CLEVELAND, Nov. 7, 2023
/PRNewswire/ -- NACCO Industries® (NYSE: NC)
announced today that the Board of Directors declared a regular cash
dividend of 21.75 cents per share and
announced a new stock repurchase program.
The dividend is payable on both the Class A and Class B Common
Stock, and will be paid December 15,
2023 to stockholders of record at the close of business on
November 30, 2023.
NACCO's Board of Directors also approved a stock repurchase
program providing for the purchase of up to $20 million of the Company's outstanding Class A
Common Stock through December 31,
2025. NACCO's current program would have expired on
December 31, 2023 but has been
terminated and replaced by the new program. Since the adoption of
the prior program in November 2021,
the Company has expended approximately $1.5
million to purchase approximately 45,000 shares of Class A
Common Stock.
The timing and amount of any repurchases under the new
repurchase program 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 share
repurchase program does not require the Company to acquire any
specific number of shares. It may be modified, suspended, extended
or terminated by the Company at any time without prior notice and
may be executed through open market purchases, privately negotiated
transactions or otherwise. All or part of the repurchases may be
implemented under a Rule 10b5-1 trading plan, which would allow
repurchases under pre-set terms at times when the Company might
otherwise be prevented from doing so.
Forward-looking Statements Disclaimer
The statements contained in the news release that are not
historical facts are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking
statements are made subject to certain risks and uncertainties,
which could cause actual results to differ materially from those
presented. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. The Company undertakes no obligation to publicly revise
these forward-looking statements to reflect events or circumstances
that arise after the date hereof. Factors that may cause actual
results to differ materially from those in the forward-looking
statements include those set forth under the heading "Risk Factors"
in NACCO's most recent 10-K filed with the Securities and Exchange
Commission.
About NACCO Industries
NACCO Industries® brings natural resources to life by
delivering aggregates, minerals, reliable fuels and environmental
solutions through its robust portfolio of NACCO Natural Resources
businesses. Learn more about our companies at nacco.com or get
investor information at ir.nacco.com.
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SOURCE NACCO Industries