CLEVELAND–Third-quarter net income for Hamilton Beach totaled $6.9 million, 431 percent ahead of the third quarter of 2008.
According to a statement from NACCO Industries, the housewares brand’s parent company, Hamilton Beach’s bottom line benefited from reduced product costs, increased sales of higher-priced and higher-margin products, lesser freight costs and the brand’s cost-containment initiatives. All of these factors offset a 14 percent drop in sales for the quarter, which totaled $118.9 million.
The NACCO statement acknowledged that the global consumer economy remains weak, and predicted that Hamilton Beach’s fourth-quarter sales would likely be less than in the fourth quarter of last year. However, the brand’s cost-control efforts and its continued strategies in favor of higher-priced products will likely help its results in this quarter.
NACCO also said Hamilton Beach’s “Good Thinking” consumer advertising campaign will begin in the fourth quarter, and will focus on the BrewStation Coffeemaker and the Stay or Go Slow Cooker.