CLEVELAND–Net income for the Hamilton Beach unit of NACCO Industries rose 143 percent to $3.4 million in the first quarter.
The housewares manufacturer accomplished this on an 8.9 percent pickup in net sales for the quarter, which totaled $102.6 million. The bottom line also included a boost from lower product costs and higher unit sales volumes, both of which offset a rise in selling, general and administrative expenses. A NACCO statement also noted that higher market demand in the United States, Mexico and Latin America helped bolster Hamilton Beach’s overall performance in the first quarter.
NACCO also said a continuing recovery in the small-appliances market offers promise to Hamilton Beach for the balance of 2010. However, consumers’ continuing struggles with their finances and high unemployment rates will probably mean that full-year revenues will be flat or even slightly lower than for 2009.