Nacco Industries, Inc. announced consolidated net income for the fourth quarter of 2007 of US$51.7 million, or $6.24 per diluted share, on revenues of $1.1 billion compared with consolidated net income for the fourth quarter of 2006 of $70.0 million, or $8.48 per diluted share, on revenues of $978.6 million. Income before extraordinary gain for the fourth quarter of 2007 was $51.7 million, or $6.24 per diluted share, compared with $57.2 million, or $6.93 per diluted share, for the fourth quarter of 2006.
Hamilton Beach's net income was $12.6 million in 2007 compared with net income of $14.7 million in 2006. Net income for 2007 was negatively affected by increased interest expense in 2007 primarily due to increased borrowings related to a $110 million special cash dividend paid in May of 2007.
Nacco said that 2008 is expected to be a difficult year for Hamilton Beach. The company said, "Current economic factors affecting U.S. consumers, such as high gasoline prices, depressed home sales levels and mortgage debt concerns, appear to be among factors which are likely to create a challenging retail environment in 2008."
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