NACCO Industries, Inc. Issues Q4 2011 Net Income Guidance In Line With Analysts' Estimates; Announces Stock Repurchase Program Authorization

NACCO Industries, Inc. announced that for the fourth quarter of 2011, it expects net income to improve modestly compared with the fourth quarter of 2010, which are anticipated to be partially offset by increased material costs, higher employee-related expenses due to improved earnings in 2011, significant adverse foreign currency movements and an anticipated shift in sales mix to lower margin distribution channels and lift truck models. The Company reported net income of $38.40 million in the fourth quarter of 2010. According to I/B/E/S Estimates, analysts are expecting the Company to report net profit of $40.30 million for fiscal 2011. The Company also announced that the Board of Directors approved the repurchase of up to $50 million of the Company's outstanding Class A common stock. The timing and amount of any repurchases will be determined at the discretion of the Company's management based on a number of factors, including the availability of capital, other capital allocation alternatives and market conditions for the Company's Class A common stock. The authorization for the repurchase program expires on December 31, 2012.