NACCO INDUSTRIES ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 RESULTS
Consolidated Q4 2023 Highlights:
-
Operating loss of
$67.4 million versus operating profit of$15.5 million in 2022-
Includes non-cash asset impairment charge of
$65.9 million triggered by significant unplanned outage at the power plant served by theRed Hills Mine
-
Includes non-cash asset impairment charge of
-
Net loss of
$44.0 million compared with net income of$13.8 million in 2022 -
Adjusted EBITDA of
$7.1 million , which excludes the asset impairment charge, versus$23.6 million in 2022
2024 Consolidated Outlook
- Expect to report positive full-year net income compared with substantial 2023 loss
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Three Months Ended |
Year Ended |
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$ Change |
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$ Change |
Operating Profit (Loss) |
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Net Income (Loss) |
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Diluted Earnings (loss)/share |
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Adjusted EBITDA* |
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*Non-GAAP financial measures are defined and reconciled on pages 10 to 12. |
The substantial decreases in the Company's 2023 fourth-quarter and full-year results compared with the respective prior year periods were primarily due to a
In
In comparison, full-year 2022 net income included
At
Detailed Discussion of Results
Coal Mining Results
Coal deliveries for the fourth quarter of 2023 and 2022 were as follows: |
|||
|
|||
|
2023 |
|
2022 |
Tons of coal delivered |
(in thousands) |
||
Unconsolidated operations |
4,842 |
|
6,175 |
Consolidated operations |
686 |
|
818 |
Total deliveries |
5,528 |
|
6,993 |
Key financial results for the fourth quarter of 2023 and 2022 were as follows: |
|||
|
|||
|
2023 |
|
2022 |
|
(in thousands) |
||
Revenues |
$ 19,754 |
|
$ 25,041 |
Earnings of unconsolidated operations |
$ 10,946 |
|
$ 12,449 |
Long-lived asset impairment charge |
$ 60,832 |
|
$ — |
Operating expenses(1) |
$ 9,357 |
|
$ 8,548 |
Operating profit (loss) |
$ (62,283) |
|
$ 3,693 |
Segment Adjusted EBITDA(2) |
$ 3,194 |
|
$ 8,084 |
|
(1) Operating expenses consist of Selling, general and administrative expenses, Amortization of intangible assets and (Gain) loss on sale of assets. |
|
(2) Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP. See non-GAAP explanation and the related reconciliations to GAAP on page 11. |
Fourth-quarter 2023 revenues and Segment Adjusted EBITDA, which excludes the impairment charge, decreased significantly compared with a strong fourth-quarter 2022. These decreases were primarily due to fewer tons delivered at
Lower earnings at the unconsolidated operations, as well as higher operating expenses primarily from increased employee-related expenses, also contributed to the reduction in Segment Adjusted EBITDA. The decrease in earnings of unconsolidated operations was mainly due to lower customer requirements.
Coal Mining Outlook
In 2024, the Company expects coal deliveries to increase modestly from 2023 levels. Higher deliveries at Coteau and Falkirk are expected to be partly offset by the unfavorable effects of the force majeure event at
Strong operating profit compared with a significant 2023 loss and substantially higher Segment Adjusted EBITDA are expected in 2024. These anticipated increases are primarily the result of an improvement in results at
An increase in 2024 earnings at the unconsolidated coal mining operations is driven primarily by an expectation for increased customer requirements at Coteau and Falkirk, as well as a higher per ton management fee at Falkirk beginning in
Operating profit is expected to be higher in the second half of 2024 compared with the first half due to anticipated improvements at
Capital expenditures are expected to be approximately
The Company's contract structure at each of its coal mining operations eliminates exposure to spot coal market price fluctuations. However, fluctuations in natural gas prices, weather and the availability of renewable power generation, particularly wind, can contribute to changes in power plant dispatch and customer demand for coal. Changes to customer power plant dispatch would affect the Company's 2024 outlook, as well as outlook over the longer term.
North American
Deliveries for the fourth quarter of 2023 and 2022 were as follows: |
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|
|||
|
2023 |
|
2022 |
|
(in thousands) |
||
Tons delivered |
12,477 |
|
13,467 |
Key financial results for the fourth quarter of 2023 and 2022 were as follows: |
|||
|
|||
|
2023 |
|
2022 |
|
(in thousands) |
||
Revenues |
$ 26,461 |
|
$ 18,484 |
Operating loss |
$ (562) |
|
$ (116) |
Segment Adjusted EBITDA(1) |
$ 1,811 |
|
$ 1,796 |
|
(1) Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP. See non-GAAP explanation and the related reconciliations to GAAP on page 11. |
North American Mining® revenues increased significantly in fourth-quarter 2023 compared with 2022. This increase was primarily due to a
Improved fourth-quarter 2023 earnings at Sawtooth and North American Mining's active quarries were more than offset by a
North American Mining has made significant progress on operational and strategic projects to improve profitability. While the fourth-quarter operating results were down from the prior year, full-year operating profit was up 52% compared with 2022.
North American
In
Sawtooth Mining has an exclusive agreement to provide mining design, consulting and, once mining commences, will be the exclusive contract miner for the
In 2024, capital expenditures are expected to be approximately
Minerals Management Results
Key financial results for the fourth quarter of 2023 and 2022 were as follows: |
|||
|
|
|
|
|
2023 |
|
2022 |
|
(in thousands) |
||
Revenues |
$ 9,782 |
|
$ 19,354 |
Operating profit |
$ 2,475 |
|
$ 16,897 |
Segment Adjusted EBITDA(1) |
$ 8,269 |
|
$ 18,142 |
|
(1) Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP. See non-GAAP explanation and the related reconciliations to GAAP on page 11. |
Minerals Management's fourth-quarter 2023 revenues and Segment Adjusted EBITDA, which excludes the impairment charge, decreased significantly from the 2022 fourth quarter primarily due to a 51% decline in natural gas prices from 2022 as measured by the Henry Hub Average Natural Gas Spot Price and a 5% decrease in oil prices, as measured by the West Texas Intermediate Average Crude Oil Spot Price.
Minerals Management Outlook
The Minerals Management segment derives income primarily from royalty-based leases under which lessees make payments to the Company based on their sale of natural gas, oil, natural gas liquids and coal, extracted primarily by third parties. Changing prices of natural gas and oil could have a significant impact on Minerals Management's operating profit.
In
In 2024, operating profit and Segment Adjusted EBITDA are expected to decrease moderately compared with the prior year, excluding the 2023 impairment charge stemming from issues at the power plant served by
The Company's forecast is based on current market assumptions for natural gas and oil market prices, as well as development and production assumptions on currently owned reserves. Commodity prices are inherently volatile. Changes may be abrupt in response to factors such as
As an owner of royalty and mineral interests, the Company's access to information concerning activity and operations with respect to its interests is limited. The Company's expectations are based on the best information currently available and could vary positively or negatively as a result of adjustments made by operators, additional leasing and development and/or changes to commodity prices. Development of additional wells on existing interests in excess of current expectations, or acquisitions of additional interests, could be accretive to future results.
In 2024, Minerals Management is targeting additional investments of up to
Consolidated 2023 Results
Overall, the Company reported a fourth-quarter 2023 operating loss of
Consolidated Outlook
Overall, the Company expects to generate net income in 2024 compared with the substantial 2023 consolidated net loss. Adjusted EBITDA is also expected to increase significantly over 2023. These improvements are primarily due to anticipated increased profitability at the Coal Mining segment from improved results at
Consolidated capital expenditures are expected to total approximately
Long-Term Growth and Diversification Outlook
Management continues to view the long-term business outlook for NACCO positively. The Company is pursuing growth and diversification by strategically leveraging its core mining and natural resources management skills to build a strong portfolio of affiliated businesses. Management continues to be optimistic about the long-term outlook. In the Minerals Management segment, as well as in the Company's
The Minerals Management segment continues to pursue acquisitions of mineral and royalty interests in
North American Mining is focused on evaluating new business opportunities and driving profitable growth in line with refined strategic objectives. After a pause on business development in early 2023, North American Mining has better identified how to enhance operational excellence, where to focus and scale, and how to drive profitable growth. New contracts and contract extensions are central to the business' organic growth strategy, and North American Mining intends to be a substantial contributor to operating profit over time.
Mitigation Resources continues to expand its business, which creates and sells stream and wetland mitigation credits, provides services to those engaged in permittee-responsible mitigation and provides other environmental restoration services. This business offers an opportunity for growth and diversification in an industry where the Company has substantial knowledge and expertise and a strong reputation. Mitigation Resources is making strong progress toward its goal of becoming a top ten provider of stream and wetland mitigation services in the southeastern
The Company also continues to pursue activities which can strengthen the resiliency of its existing coal mining operations. The Company remains focused on managing coal production costs and maximizing efficiencies and operating capacity at mine locations to help customers with management fee contracts be more competitive. These activities benefit both customers and the Company's Coal Mining segment, as fuel cost is a significant driver for power plant dispatch. Increased power plant dispatch results in increased demand for coal by the Coal Mining segment's customers. Fluctuating natural gas prices, weather and availability of renewable energy sources, such as wind and solar, could affect the amount of electricity dispatched from coal-fired power plants. While the Company realizes the coal mining industry faces political and regulatory challenges and demand for coal is projected to decline over the longer-term, the Company believes coal should be an essential part of the energy mix in
The Company continues to look for ways to create additional value by utilizing its core mining competencies which include reclamation and permitting. The Company is working to utilize these skills through development of utility-scale solar projects on reclaimed mining properties. Reclaimed mining properties offer large tracts of land that could be well-suited for solar and other energy-related projects. These projects could be developed by the Company itself or through joint ventures that include partners with expertise in energy development projects. In 2023, NACCO formed ReGen Resources to pursue such projects, including the development of a solar farm on reclaimed land at
The Company is committed to maintaining a conservative capital structure as it continues to grow and diversify, while avoiding unnecessary risk. Strategic diversification will generate cash that can be re-invested to strengthen and expand the businesses. The Company also continues to maintain the highest levels of customer service and operational excellence with an unwavering focus on safety and environmental stewardship.
****
Conference Call
In conjunction with this news release, the management of
Annual Report on Form 10-K
Non-GAAP and Other Measures
This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the
Forward-looking Statements Disclaimer
The statements contained in this news release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) changes to or termination of customer or other third-party contracts, or a customer or other third party default under a contract, (2) any customer's premature facility closure or extended project development delay, (3) regulatory actions, including the
About
****
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|||||||
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|||||||
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|||||||
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Three Months Ended |
|
Year Ended |
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(In thousands, except per share data) |
||||||
Revenues |
$ 56,757 |
|
$ 63,534 |
|
$ 214,794 |
|
$ 241,719 |
Cost of sales |
49,756 |
|
45,010 |
|
200,203 |
|
173,877 |
Gross profit |
7,001 |
|
18,524 |
|
14,591 |
|
67,842 |
Earnings of unconsolidated operations |
12,332 |
|
13,448 |
|
49,994 |
|
57,250 |
Contract termination settlement |
— |
|
— |
|
— |
|
14,000 |
Operating expenses |
|
|
|
|
|
|
|
Selling, general and administrative expenses |
19,876 |
|
15,496 |
|
65,616 |
|
63,911 |
Amortization of intangible assets |
702 |
|
947 |
|
2,998 |
|
3,719 |
Loss (gain) on sale of assets |
302 |
|
(12) |
|
221 |
|
(2,463) |
Long-lived asset impairment charge |
65,887 |
|
— |
|
65,887 |
|
3,939 |
|
86,767 |
|
16,431 |
|
134,722 |
|
69,106 |
Operating profit (loss) |
(67,434) |
|
15,541 |
|
(70,137) |
|
69,986 |
Other (income) expense |
|
|
|
|
|
|
|
Interest expense |
711 |
|
539 |
|
2,460 |
|
2,034 |
Interest income |
(1,533) |
|
(757) |
|
(6,081) |
|
(1,449) |
Closed mine obligations |
2,349 |
|
24 |
|
3,585 |
|
1,179 |
(Gain) loss on equity securities |
(1,460) |
|
(1,393) |
|
(1,958) |
|
283 |
Other contract termination settlements |
— |
|
— |
|
— |
|
(16,882) |
Other, net |
(1,568) |
|
902 |
|
(3,985) |
|
(2,902) |
|
(1,501) |
|
(685) |
|
(5,979) |
|
(17,737) |
Income (loss) before income tax provision (benefit) |
(65,933) |
|
16,226 |
|
(64,158) |
|
87,723 |
Income tax provision (benefit) |
(21,966) |
|
2,444 |
|
(24,571) |
|
13,565 |
Net income (loss) |
$ (43,967) |
|
$ 13,782 |
|
$ (39,587) |
|
$ 74,158 |
|
|
|
|
|
|
|
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
Basic earnings (loss) per share |
$ (5.88) |
|
$ 1.88 |
|
$ (5.29) |
|
$ 10.14 |
Diluted earnings (loss) per share |
$ (5.88) |
|
$ 1.84 |
|
$ (5.29) |
|
$ 10.06 |
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding |
7,481 |
|
7,344 |
|
7,478 |
|
7,312 |
Diluted weighted average shares outstanding |
7,481 |
|
7,475 |
|
7,478 |
|
7,373 |
|
|||||||
CONSOLIDATED ADJUSTED EBITDA RECONCILIATION (UNAUDITED) |
|||||||
|
|||||||
|
Three Months Ended |
|
Year Ended |
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(in thousands) |
||||||
Net income (loss) |
$ (43,967) |
|
$ 13,782 |
|
$ (39,587) |
|
$ 74,158 |
Contract termination settlement |
— |
|
— |
|
— |
|
(30,882) |
Long-lived asset impairment charge |
65,887 |
|
— |
|
65,887 |
|
3,939 |
Income tax provision (benefit) |
(21,966) |
|
2,444 |
|
(24,571) |
|
13,565 |
Interest expense |
711 |
|
539 |
|
2,460 |
|
2,034 |
Interest income |
(1,533) |
|
(757) |
|
(6,081) |
|
(1,449) |
Depreciation, depletion and amortization expense |
7,958 |
|
7,632 |
|
29,387 |
|
26,816 |
Consolidated Adjusted EBITDA* |
$ 7,090 |
|
$ 23,640 |
|
$ 27,495 |
|
$ 88,181 |
|
|
|
|
|
|
|
|
|
|||||||
*Consolidated Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures. NACCO defines Consolidated Adjusted EBITDA as net income (loss) before long-lived asset impairment charges, contract termination settlements and income taxes, plus net interest expense and depreciation, depletion and amortization expense. Consolidated Adjusted EBITDA is not a measure under |
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|||||||||||
|
|||||||||||
|
|||||||||||
|
Three Months Ended |
||||||||||
|
Coal Mining |
|
North |
|
Minerals |
|
Unallocated |
|
Eliminations |
|
Total |
|
(In thousands) |
||||||||||
Revenues |
$ 19,754 |
|
$ 26,461 |
|
$ 9,782 |
|
$ 1,674 |
|
$ (914) |
|
$ 56,757 |
Cost of sales |
22,794 |
|
25,308 |
|
943 |
|
1,577 |
|
(866) |
|
49,756 |
Gross profit (loss) |
(3,040) |
|
1,153 |
|
8,839 |
|
97 |
|
(48) |
|
7,001 |
Earnings of unconsolidated operations |
10,946 |
|
1,386 |
|
— |
|
— |
|
— |
|
12,332 |
Long-lived asset impairment charge |
60,832 |
|
— |
|
5,055 |
|
— |
|
— |
|
65,887 |
Operating expenses* |
9,357 |
|
3,101 |
|
1,309 |
|
7,113 |
|
— |
|
20,880 |
Operating profit (loss) |
$ (62,283) |
|
$ (562) |
|
$ 2,475 |
|
$ (7,016) |
|
$ (48) |
|
$ (67,434) |
Segment Adjusted EBITDA** |
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss) |
$ (62,283) |
|
$ (562) |
|
$ 2,475 |
|
$ (7,016) |
|
$ (48) |
|
$ (67,434) |
Long-lived asset impairment charge |
60,832 |
|
— |
|
5,055 |
|
— |
|
— |
|
65,887 |
Depreciation, depletion and amortization |
4,645 |
|
2,373 |
|
739 |
|
201 |
|
— |
|
7,958 |
Segment Adjusted EBITDA** |
$ 3,194 |
|
$ 1,811 |
|
$ 8,269 |
|
$ (6,815) |
|
$ (48) |
|
$ 6,411 |
|
|||||||||||
|
Three Months Ended |
||||||||||
|
Coal Mining |
|
North |
|
Minerals |
|
Unallocated |
|
Eliminations |
|
Total |
|
(In thousands) |
||||||||||
Revenues |
$ 25,041 |
|
$ 18,484 |
|
$ 19,354 |
|
$ 1,051 |
|
$ (396) |
|
$ 63,534 |
Cost of sales |
25,249 |
|
17,756 |
|
1,448 |
|
1,082 |
|
(525) |
|
45,010 |
Gross profit (loss) |
(208) |
|
728 |
|
17,906 |
|
(31) |
|
129 |
|
18,524 |
Earnings of unconsolidated operations |
12,449 |
|
999 |
|
— |
|
— |
|
— |
|
13,448 |
Operating expenses* |
8,548 |
|
1,843 |
|
1,009 |
|
5,031 |
|
— |
|
16,431 |
Operating profit (loss) |
$ 3,693 |
|
$ (116) |
|
$ 16,897 |
|
$ (5,062) |
|
$ 129 |
|
$ 15,541 |
Segment Adjusted EBITDA** |
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss) |
$ 3,693 |
|
$ (116) |
|
$ 16,897 |
|
$ (5,062) |
|
$ 129 |
|
$ 15,541 |
Depreciation, depletion and amortization |
4,391 |
|
1,912 |
|
1,245 |
|
84 |
|
— |
|
7,632 |
Segment Adjusted EBITDA** |
$ 8,084 |
|
$ 1,796 |
|
$ 18,142 |
|
$ (4,978) |
|
$ 129 |
|
$ 23,173 |
|
|||||||||||
*Operating expenses consist of Selling, general and administrative expenses, Amortization of intangible assets and (Gain) loss on sale of assets. |
|||||||||||
**Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures. NACCO defines Segment Adjusted EBITDA as operating profit (loss) before long-lived asset impairment charges, contract termination settlements and depreciation, depletion and amortization expense. Segment Adjusted EBITDA is not a measure under |
|
|||||||||||
|
|||||||||||
|
|||||||||||
|
Year Ended |
||||||||||
|
Coal Mining |
|
North |
|
Minerals |
|
Unallocated |
|
Eliminations |
|
Total |
|
(In thousands) |
||||||||||
Revenues |
$ 85,415 |
|
$ 90,532 |
|
$ 32,985 |
|
$ 8,459 |
|
$ (2,597) |
|
$ 214,794 |
Cost of sales |
108,760 |
|
83,719 |
|
3,969 |
|
6,252 |
|
(2,497) |
|
200,203 |
Gross profit (loss) |
(23,345) |
|
6,813 |
|
29,016 |
|
2,207 |
|
(100) |
|
14,591 |
Earnings of unconsolidated operations |
44,633 |
|
5,361 |
|
— |
|
— |
|
— |
|
49,994 |
Long-lived asset impairment charge |
60,832 |
|
— |
|
5,055 |
|
— |
|
— |
|
65,887 |
Operating expenses* |
31,798 |
|
8,826 |
|
4,543 |
|
23,668 |
|
— |
|
68,835 |
Operating profit (loss) |
$ (71,342) |
|
$ 3,348 |
|
$ 19,418 |
|
$ (21,461) |
|
$ (100) |
|
$ (70,137) |
Segment Adjusted EBITDA** |
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss) |
$ (71,342) |
|
$ 3,348 |
|
$ 19,418 |
|
$ (21,461) |
|
$ (100) |
|
$ (70,137) |
Long-lived asset impairment charge |
60,832 |
|
— |
|
5,055 |
|
— |
|
— |
|
65,887 |
Depreciation, depletion and amortization |
17,569 |
|
8,172 |
|
3,067 |
|
579 |
|
— |
|
29,387 |
Segment Adjusted EBITDA** |
$ 7,059 |
|
$ 11,520 |
|
$ 27,540 |
|
$ (20,882) |
|
$ (100) |
|
$ 25,137 |
|
|||||||||||
|
Year Ended |
||||||||||
|
Coal Mining |
|
North |
|
Minerals |
|
Unallocated |
|
Eliminations |
|
Total |
|
(In thousands) |
||||||||||
Revenues |
$ 95,204 |
|
$ 85,664 |
|
$ 60,242 |
|
$ 2,952 |
|
$ (2,343) |
|
$ 241,719 |
Cost of sales |
89,670 |
|
79,842 |
|
3,935 |
|
3,266 |
|
(2,836) |
|
173,877 |
Gross profit (loss) |
5,534 |
|
5,822 |
|
56,307 |
|
(314) |
|
493 |
|
67,842 |
Earnings of unconsolidated operations |
52,535 |
|
4,715 |
|
— |
|
— |
|
— |
|
57,250 |
Contract termination settlement |
14,000 |
|
— |
|
— |
|
— |
|
— |
|
14,000 |
Long-lived asset impairment charge |
— |
|
— |
|
3,939 |
|
— |
|
— |
|
3,939 |
Operating expenses* |
33,760 |
|
8,335 |
|
154 |
|
22,919 |
|
(1) |
|
65,167 |
Operating profit (loss) |
$ 38,309 |
|
$ 2,202 |
|
$ 52,214 |
|
$ (23,233) |
|
$ 494 |
|
$ 69,986 |
Segment Adjusted EBITDA** |
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss) |
$ 38,309 |
|
$ 2,202 |
|
$ 52,214 |
|
$ (23,233) |
|
$ 494 |
|
$ 69,986 |
Contract termination settlement |
(14,000) |
|
— |
|
— |
|
— |
|
— |
|
(14,000) |
Long-lived asset impairment charge |
— |
|
— |
|
3,939 |
|
— |
|
— |
|
3,939 |
Depreciation, depletion and amortization |
17,074 |
|
6,457 |
|
3,026 |
|
259 |
|
— |
|
26,816 |
Segment Adjusted EBITDA** |
$ 41,383 |
|
$ 8,659 |
|
$ 59,179 |
|
$ (22,974) |
|
$ 494 |
|
$ 86,741 |
|
|||||||||||
*Operating expenses consist of Selling, general and administrative expenses, Amortization of intangible assets and (Gain) loss on sale of assets. |
|||||||||||
**Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures. NACCO defines Segment Adjusted EBITDA as operating profit (loss) before long-lived asset impairment charges, contract termination settlements and depreciation, depletion and amortization expense. Segment Adjusted EBITDA is not a measure under |
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