NACCO Industries' small appliance business, Hamilton Beach, had full-year 2013 net income of $25.1 million on revenues of $547.8 million, up from 2012's net income of $21.2 million and revenues of $521.6 million.
Hamilton Beach had fourth quarter 2013 net income of $14.2 million on revenues of $192.9 million, compared with net income of $12.8 million and revenues of $181.1 million in the fourth quarter of 2012.
Hamilton Beach said its target consumer, the middle-market mass consumer, continues to struggle with financial and economic concerns, and the company therefore projects only modest 2014 growth in sales volumes in the middle-market portion of the U.S. small kitchen appliance market in which Hamilton Beach participates.
Hamilton Beach also expects its international and commercial product markets to grow in 2014.
The company expects its sales volumes to grow more favorably than the market due to improved placements and sales volumes in 2014 compared with 2013.
NACCO Industries as a whole had income from continuing operations of $44.5 million and revenues of $932.7 million, compared with income from continuing operations of $42.2 million on revenues of $873.4 million in 2012.
The company had income of $22.6 million and revenues of $312.0 million in the fourth quarter of 2013. Fourth quarter 2012 income from continuing operations was $23.6 million, and revenues were $318.2 million.
In addition to the Hamilton Beach home appliances business, NACCO's businesses are:
• North American Coal Corp. mines steam and metallurgical coal for use in power generation and steel production
• Kitchen Collection, LLC is a national specialty retailer of kitchenware and gourmet foods operating under the Kitchen Collection and Le Gourmet Chef store names.
NACCO spun-off of its materials handling subsidiary in September 2012.
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