National Presto Industries' Housewares/Small Appliance business segment reported a net sales increase of 10.8% over 2011.
National Presto Industries, Inc. (Eau Claire, WI) reported 2012 net sales of $472,490,000, up from $431,021,000 in 2011. Net earnings were $38,875,000, compared to $47,968,000 in 2011.
"There were few surprises in top line results for the Company's three business segments," said company President Maryjo Cohen. "The Housewares/Small Appliance segment enjoyed a net sales increase of 10.8% over the prior year, stemming in large part from shipments of diversified products developed to offset the impact of the retail trend towards private label offerings."
The company's Defense business segment sales were also strong, but Appliance and Defense increases were partially offset by an anticipated reduction in the Absorbent Product business segment net sales--the result of a decline in shipments to a significant customer."
Cohen said higher Housewares/Small Appliance product costs and ocean freight costs somewhat offset enhanced sales.
"Nonetheless operating earnings would have increased slightly over those realized in 2011, but for increased litigation costs stemming from lawsuits of a spurious nature and increased corporate employee health and accident costs," Cohen said.
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