16710 Thu, 08/06/2009 - 12:01pm
CLEVELAND–Hamilton Beach turned a second-quarter 2008 net loss of $600,000 into net income of $4.7 million in this year’s second quarter.
According to a statement detailing second-quarter results for NACCO Industries, the housewares brand’s parent company, Hamilton Beach’s bottom line benefited from increased sales of higher-priced products, along with cost-containment initiatives the company began late last year and into early this year. The brand’s operating income in the quarter was $9.8 million, 654 percent ahead of the operating profit last year. Net sales slipped 1.5 percent to $107.2 million.
Hamilton Beach outperformed its parent in the quarter. NACCO reported overall net income of $1.6 million, down 30.4 percent from last year’s second quarter, on sales of $545.2 million, a decrease of 42.5 percent.