Consolidated Q1 2024 Highlights: Consolidated operating profit of $4.8 million increased 162% over Q1 2023 Consolidated income before taxes of $5.6 million up 28% from Q1 2023 Income tax expense compared with income tax benefit in Q1 2023 due to shift in mix of earnings Consolidated net income of $4.6 million, or $0.61/share versus $5.7 million, or $0.76/share, in Q1 2023  EBITDA of $11.2 million up 4% from Q1 2023 CLEVELAND, May 1, 2024 /PRNewswire/ -- NACCO Industries® (NYSE:NC) today announced the following consolidated results for the three months ended March 31, 2024. Comparisons in this news release are to the three months ended March 31, 2023, unless otherwise noted. Three Months Ended ($ in thousands, except per share amounts) 3/31/2024 3/31/2023 % Change           Operating Profit $4,757 $1,814 162.2 % Income before taxes $5,573 $4,368 27.6 % Income tax provision (benefit) $1,003 $(1,324) n.m. Net Income $4,570 $5,692 (19.7) % Diluted Earnings/share $0.61 $0.76 (19.7) % EBITDA* $11,249 $10,777 4.4 % *Non-GAAP financial measures are defined and reconciled on pages 8 and 9. The substantial increase in the Company's 2024 first-quarter operating profit was primarily due to a significant improvement in earnings at the Minerals Management and North American Mining segments. While operating profit improved, net income decreased due to higher income tax expense, attributable to a shift in the mix of earnings and lower other income. At March 31, 2024, the Company had consolidated cash of $61.8 million and total debt of $49.9 million with availability of $100.4 million under its $150.0 million revolving credit facility. During the three months ended March 31, 2024, the Company repurchased approximately 128,000 shares for $4.3 million under an existing share repurchase program. 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. These initiatives are discussed further in the Long-Term Growth and Diversification section of this release. Detailed Discussion of ResultsCoal Mining Results 2024 2023 Tons of coal delivered (in thousands)         Unconsolidated operations 5,480 6,192         Consolidated operations 455 711                         Total deliveries 5,935 6,903 2024 2023 (in thousands) Revenues $       15,545 $       20,653 Earnings of unconsolidated operations $       12,007 $       12,466 Operating expenses(1) $         7,026 $         6,928 Operating profit (loss) $           (417) $            313 Segment Adjusted EBITDA(2) $         1,797 $         4,553 (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 9. First-quarter 2024 revenues decreased primarily due to fewer tons delivered at Mississippi Lignite Mining Company. Customer requirements at Mississippi Lignite Mining Company declined as the power plant served by the mine has been operating with only one of its two boilers since December 2023. Repairs to the affected boiler are expected to be completed during the second half of 2024. While revenues decreased, the decline in Coal Mining operating results was mainly due to lower earnings of unconsolidated operations. The decrease in earnings of unconsolidated operations was primarily attributable to reduced customer requirements at Coteau. Coal Mining Outlook In 2024, the Company expects overall coal deliveries to increase modestly from 2023 levels primarily due to anticipated higher deliveries at Coteau and Falkirk. These improvements are expected to be partly offset by reduced deliveries at Mississippi Lignite Mining Company, due to an ongoing boiler issue, and the cessation of coal deliveries at the Company's Sabine Mine in April 2023. Strong operating profit compared with a significant 2023 operating loss, which included a $60.8 million impairment charge, and substantially higher Segment Adjusted EBITDA are expected in 2024. These anticipated increases are primarily due to an expected improvement in results at Mississippi Lignite Mining Company and higher earnings at Falkirk and Coteau in the second half of 2024. Mississippi Lignite Mining Company expects to incur a loss in 2024, albeit significantly less than in 2023, mainly as a result of fewer tons delivered. While total production costs at Mississippi Lignite Mining Company are anticipated to decrease substantially from 2023 levels, they are expected to remain above historical levels throughout 2024 until deliveries return to normal and a pit extension is completed later this year. In addition, the effect of the impairment charge taken in 2023 will result in lower depreciation and amortization expense and contribute to the lower production costs.  An anticipated increase in 2024 earnings at the unconsolidated coal mining operations is driven primarily by an expectation for increased deliveries at Coteau and Falkirk, as well as a higher per ton management fee at Falkirk beginning in June 2024 when temporary price concessions end. 2024 capital expenditures are expected to total approximately $13 million. North American Mining Results 2024 2023 (in thousands) Tons delivered 15,173 14,829 2024 2023 (in thousands) Revenues $       24,483 $       20,633 Operating profit $         2,355 $            830 Segment Adjusted EBITDA(1) $         4,611 $         2,716 (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 9. North American Mining® revenues grew 19%, operating profit improved 184% and Segment Adjusted EBITDA rose 70% in first-quarter 2024 compared with 2023. These increases were primarily due to favorable pricing and delivery mix, as well as improved margins at the limestone quarries resulting from mutually beneficial contract amendments. North American Mining Outlook In 2023, North American Mining executed a 15-year contract to mine phosphate at a quarry in central Florida. Production is expected to commence in the second quarter of 2024 once commissioning of a dragline is complete. The business also amended and extended existing limestone contracts in late 2023 that contain mutually advantageous contract terms and expanded the scope of work with another customer. As a result of these new and modified contracts, as well as improvements at existing operations, North American Mining expects substantial quarterly growth in operating profit and Segment Adjusted EBITDA in each remaining 2024 quarter, leading to significantly improved full-year results over 2023. Sawtooth Mining has exclusive responsibility for mining and mine closure services at Thacker Pass, including mine design, construction, operation and maintenance. Thacker Pass is owned by Lithium Americas Corp. (TSX:LAC) (NYSE:LAC). Thacker Pass will supply all of Lithium Americas' lithium-bearing ore requirements. In March 2023, Lithium Americas commenced construction at Thacker Pass. With construction underway, Sawtooth acquired mining equipment totaling $23.3 million in 2023. These capital expenditures will be reimbursed by Lithium Americas over a five-year period, and Sawtooth will recognize the associated revenue over the estimated useful life of the asset. Sawtooth will be reimbursed for all costs of mining and mine closure and will recognize a contractually agreed upon production fee. The Company expects to continue to recognize moderate income prior to the commencement of Phase 1 lithium production, estimated to begin in 2027/2028. In 2024, capital expenditures are expected to be approximately $33 million. These expenditures are primarily for the acquisition of draglines and dragline parts, as well as other equipment to support existing contracts and the new and modified contracts previously discussed. Minerals Management Results 2024 2023 (in thousands) Revenues $       10,401 $         8,285 Operating profit $         7,930 $         6,044 Segment Adjusted EBITDA(1) $         8,923 $         6,855 (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 9. Minerals Management revenue, operating profit and Segment Adjusted EBITDA increased significantly ...