NACCO: Hamilton Beach 2Q Income Down Aug 5, 2011

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NACCO Industries, Inc. (Cleveland, OH, U.S.) reported consolidated net income of $19.2 million on revenues of $811.0 million for the second quarter of 2011 compared with consolidated net income of $15.9 million on revenues of $598.8 million for the second quarter of 2010.

NACCO's small appliance manufacturing business, Hamilton Beach, had 1Q 2011 net income of $1.3 million on revenues of $104.3 million, compared to $3.8 million on revenues of $103.3 million in 2Q 2010.

The income decline came from:
• margin compression on most Hamilton Beach products
• $0.9 million pre-tax expenses related to moving into a larger distribution facility in 2Q 2011
• bad debt expense of $0.8 million resulting from a customer bankruptcy

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