NACCO Industries (NC) 8-K Results of Operations and Financial Condition

																	EXHIBIT 99
NACCO Industries, Inc. - Consolidated
(in thousands, except percentage data)
	Revenues (4)
	Q1		Q2		Q3		Q4		FY
2017	28,300		28,100		21,941		26,437		104,778
2018	31,200		33,681		31,440		39,054		135,375
	Operating Profit (Loss) (4)
	Q1		Q2		Q3		Q4		FY
2017	9,806		9,512		6,989		6,507		32,814
2018	9,721		7,802		10,547		15,554		43,624
	Interest (Income) Expense (4)
	Q1		Q2		Q3		Q4		FY
2017	863		799		960		596		3,218
2018	533		450		327		(177	)	1,133
	Other (Income) Expense (4)
	Q1		Q2		Q3		Q4		FY
2017	124		141		73		156		494
2018	208		(229	)	(438	)	787		328
	Income (Loss) Before Taxes (4)										Effective income tax rate from continuing operations (4)
	Q1		Q2		Q3		Q4		FY		Q1		Q2		Q3		Q4		FY
2017	8,819		8,572		5,956		5,755		29,102	2017	6.8	%	15.6	%	44.1	%	n.m.		2.2	%
2018	8,980		7,581		10,658		14,944		42,163	2018	9.0	%	15.7	%	13.7	%	26.3	%	17.5	%
	Income (Loss) from Continuing Operations (4)
	Q1		Q2		Q3		Q4		FY
2017	8,220		7,232		3,331		9,680		28,463
2018	8,176		6,393		9,200		11,016		34,785
	Discontinued Operations, Net of Taxes (4)
	Q1		Q2		Q3		Q4		FY
2017	(3,242	)	(444	)	5,067		493		1,874
2018	—		—		—		—		—
	Net Income (Loss)
	Q1		Q2		Q3		Q4		FY
2017	4,978		6,788		8,398		10,173		30,337
2018	8,176		6,393		9,200		11,016		34,785
	Depreciation, depletion and amortization expense (4)
	Q1		Q2		Q3		Q4		FY
2017	3,180		3,243		3,157		3,187		12,767
2018	3,397		3,723		3,815		3,748		14,683
	Capital Expenditures (4)
	Q1		Q2		Q3		Q4		FY
2017	3,425		2,275		3,511		6,493		15,704
2018	2,452		6,730		5,450		6,298		20,930
	Net cash provided by (used for) operating activities from continuing operations (4)
	Q1		Q2		Q3		Q4		FY
2017	(18,158	)	35,144		17,832		14,187		49,005
2018	(8,029	)	26,725		20,155		15,771		54,622

NACCO Industries, Inc. - Consolidated
(in thousands, except percentage data)
		Net cash provided by (used for) investing activities from continuing operations (4)
		Q1		Q2		Q3		Q4		FY
2017		(2,616	)	(1,014	)	(2,674	)	(4,356	)	(10,660	)
2018		(2,088	)	(6,192	)	(5,142	)	(4,965	)	(18,387	)
		Cash flow before financing activities from continuing operations (1) (4)
		Q1		Q2		Q3		Q4		FY
2017		(20,774	)	34,130		15,158		9,831		38,345
2018		(10,117	)	20,533		15,013		10,806		36,235
		Net cash provided by (used for) financing activities from continuing operations (4)
		Q1		Q2		Q3		Q4		FY
2017		4,202		(29,513	)	21,427		(2,169	)	(6,053	)
2018		(8,080	)	(23,984	)	(11,915	)	(8,599	)	(52,578	)
		Dividends Paid to Shareholders
		Q1		Q2		Q3		Q4		FY
2017		1,827		1,863		1,862		1,130		6,682
2018		1,144		1,145		1,144		1,145		4,578
		Total debt (2) (4)
		Q1		Q2		Q3		Q4		FY
2017		99,070		69,130		58,741		58,146		58,146
2018		50,768		27,983		17,496		11,021		11,021
		Equity											Return on Equity (3)
		Q1		Q2		Q3		Q4		FY			Q1		Q2		Q3		Q4		FY
2017		224,526		230,960		207,063		219,448		219,448		2017	15.2	%	16.6	%	20.5	%	13.8	%	13.8	%
2018		224,882		230,972		240,201		250,704		250,704		2018	15.1	%	14.9	%	15.1	%	14.9	%	14.9	%
(1	)	Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
(2	)	Total debt presented excludes the obligations of the unconsolidated mines. The unconsolidated mines' customers arrange and guarantee the financing of the unconsolidated mines. These obligations are without recourse to and are not guaranteed by North American Coal or NACCO.
(3	)	Return on equity is equal to the sum of the previous 4 quarters net income divided by average equity calculated over the last 5 quarters.
(4	)	On September 29, 2017, the Company spun-off Hamilton Beach Brands Holding Company ("HBBHC", ticker symbol HBB), a former wholly owned subsidiary. The financial position, results of operations and cash flows of HBBHC are reflected as discontinued operations for 2017.

The North American Coal Corporation
(in thousands, except percentage data, tons of coal delivered and limerock yards delivered)
	Tons of coal delivered - Unconsolidated mines
	Q1		Q2		Q3		Q4		FY
2017	9.2		7.5		9.4		8.7		34.8
2018	8.5		8.0		9.8		9.2		35.5
	Tons of coal delivered - Consolidated mines
	Q1		Q2		Q3		Q4		FY
2017	0.7		0.7		0.5		0.5		2.4
2018	0.7		0.8		0.7		0.8		3.0
	Limerock yards delivered
	Q1		Q2		Q3		Q4		FY
2017	7.8		7.9		6.4		7.9		30.0
2018	9.3		8.4		8.8		8.9		35.4
	Revenues
	Q1		Q2		Q3		Q4		FY
2017	28,300		28,100		21,941		26,437		104,778
2018	31,200		33,681		31,440		39,054		135,375
	Gross Profit (Loss)
	Q1		Q2		Q3		Q4		FY
2017	4,592		4,644		2,530		5,432		17,198
2018	5,477		4,921		6,204		13,735		30,337
	Earnings of unconsolidated mines
	Q1		Q2		Q3		Q4		FY
2017	14,955		13,475		16,197		16,734		61,361
2018	15,555		15,423		17,141		16,875		64,994
	Operating Expenses
	Q1		Q2		Q3		Q4		FY
2017	8,221		7,243		9,802		13,616		38,882
2018	9,750		10,822		11,188		13,287		45,047
	Operating Profit (Loss)
	Q1		Q2		Q3		Q4		FY
2017	11,326		10,876		8,925		8,550		39,677
2018	11,282		9,522		12,157		17,323		50,284
	Interest (Income) Expense
	Q1		Q2		Q3		Q4		FY
2017	873		801		965		598		3,237
2018	572		490		387		330		1,779
	Other (Income) Expense
	Q1		Q2		Q3		Q4		FY
2017	(184	)	(180	)	(202	)	(225	)	(791	)
2018	(208	)	(328	)	(251	)	(255	)	(1,042	)

The North American Coal Corporation
(in thousands, except percentage data, tons of coal delivered and limerock yards delivered)
	Income (Loss) Before Taxes
	Q1		Q2		Q3		Q4		FY
2017	10,637		10,255		8,162		8,177		37,231
2018	10,918		9,360		12,021		17,248		49,547
	Depreciation, depletion and amortization expense
	Q1		Q2		Q3		Q4		FY
2017	3,088		3,151		3,066		3,139		12,444
2018	3,375		3,701		3,793		3,727		14,596
	Capital Expenditures
	Q1		Q2		Q3		Q4		FY
2017	3,421		2,276		3,502		6,493		15,692
2018	2,410		6,642		5,451		6,296		20,799
	Net cash provided by (used for) operating activities
	Q1		Q2		Q3		Q4		FY
2017	(11,361	)	28,695		18,538		12,764		48,636
2018	2,468		32,060		17,968		13,982		66,478
	Net cash provided by (used for) investing activities
	Q1		Q2		Q3		Q4		FY
2017	(2,632	)	(1,035	)	(2,685	)	(5,210	)	(11,562	)
2018	(2,067	)	(6,125	)	(5,163	)	(4,985	)	(18,340	)
	Cash flow before financing activities (1)
	Q1		Q2		Q3		Q4		FY
2017	(13,993	)	27,660		15,853		7,554		37,074
2018	401		25,935		12,805		8,997		48,138
	Net cash provided by (used for) financing activities
	Q1		Q2		Q3		Q4		FY
2017	3,029		(27,650	)	(15,711	)	(1,039	)	(41,371	)
2018	(6,936	)	(22,784	)	(12,487	)	(12,522	)	(54,729	)
	Dividends to (capital contributions from) NACCO
	Q1		Q2		Q3		Q4		FY
2017	—		—		4,000		—		4,000
2018	—		—		2,000		6,000		8,000
	Total debt (2)
	Q1		Q2		Q3		Q4		FY
2017	99,070		69,130		58,741		58,146		58,146
2018	50,768		27,983		17,496		11,021		11,021

The North American Coal Corporation
(in thousands, except percentage data, tons of coal sold and limerock yards delivered)
		Equity
		Q1	Q2	Q3	Q4	FY
2017		115,161	123,741	129,815	141,174	141,174
2018		148,954	156,980	165,861	173,020	173,020
(1	)	Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
(2	)	Total debt presented excludes the obligations of the unconsolidated mines. The unconsolidated mines' customers arrange and guarantee the financing of the unconsolidated mines. These obligations are without recourse to and are not guaranteed by North American Coal or NACCO.

NACCO and Other
(in thousands, except percentage data)
		Income (Loss) Before Taxes (1)
		Q1		Q2		Q3		Q4		FY
2017		(1,818	)	(1,683	)	(2,206	)	(2,422	)	(8,129	)
2018		(1,938	)	(1,779	)	(1,363	)	(2,304	)	(7,384	)
(1	)	On September 29, 2017, the Company spun-off Hamilton Beach Brands Holding Company ("HBBHC", ticker symbol HBB), a former wholly owned subsidiary. The financial position, results of operations and cash flows of HBBHC are reflected as discontinued operations for 2017.