NACCO Industries' Hamilton Beach's small appliances business reported second quarter 2012 net income of 2012 was $2.2 million, compared to $1.3 million in 2Q 2011.
NACCO said the increase resulted in part from sales of higher-margin products and cost-savings.
Hamilton Beach reported 2Q revenues of $110.7 million, based on 2Q 2011 revenues of $104.3 million.
In the first half of 2012, Hamilton Beach net income was $3.2 million on revenues of $215.6 million, compared with net income of $2.3 million on revenues of $204.9 million in the first six months of 2011.
Hamilton Beach characterized its market - the middle-market portion of the U.S. small kitchen appliance market - as challenging. It still expects better volumes than in 2011. International and commercial markets are expected to continue to strengthen, compared to 2011.
Hamilton Beach expects net income in the second half of 2012 to be up compared to 2011.
In addition to the Hamilton Beach small appliances business, NACCO business include Kitchen Collection gourmet retail shops, the North American Coal mining business, and the Materials Handling Group making lift trucks.
NACCO Industries had consolidated net income of $21.8 million on revenues of $773.4 million in the second quarter of 2012, compared to consolidated net income of $19.2 million on revenues of $811.0 million for the second quarter of 2011.
NACCO reported consolidated net income for the six months ending June 30, 2012, of $47.0 million on revenues of $1.6 billion, compared to consolidated net income of $82.0 million on revenues of $1.6 billion in the first six months of 2011.
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