Nacco Industries Inc. (NYSE:NC) Q4 2018 Earnings Conference Call Transcript
Mar 07, 2019 • 08:30 am ET
Good morning. My name is Chris and I will be your conference operator today. At this time, I would like to welcome everyone to the NACCO Industries, Inc. 2018 Fourth Quarter and Full Year Earnings Analyst Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)
Thank you. Christina Kmetko, you may begin your conference.
Thank you. Good morning, everyone and welcome to our 2018 fourth quarter earnings call. I'm Christina Kmetko and I am responsible for Investor Relations at NACCO Industries. I will be providing a brief overview of our quarterly results and business outlook. And then we'll open up the call for your questions. Joining me today are J.C. Butler, President and Chief Executive Officer of both NACCO and North American Coal, and Elizabeth Loveman, NACCO's Vice President and Controller.
Yesterday, we published our fourth quarter and full year 2018 results and filed our 10-K. Copies of our earnings release and 10-K are available on our website at nacco.com. For anyone, who is not able to listen to today's entire call, an archived version of this webcast will be on our website later this afternoon and available for approximately 12 months.
As 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, in either our prepared remarks or during the following question-and-answer session. We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly conference call, if at all. Additional information regarding these risks and uncertainties was set forth in our earnings release and in our 10-K.
Now let me provide the highlights for this quarter. Our revenues increased 47.7% to $39.1 million from $26.4 million in last year's fourth quarter. Our consolidated pre-tax income from continuing operations more than doubled, increasing to $14.9 million, up from $5.8 million in 2017. And finally, our consolidated income from continuing operations increased 13.8% to $11 million or $1.57 per share for the fourth quarter of 2018, compared with $9.7 million or $1.40 per share last year in the fourth quarter.
I would note that last year's fourth quarter after-tax results included a favorable tax adjustment of $4.5 million or $0.65 per share related to tax reform legislation. Our effective income tax rate for the full year was 17.5%, which is above the range we provided last quarter because a shift in our mix of earnings resulted in less of a benefit from percentage depletion than we anticipated when we provided that last quarter.
Now let me discuss the detail behind these improvements. Coal deliveries increased 10 million ton in the fourth quarter, up from 9.2 million tons last year. Limestone deliveries at our North American Mining division also increased 8.9 million yards from