Hamilton Beach, the small appliance business of NACCO Industries, had fourth quarter 2012 net income of $12.7 million, up from $12.0 million in 4Q 2011. Income was helped by better sales of higher-margin products. Hamilton Beach 4Q 2012 revenues were $181.2 million, up 12% from $161.4 million in 4Q 2011. The increase came from stronger unit sales volumes of higher-priced products, primarily in the U.S. consumer retail market.
For full-year 2012, Hamilton Beach net income was $21.2 million on revenues of $521.6 million. Net income in full-year 2011 was $18.4 million on revenues of $493.0 million in 2011.
NACCO Industries as a whole reported fourth quarter 2012 consolidated income from continuing operations of $23.7 million on revenues of $318.2 million. This compares to 4Q 2011 consolidated income from continuing operations of $29.9 million and revenues of $273.9 million.
In addition to Hamilton Beach and retail chain Kitchen Collection, NACCO's other business segment is North American Coal. A fourth business segment, Material Handling, was spun off in September of 2012.
Hamilton Beach sees its target customer, the middle-market mass consumer, continuing to have financial and economic concerns. It expects sales volumes in the middle-market of the U.S. small kitchen appliance market to show only moderate growth in 2013. The company expects its international and commercial product markets to grow reasonably in 2013.
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