**NACCO Industries (NYSE: NC) announced its consolidated results for the second quarter of 2024. The company achieved notable financial growth compared to the same period in 2023.

NACCO Industries Q2 2024 Financial Highlights

NACCO Industries recorded a significant increase in operating profit, which reached $7.4 million, a notable rise from $1.8 million in the second quarter of 2023. This was primarily driven by enhanced performance in the Coal Mining and North American Mining segments.

Net income also saw a substantial boost, amounting to $6.0 million, or $0.81 per share, compared to $2.5 million, or $0.34 per share, in the second quarter of 2023.

Coal Mining Performance

The Coal Mining segment reported a significant improvement in operating profit for the second quarter despite a decrease in revenues due to lower coal deliveries. The increase was attributable to enhanced operational efficiencies and higher earnings from unconsolidated operations.

North American Mining Performance

NACCO Industries saw a 29% growth in revenues for North American Mining, driven by increased customer requirements and favorable pricing. Operating profit and Segment Adjusted EBITDA rose by 39% and 36% respectively.

Minerals Management Performance

The Minerals Management segment reported a modest improvement in operating profit and Segment Adjusted EBITDA. This includes a $4.5 million gain on the sale of a legacy land asset. Excluding this gain, the segment saw a decline primarily due to lower natural gas and oil prices.

Outlook for 2024

NACCO Industries anticipates an increase in coal deliveries in the second half of 2024. Operating profit and Segment Adjusted EBITDA for the Coal Mining and North American Mining segments are expected to rise. The company continues to pursue long-term growth and diversification through strategic initiatives, including new contracts and acquisition of mineral interests.

Capital Expenditures

The company’s consolidated capital expenditures in 2024 are projected to be approximately $66 million. This includes investments in draglines, equipment for existing contracts, and initiatives for long-term business growth.

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