NACCO Industries' electric housewares appliances division, Hamilton Beach, reported net income of $4.1 million on revenues of $126.7 million in the third quarter of 2011 compared with $5.6 million in 3Q 2010 on revenues of $133.3 million. The decline came from higher product costs and write-off charge, partially offset by lower employee-related costs, favorable currency, and lower income tax expense.
Revenues decreased in 2011 compared with 2010 primarily as a result of lower unit sales volumes in the U.S. consumer retail market, partially offset by increased unit sales volumes internationally.
For the nine months ended September 30, 2011, Hamilton Beach net income was $6.4 million on revenues of $331.6 million, compared with net income of $12.8 million on revenues of $339.2 million for the first nine months of 2010.
NACCO Industries, Inc. overall reported consolidated net income of $25.7 million on revenues of $823.4 million for the third quarter of 2011 compared with consolidated net income of $13.5 million on revenues of $664.9 million for the third quarter of 2010.
NACCO's other businesses include a lift truck business, NACCO Materials Handling Group; a coal mining business, North American Coal; and The Kitchen Collection, a U.S. chain of specialty retail shops selling kitchenware and gourmet foods.
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