789933-25-000023
Chunk: 61

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 61
---
 uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, could restrict our access to suppliers and increase the cost of equipment and supplies imported into the U.S.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Refer to the discussion of our Critical Accounting Policies and Estimates as disclosed on pages 50 through 51 in our Annual Report on Form 10-K for the year ended December 31, 2024. Our Critical Accounting Policies and Estimates have not materially changed since December 31, 2024.

CONSOLIDATED FINANCIAL SUMMARY

Our results of operations were as follows for the three months ended March 31:

THREE MONTHS 2025 2024Revenues:   Coal Mining$19,239 $15,545    NAMining31,526 24,483    Minerals Management10,902 10,401    Unallocated Items4,400 3,262    Eliminations(496)(402)Total revenue$65,571 $53,289 Operating profit (loss):   Coal Mining$3,791 $(417)   NAMining1,970 2,355    Minerals Management7,907 7,930    Unallocated Items(6,002)(5,128)   Eliminations16 17 Total operating profit7,682 4,757    Interest expense1,774 1,111    Interest income(865)(1,127)   Closed mine obligations473 455    Loss (gain) on equity securities870 (1,041)   Other, net 303 (214)Other expense (income), net2,555 (816)Income before income tax provision5,127 5,573 Income tax provision227 1,003 Net income$4,900 $4,570 Effective income tax rate4.4 % 18.0 %

The components of the change in revenues and operating profit are discussed below in Segment Results.

18

First Quarter of 2025 Compared with First Quarter of 2024

Other expense (income), net

Interest expense increased in the first quarter of 2025 compared with the first quarter of 2024 due to higher average borrowings, partially offset by a decrease in interest rates.

Interest income decreased in the first quarter