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NACCO Industries, Inc. Reports 1Q 2009 Loss May 6, 2009 |
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NACCO Industries, Inc. announced financial results for 1Q 2009. Revenues were US$558.6 million, 35% lower than the $865 million in the prior-year period. As a result, the company reported a net loss for the first quarter of 2009 of $9.1 million.
The company said that a weak North America consumer market affected volumes at Hamilton Beach. However, the company said, Hamilton Beach's net income increased to $1.4 million in 2009 from $0.1 million in 2008. The company said that the increase primarily resulted from reduced expenses as a result of cost containment actions implemented in late 2008 and early 2009.