Company: NC
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0000789933-25-000006
Chunk: 135

Company: NACCO INDUSTRIES INC
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 135
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ated operations was primarily due to improved results at Falkirk, primarily due to a higher per ton management fee beginning in June 2024 when temporary price concessions ended and an increase in customer demand. Improved results at Coteau also contributed to the increase in earnings of unconsolidated operations.

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Table of ContentsItem 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSNACCO INDUSTRIES, INC. AND SUBSIDIARIES(Tabular Amounts in Thousands, Except Per Share and Percentage Data)

NORTH AMERICAN MINING (NAMining) SEGMENT

FINANCIAL REVIEW

Aggregate tons delivered by the NAMining segment were as follows for the years ended December 31: 

 20242023Total tons delivered54,963 56,655 

The results of operations for the NAMining segment were as follows for the years ended December 31:

 20242023Total revenues$119,600 $90,532 Reimbursable costs74,636 56,611 Revenues excluding reimbursable costs$44,964 $33,921 Revenues $119,600 $90,532 Cost of sales 110,821 83,719 Gross profit 8,779 6,813 Earnings of unconsolidated operations(a)5,010 5,361 Selling, general and administrative expenses8,365 8,308 (Gain) loss on sale of assets(348)518 Operating profit $5,772 $3,348 

(a) See Note 16 to the Consolidated Financial Statements in this Form 10-K for a discussion of our unconsolidated subsidiaries, including summarized financial information.

2024 Compared with 2023 

Revenues excluding reimbursable costs increased 32.6% in 2024 compared with 2023, mainly due to favorable pricing and delivery mix at the consolidated limestone quarries and an increase in the scope of work at Sawtooth. Reimbursable costs, which have an offsetting amount in cost of sales and have no impact on gross profit, also increased during 2024.

The following table identifies the components of change in Operating profit for 2024 compared with 2023.

 Operating Profit 2023$3,348 Increase (decrease) from: Gross profit1,966 Net change on sale of