CLEVELAND–Third-quarter net income for Hamilton Beach totaled $1.2 million, down 81 percent from the third quarter of last year.
Increased costs for product and freight, along with depressed sales for higher-margin products and adverse currency fluctuations, were to blame for the poor results, according to a statement from NACCO Industries, Hamilton Beach’s parent company. Net sales for the housewares brand were $138.2 million in the third quarter, off 1.6 percent from third-quarter net sales in 2007.
Although the bottom line fell dramatically for Hamilton Beach, the unit still outperformed its parent. NACCO posted a net loss of $17.4 million in the third quarter, compared with net income of $21.1 million in the 2007 third quarter.