Signature Sponsor
NACCO Industries Announces First Quarter 2023 Results

 

 

May 4, 2023 - ACCO Industries® (NYSE: NC) has announced the following consolidated results for the three months ended March 31, 2023. Comparisons in this news release are to the three months ended March 31, 2022, unless otherwise noted.

 

Three Months Ended

($ in thousands except per share amounts)

3/31/23

  

3/31/22

  

% Change

  

Operating Profit

$1,814

  

$14,944

  

(87.9) %

  

Other (income) expense, net

$(2,554)

  

$—

  

n.m.

  

Income tax provision (benefit)

$(1,324)

  

$2,362

  

n.m.

  

Net Income

$5,692

  

$12,582

  

(54.8) %

  

Diluted Earnings/share

$0.76

  

$1.72

  

(55.8) %

  

EBITDA*

$10,777

  

$21,439

  

(49.7) %

  
 

*Non-GAAP financial measures are defined and reconciled on pages 9 and 10.

The substantial decreases in the Company's 2023 first-quarter consolidated operating profit, net income and EBITDA compared with the first quarter of 2022 were primarily due to a significant decrease in earnings in the Coal Mining and Minerals Management segments. These decreases were partly offset by significantly lower income tax expense, $1.2 million of other income received in the 2023 first quarter from a post-closing purchase price adjustment related to the Company's transfer of its ownership interests in Midwest Ag Energy in late 2022 and higher interest income.

At March 31, 2023, the Company had consolidated cash of $109.6 million and debt of $20.4 million with availability of $117.0 million under its $150.0 million revolving credit facility. The Company believes that maintaining a conservative capital structure and adequate liquidity are important given evolving trends in energy markets and the Company's strategic initiatives to grow and diversify, which are discussed further in the Growth and Diversification section of this release.

Detailed Discussion of Results
Coal Mining Results

Coal deliveries for the first quarter of 2023 and 2022 were as follows:

 

2023

  

2022

  

Tons of coal delivered

(in thousands)

  

        Unconsolidated operations

6,192

  

6,317

  

        Consolidated operations

711

  

732

  

                        Total deliveries

6,903

  

7,049

  
 
   

 Key financial results for the first quarter of 2023 and 2022 were as follows:

 

2023

  

2022
 

(in thousands)

Revenues

$       20,653

  

$       20,962

Gross profit (loss)

$        (5,225)

  

$         2,112

Earnings of unconsolidated operations

$       12,466

  

$       13,326

Operating expenses(1)

$         6,928

  

$         8,086

Operating profit

$            313

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