Company: NC
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000789933-25-000023
Chunk: 66

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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2024Unconsolidated operations5,616  5,480 Consolidated operations591  455 Total tons delivered6,207  5,935 

The results of operations for the Coal Mining segment were as follows for the three months ended March 31:

THREE MONTHS 2025 2024Revenues $19,239 $15,545 Cost of sales 22,570 20,943 Gross loss(3,331)(5,398)Earnings of unconsolidated operations(a)14,463 12,007 Selling, general and administrative expenses7,251 6,910 Amortization of intangible assets162 126 Gain on sale of assets(72)(10)Operating profit (loss) $3,791 $(417)

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

Revenues increased 23.8% in the first quarter of 2025 compared with the first quarter of 2024 due to an increase in customer requirements at MLMC. The first quarter of 2024 was impacted by lower customer requirements as a result of a boiler issue at the customer's Red Hills Power Plant. 

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The following table identifies the components of change in Operating profit (loss) for the first quarter of 2025 compared with the first quarter of 2024:

 Operating Profit (Loss)2024$(417)Increase (decrease) from:Gross loss, excluding inventory impairment charges2,638 Earnings of unconsolidated operations2,456 Net change on sale of assets62 Inventory impairment charges(571)Selling, general and administrative expenses(341)Amortization of intangibles(36)2025$3,791 

Operating profit (loss) improved by $4.2 million in the first quarter of 2025 compared with the first quarter of 2024, primarily due to a decrease in the gross loss, excluding inventory impairment charges, and an increase in earnings of unconsolidated operations. 

The decrease in gross loss at MLMC was primarily due to a decrease in the cost per ton delivered during the first quarter of 2025 compared with the first quarter of 2024. The reduction in cost per ton delivered was primarily attributable to an increase in the number of tons severed and tons sold at MLMC in the first quarter of 202