NACCO Industries (NC) 9 Aug 202020 Q2 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the NACCO Industries Second Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. I would now like to hand the call over to your speaker today, Christina Kmetko. Ma'am, please go ahead.

you. Thank and XXXX everyone call. quarter to welcome morning second our earnings Good am responsible Industry. I'm Kmetko Investor I and NACCO for Christina Relations at Thank this you us for morning. joining continuing safe. I remain families and hope are you healthy and your to and I'll be overview brief providing business quarterly of outlook. our a results I then up will call open for And questions. your the

result and President second today American Loveman, Elizabeth Coal, Butler, Executive filed Controller. we of our and and President published Yesterday, me XXXX Copies are Joining earnings J.C. both XX-Q. Officer quarter and and NACCO's Chief release website. are available of NACCO North our Vice and our on our XX-Q

available is who approximately webcast anyone call, be XX an listen version not For and to will today's later entire for able to website on months. this of our archived afternoon this

we have follow described differ our these answers issued statement. statements. the those of risks forward-looking questions contain that include among are to cause remarks could materially today. if Made in statements, to that others, update here and your including filings actual obligation not that and a may all. updated until any quarterly earnings forward-looking be next earnings our subject which conference to other disclaim results night the from XX-Q and number These statements risks These last in with forward-looking Our expressed release to our at SEC. in We matters call uncertainties

one lines employees critical also ensuring everyone's and those to to sincerely customers. both can The authorities We continue who our are those from responders. to regulatory COVID-XX. keep work we Let work that in coal since to the at safe, to We able to deliver project our we thank the who safe. industry work customers to and in of diligently first me and by are pandemic like appreciate employees have employees in continue to guidance reporting commitment health community start limited saying down would recognize home. the requirements infrastructure our continue also particularly safeguards who truly us to accordance another majority healthcare to with work our been exposure to keep began, from while working supporting implemented those Other

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tax a year basis changes that excluding see the second expense operating Similar we and negative affecting XX% in income utilization quarter, for had that an the care to the the the of the me income of income X% Now the a net in half resulted range Compared items, result taxes. will to negative tax care includes result effective which in as year last factors regarding discuss full comparable pandemic. in first on response rate, benefit prior both the tax of discrete second to tax we let a quarter, effective result. on rate COVID-XX with within asset anticipate of benefit quarter significant be to a tax period. in XXXX, The temporary losses,

our the to XXXX the full expect coal to the half outlook, in turn decrease segment, turn second we Coal and year profit I'll respective in Mining period. Now operating prior-year deliveries from

from Natural substantially the due million decrease requirements half and to profit in customer as the mining of an adjustment year, result anticipated operations in increase reduced a prior fourth result expected of as the is professional unfavorable expected fees. an expenses mainly decrease the a in Excluding in reclamation unconsolidated mine operating operating Centennial to a XXXX it higher earnings of quarter at $X liabilities, Resources to second XXXX,

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a of in in lower is first worth XXXX half While half the Then recognition gas of in are the the a full-year in because reduction than primarily in mineral basis, an with interests, operating be operating decrease tax the consolidated offset income income second reviewing the be of substantial is between prior-year result believe decrease expected and segment. interests actively on of items diversify consolidated opportunities profit the with a at XXXX. the Management to rate a coal is the as coal to mining Minerals XXXX compared expect the earnings as due by what XXXX half Management profit to On second XXXX, and the well segment. to of gas to Mining the we substantially and in segment in compared net decline American These We half benefit this of of incomes oil expected significantly the North engaged will second Ohio. decrease of complement decline as at year partially the XXXX. decrease improvement in first and its significant

$XX.X Before the ended consolidated consolidated $XX.X cash at me information. and I $XX.X open let quickly debt an the cash quarter and for of of from with questions, million provide up improvement first call million which debt of $XX.X end is flow the of the cash quarter. million some second million, of We

flow $XXX availability and a and trends structure credit million are our due market. the in second to XXXX believe the of the important I million financing first end the questions. the We at half payroll initiatives of and liquidity made other that to diversify are quarter, of expenditures energy conservative a had now and significant be will $XXX addition, deferred grow up to concludes If in there compensation facility. strategic that we call and for use capital year before given changing open cash, in remarks. the In revolving of your the cash XXXX activities and liabilities, payments my capital related prepared

are are questions more me. reach have and My questions, any have to if While phone today. you number earnings don't does name to it Brian, all on release, the appears waiting we're my anybody any follow-up than out welcome we

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will final turn Okay, the Butler for to comments. JC call over some I

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