Despite increases in earnings from its Housewares/Small Appliance business, National Presto Industries, Inc. (Eau Claire, WI) reported that overall second quarter 2013 sales and earnings were down from 2012.
Presto had 2Q 2013 net sales of $101,396,000, down from $117,114,000 in 2Q 2012. Net earnings in 2Q 2012 were $8,301,000, down from $8,703,000 in 2Q 2012.
Presto net sales in the first half of 2013 were $184,586,000, down from $213,887,000 in the first half of 2012. Presto net earnings in the first half of 2013 were $15,155,000, from $18,047,000 in the first half of 2012.
National Presto Industries operates three business segments:
Housewares/Small Appliances, Absorbent Products, and Defense products. Company President Maryjo Cohen blamed 2Q lower earnings on the performance of the Defense and Absorbent Products segments.
"Second quarter 2013 sales declined from second quarter 2012's levels largely due to year-to-year differences in the Defense segment's 40MM ammunition shipments (down 20.5%), and the expected drop in comparative Absorbent Product segment shipments (off 8.7%)," Cohen said. "These declines were partially offset by an increase in Housewares/Small Appliance segment net sales, which were up 4.8%, primarily as a result of its product diversification program. Comparative second quarter operating earnings also declined, chiefly due to the Defense segment's shipment differences. Housewares/Small Appliance operating earnings increased by 14.8%, reflecting in part the sales increase."
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