Nacco Industries Inc. (NYSE: NC) has reported a modest decline in net income for the fourth quarter compared to the like period in 2009, when the company realized a big gain on the sale of certain coal-mining assets.

The producer of coal, lift trucks and small appliances said its net income in the quarter was down nearly 10%, declining to $38.4 million, or $4.59 a share, from $42.5 million, or $5.12 a share, in the fourth quarter of 2009. The bottom-line results in the year-earlier quarter included income from discontinued operations of $21.9 million, which reflected the sale in December 2009 of certain assets of the Red River Mining Co. subsidiary of its North American Coal unit.

Excluding the results of discontinued operations, Nacco saw its income from continuing operations climb 86%, to $38.4 million, or $4.59 a share, from $20.6 million, or $2.48 a share, in the fourth quarter of 2009.Sales at Nacco rose 26%, to $866.2 million from $687.6 million.Big increases in operating profit from the company’s North American Coal and Nacco Materials Handling units offset modest declines in operating profit from its Hamilton Beach and Kitchen Collection units.

 

 

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