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Small appliance maker National Presto Industries, Inc. (Eau Claire, WI, U.S.) reported that its Housewares/Small Appliances business segment saw third quarter net sales up 7.6% from the same period in 2011.
The company overall had third quarter 2012 net sales of $116,813,000, up from $104,861,000 in the third quarter of 2011. Net earnings were $9,401,000, from $12,386,000 in 3Q 2011.
In the first nine months of 2012, overall company net sales were $330,700,000, up from $312,015,000 in the first nine months of 2011. Net earnings were $27,448,000 in the first nine months, compared to $34,566,000 in the first nine of 2011.
"Third quarter net sales followed trends similar to second quarter 2012," commented President Maryjo Cohen. She said that, as in the second quarter of 2012, net sales for the Housewares/Small Appliance business segment as well as the company's and Defense business segment increased from the comparable quarter of 2011.
"Housewares/Small Appliances' net sales were up 7.6%, in part due to initial shipments of exclusive product developed to offset the impact of the retail trend towards private label offerings," she explained. "That trend had depressed prior years' sales."
She added, "Housewares/Small Appliance operating earnings declined by 8.3% from third quarter 2011 levels primarily due to an adjustment in an insurance reserve that more than offset the increased earnings from augmented sales."
The gains in the Appliance and Defense business segments were offset by its third business segment, Absorbent Products.
National Presto designs and sells small household appliances and pressure cookers under the Presto brand name.
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