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.’s 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 am 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, I will 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 For anyone who is not able to listen to today's entire call, an archived version of this webcast will be on our website later this afternoon and available for approximately twelve months.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 pretax 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…

[Operator Instructions] Your first question comes from Paul Moomaw of Nixon Capital. Your line is open.

Good morning. Thanks for the clarification on the increase in MLMC pretax income. So, I think you are saying that, it would grow year-over-year excluding the special items that we saw in 2018?

Correct.

And is there any color you could give on just the good things that are happening at MLMC that would make it be a good year for 2019?

I think those are both in the – this is J.C. Butler, sorry. Those were both in the earnings release and I think, Christi mentioned them as well. That’s a fixed price contract coal sold at a price which is determined by a formula that’s based on several indices. Our belief is that those indices will continue to grow this year which will give us some higher price. We also anticipate there is going to be good strong deliveries to power plants that operate well and take a fair amount of coal is our belief. You get a two-fold benefit when that happens, you get extra tons sold and then also it drives down the cost per ton of coal sold. So those help profitability of MLMC pretty significantly, when all those live forces come together. Of course, if power plant doesn’t take coal and the indices go the wrong way, anything can happen as well.

Well, sure. Thanks very much. That’s very helpful. I appreciate it.

There are no further questions at this time. I will now return the call to our presenters.

Okay. Thank you for joining us today. We do appreciate your interest. If you have any additional questions, please feel free to give me a call. My number is available on the earnings release. Thanks so much and have a great day everyone.

Thank you.

To listen to a recording of this call, dial (800) 585-8367 or (855) 859-2056 or internationally on (404) 537-3406 and enter the conference ID number to listen. This concludes today's conference call. You may now disconnect.