NACCO Industries CEO Discusses Q3 2010 Results - Earnings Call Transcript
Before we begin, I would like to remind participants that this conference call may contain certain forward-looking statements. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements made here today. Additional information regarding these risks and uncertainties was set forth in the earnings release and in the Q.
In addition, certain amounts discussed during this call are considered non-GAAP numbers. The non-GAAP reconciliations of these amounts are included in our 2010 third quarter earnings release, which is available on the website.
I will now turn the call over to Mr. Al Rankin.
Al RankinGood morning to all of you. As our press release indicated, NACCO had consolidated net income of 13 ½ million or $1.62 per share for the third quarter of 2010. On revenues it’s $665 million. That compared with a net loss for the third quarter of 2009 of 3.9 million or $0.47 per share on revenues of $528 million. The net loss for the third quarter of last year includes earnings from discontinued operations of $400,000 after tax as a result of the sale in 2009 of certain assets of North America Coals Red River Mining Company. In overview for the quarter, net income increased very significantly at NACCO Material Handling. Net income was down a bit at Hamilton Beach in Kitchen Collection, our consumer oriented business and at North America Coal Corporation net income was flat. At the NACCO level, there was a significantly larger loss. That loss was on – largely related to litigation expenses and about $4 million after tax, and an increase in employee related expenses, which results from the partial restoration of compensation benefits were produced in 2009. The company reported consolidated net income for the nine months $41.1 million or $4.93 a share, a net compared with a net loss in the previous year of $11.4 million or $1.38 a share.
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