Strong Financial Performance in 2024
NACCO Industries reported a robust 2024 fourth quarter net income of $7.6 million and full year net income of $33.7 million. Fourth quarter adjusted EBITDA of $9 million increased almost 27% over fourth quarter 2023, and full year adjusted EBITDA of $59.4 million increased 116% year-over-year.
Coal Mining Segment Success
The Coal Mining segment's adjusted EBITDA more than quadrupled from 2023. Earnings at unconsolidated Coal Mining operations improved, with increased earnings at both Coteau and Falkirk.
North American Mining Growth
North American Mining delivered a 35% increase in segment-adjusted EBITDA. Full year operating profit of $5.8 million was up 72% compared with 2023.
Minerals Management Expansion
Minerals Management generated a 21% increase in segment-adjusted EBITDA, with a $4.5 million gain on the sale of assets. The segment also invested $15.7 million in oil and natural gas assets expected to be accretive to future earnings.
Mitigation Resources Contribution
Mitigation Resources of North America contributed positively to operating profit and EBITDA during the 2024 fourth quarter and is expected to achieve full-year operating profit in 2025.