National Presto Industries, Inc. reported record 2010 net sales of $479,000,000, compared to $478,468,000 in 2009. Net earnings were $63,531,000 in 2010, compared to $62,576,000 in 2009. National Presto said a 5.0% increase in its Housewares/Small Appliance business segment and an 8.2% increase in its Absorbent Products segment were both largely offset by a decrease in the Defense segment.
"Unlike 2009, the company realized record earning during 2010 in spite of rather than because of the difficult economy," commented Maryjo Cohen, president. She noted that increases were nominal compared to 2009.
Operating profit in the Housewares/Small Appliance segment declined 9.0%. The decline was expected and was due to increases in commodity and transport costs, exacerbated by deterioration in the U.S. Dollar.
In looking ahead to 2011, Cohen said, “The Federal Reserve Board’s ultra easy money policy in combination with its monetization of the debt and the administration’s fiscal irresponsibility, all but assures continued commodity inflation throughout the new year. As such, 2011 is expected to be an even more challenging year than 2010.”
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