NACCO Industries, Inc.
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About the company
NACCO Industries, Inc. (NC) primarily operates within the natural resources sector, structured into three core business units. Its Coal Mining division manages surface coal extraction activities through multi-year agreements, serving electricity producers and a manufacturer of activated carbon at sites located in North Dakota, Texas, Mississippi, Louisiana, and the Navajo Nation in New Mexico.
- CEO
- John C. Butler Jr.
- IPO
- 1977
- Employees
- 600
- HQ
- Cleveland, OH, US
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- Market Cap
- $308.22M
- P/E
- 17.90
- PEG
- -0.39
- P/S
- 1.11
- P/B
- 0.72
- EV/EBITDA
- 9.46
- Div Yield
- 2.47%
- Gross Margin
- 18.31%
- Op Margin
- -9.47%
- Net Margin
- 6.21%
- ROE
- 4.00%
- ROIC
- -4.24%
Latest fiscal year · YoY change
- Revenue
- $277.20M+16.6%
- Gross Profit
- $37.72M+26.8%
- Op Income
- $-40,128,000
- Net Income
- $17.57M-47.9%
- EPS
- $2.37-48.3%
- OCF Growth
- +128.4%
- FCF Growth
- +107.0%
- 52W High
- $59.42
- 52W Low
- $36.04
- 50D MA
- $47.53
- 200D MA
- $49.40
- Beta
- 0.46
- RSI (14)
- 34
- Avg Volume
- 13.66K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
NACCO’s core businesses posted strong year-over-year operating improvement, but solar project impairments pushed the quarter to a consolidated loss.· August 6, 2026
- Revenue rose 6% to $72.3 million, gross profit jumped 123% to $15.2 million, and adjusted EBITDA increased 72% to $15.9 million.
- The quarter’s GAAP results were hurt by $12 million of solar-related impairment charges, leading to a $1 million net loss, or $0.13 per diluted share.
- Contract Mining was the standout growth engine, helped by the Palm Beach dragline ramp and stronger limestone volumes.
- Utility Coal Mining improved despite lower customer requirements, but management flagged weaker second-half demand, higher diesel costs and an inventory impairment risk.
- Management said it remains focused on liquidity, debt reduction and selective capital deployment, with up to $35 million planned for the rest of 2026 if opportunities meet criteria.
Consolidated revenues were $72.3 million, up 6% from $68.2 million a year ago. Gross profit was $15.2 million, up 123% from $6.8 million, and consolidated adjusted EBITDA rose 72% to $15.9 million from $9.3 million. GAAP operating loss was $2.3 million versus an operating loss of less than $100,000 last year; net loss was $1 million, or $0.13 per diluted share, versus net income of $3.3 million, or $0.44 per diluted share, in the prior-year quarter. The quarter included $12 million of solar-related impairment charges. At June 30, 2026, debt was $120.1 million, liquidity was $114.6 million, including $45.5 million of cash and $69.1 million of revolver availability. Forward outlook: Utility Coal Mining full-year operating profit is expected to increase year over year, but second-half results at Mississippi Lignite are expected to decline from the first half due to lower customer demand, higher diesel costs and an anticipated inventory impairment charge. Contract Mining is expected to deliver substantial year-over-year growth in second-half and full-year 2026 operating profit and adjusted EBITDA, though second-half results should moderate from the strong first half. Minerals and Royalties is expected to decline in the second half and full year versus 2025, while full-year 2026 consolidated adjusted EBITDA is still expected to improve year over year, even as second-half operating profit and net income are expected to be lower than in 2025.
J.C. Butler said the quarter showed “meaningful progress” in the operating businesses and emphasized that the company’s established mining and natural resources platforms are performing well. He framed the solar impairments as a deliberate reset after costs, delays and grid-connection issues worsened, and said NACCO is pursuing options such as asset sales and contract amendments to preserve value and limit future capital needs. His tone was disciplined and defensive on capital allocation, repeatedly stressing long-term value creation, heightened scrutiny on non-core investments and prioritizing liquidity and debt reduction.
Elizabeth Loveman said the underlying businesses produced strong year-over-year profit improvement, but GAAP results were distorted by the solar charges. She cited the key figures: $72.3 million in revenue, $15.2 million in gross profit, $2.3 million operating loss, $1 million net loss, and $15.9 million adjusted EBITDA, plus $120.1 million of debt and $114.6 million of total liquidity at quarter-end. On cash, she said cash flow before financing is expected to remain a use of cash in 2026 because of planned investment activity, though cash generated from operations should rise moderately and cash flow before financing should improve modestly over 2025 and continue improving into 2027.
The main analyst focus was Mississippi Lignite: why demand can weaken despite broader electricity demand, how planned and unplanned plant outages affect results, and whether TVA dispatch decisions and tax-law distortions are affecting the plant’s run time. Butler explained that second-quarter weakness was tied to a significant unplanned outage plus dispatch timing, and said the company’s outlook is based on customer indications that can change. Another topic was the delayed receivable; Butler said NACCO is actively enforcing its contractual rights, but would not discuss legal strategy. The analyst also asked about customer concentration in Contract Mining and reinvestment priorities; management said the customer base is expanding through existing relationships and new projects, but they still prefer a diversified portfolio of businesses and investments.
The core businesses performed strongly, with gross profit and adjusted EBITDA both up sharply, suggesting operating leverage in the mining portfolio. Contract Mining appears to have multiple growth drivers, including the Palm Beach ramp, a new Arizona limestone quarry, and potential additional deals, while management remains confident in long-term cash flow generation from the core platform.
The solar portfolio created a $12 million impairment and management warned that more curtailment charges could follow if project alternatives do not work out, raising questions about capital discipline. Mississippi Lignite faces second-half headwinds from lower customer demand, higher diesel costs, an inventory impairment risk, and delayed payments, while Minerals and Royalties is expected to soften as production declines and domestic development remains only moderate.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 56.8%
- Shares Outstanding
- 7.45M
- Float Shares
- 4.23M
of shares held by institutions
88 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 218.95K | ▲ 5.99K |
| Cwm, LLC | 33.33K | ▲ 55 |
| Two Sigma Advisers, LP | 18.32K | ▲ 100 |
| Comerica Bank | 81 | ▲ 36 |
| Parkworth Wealth Management, Inc. | 8 | ▲ 8 |
Held by 97 ETFs
Biggest fund positions in NC by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jul 1, 26 | TAPLIN BRITTON T | other | 569 |
| Jul 1, 26 | RANKIN ELIZABETH B | other | 569 |
| Jul 1, 26 | RANKIN MATTHEW M | other | 569 |
| Jul 1, 26 | RANKIN VICTOIRE G | other | 760 |
| Jul 1, 26 | RANKIN ALFRED M ET AL | other | 760 |
| Jul 1, 26 | SHAPARD ROBERT S | other | 569 |
| Jul 1, 26 | SACHS VALERIE GENTILE | other | 569 |
| Jul 1, 26 | McDonald William Paul | other | 569 |
| Jul 1, 26 | LABARRE DENNIS W | other | 569 |
| Jul 1, 26 | Miller Michael Sidney | other | 569 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our NC coverage
Recent articles, reports, and earnings notes.
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Generate NC report →NACCO INDUSTRIES DECLARES QUARTERLY DIVIDEND
prnewswire.com · Aug 20
NACCO INDUSTRIES APPOINTS PATRICK J. BURNS TO BOARD OF DIRECTORS
prnewswire.com · Aug 19
NORTH AMERICAN MINING SECURES MULTI-YEAR CONTRACT EXTENSIONS
prnewswire.com · Aug 12
NACCO Industries Q2 Earnings Call Highlights
marketbeat.com · Aug 8
NACCO Industries, Inc. (NC) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 6
NACCO INDUSTRIES ANNOUNCES SECOND QUARTER 2026 RESULTS
prnewswire.com · Aug 5
NACCO INDUSTRIES ANNOUNCES DATES OF 2026 SECOND QUARTER EARNINGS RELEASE AND CONFERENCE CALL
prnewswire.com · Jul 29
NACCO INDUSTRIES ANNOUNCES EXECUTION OF BOARD OF DIRECTORS SUCCESSION PLAN
prnewswire.com · May 18
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.