3Q Gains for National Presto's Housewares Business
Nov 8, 2010
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National Presto's electric housewares business saw revenue gains of 3.2% in the third quarter of 2010, but losses in other business segments pushed the company's 3Q net sales down to $113,547,000, compared to $116,392,000 in the third quarter of 2009.
"The Housewares/Small Appliance and Absorbent Product segments realized gains in revenue of 3.2% and 7.3%, respectively over those secured in third quarter 2009," explained National Presto President Maryjo Cohen. "These increases did not fully offset the decline in Defense segment revenues, which were largely due to shipment timing differences between the 2010 and 2009 quarters."
Cohen said profitability in the Housewares/Small Appliances segment was hurt by sizable increases in material and freight costs.
"During much of 2009, both material and freight costs were at ultra low levels that were deemed unsustainable," Cohen observed.
National Presto Industries' housewares/small appliance business segment designs and sells small household appliances and pressure cookers under the Presto brand name.
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