CLEVELAND–Fourth-quarter net income for Hamilton Beach reached $13.1 million, 86 percent ahead of the fourth-quarter profit from last year.
The brand’s bottom line benefited from reduced product and supply chain costs, which helped boost Hamilton Beach’s operating margin; and higher sales of “innovative products,” according to a statement from NACCO Industries, the brand’s parent company. These factors offset a 5.3 percent drop in Hamilton Beach’s overall sales to $176.7 million in the quarter, and an increase in selling, general and administrative expenses.
For the 2009 fiscal year, Hamilton Beach reported net income of $26.1 million, up 253 percent from fiscal 2008. Net sales for the brand totaled $497 million for the fiscal year, down 6 percent from fiscal 2008.
Looking ahead to 2010, NACCO said the small-kitchen-appliance market “appears to be recovering,” but cautioned that consumers’ financial struggles and high unemployment rates continue to challenge the market. The company said net revenues for Hamilton Beach should be flat to slightly lower than they were in 2009.