NACCO Industries' Hamilton Beach small appliance business saw a significant upswing in profit in the fourth quarter. Hamilton Beach operating profit was $22.7 million in the fourth quarter of 2009, compared to an adjusted operating profit of $11.9 million in 4Q 2008.
The improvement resulted from lower product and freight costs and increased sales of innovative products, which was partially offset by volume declines and higher selling, general, and administrative expenses.
Hamilton Beach's net income in the fourth quarter was $13.1 million, compared to an adjusted net income of $6.6 million in 4Q 2008.
Hamilton Beach's operating profit for full-year 2009 was $50.4 million, compared to an operating profit of $19.9 million for 2008.
Hamilton Beach's net income was $26.1 million for full-year 2009, compared to an adjusted net income of $7.4 million in 2008.
NACCO's cookware and gourmet food business Kitchen Collection also showed significant improvement in the fourth quarter of 2009 compared to 2008. The improvement was due primarily to improved gross margins at comparable stores and lower employee-related costs.
While its coal business showed positive results, the NACCO Materials Handling Group (NMHG) lost income in excess of $43 million for the year 2009, bringing its consolidated to $31.1 million for the year and income form continuing operations to $8.5 million.
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