CLEVELAND-The Hamilton Beach brand posted a 3.4 percent gain in fourth-quarter net income, to $12 million, bringing to an end a fiscal year in which the bottom line fell 25 percent short of last year.
Net sales for the brand were down 8.6 percent in the quarter to $161.4 million. For the fiscal year, net sales fell 4.4 percent to $493 million. The fiscal year for NACCO Industries, Hamilton Beach’s parent company, ended on Dec. 31.
Fourth-quarter net income received a boost from reduced interest expense. Sales were hurt by lower unit volumes and reduced placements and promotions in the U.S. consumer retail market, mainly at Hamilton Beach’s mass-market retail customers.
For NACCO as a whole, fourth-quarter net income rose 42 percent to $54.4 million, on a net sales gain of 9.8 percent to $951.3 million. Fiscal year 2011 resulted in a 104 percent jump in net income to $162.1 million, on a gain in net sales of 24 percent to $3.3 billion.