NACCO Industries, Inc. announced a consolidated net loss for 3Q 2009 of US$3.9 million on revenues of $532.6 million compared with a consolidated net loss for 3Q 2008 of $17.3 million on revenues of $917.8 million.
Hamilton Beach's net income increased to $6.9 million in 2009 from $1.3 million in 2008. The increase resulted primarily from lower product costs, sales of higher-margin and higher-priced products and reduced freight costs, partially offset by a decline in volume.
The company said that "the consumer markets in which Hamilton Beach and Kitchen Collection participate are likely to continue to be weak during 4Q 2009 as consumers struggle with high unemployment rates and lower income levels. Changes in product positioning and product costs have been implemented at NMHG and Hamilton Beach to achieve more acceptable margin positions in the fourth quarter of 2009 despite anticipated lower market levels."
