Nacco Industries, Inc. announced consolidated net income for 2Q 2008 of US$2.4 million, or $0.29 per diluted share, on revenues of $948.1 million compared with consolidated net income for the second quarter of 2007 of $9.9 million, or $1.20 per diluted share, on revenues of $830.9 million.
The company's Hamilton Beach division reported a net loss of $0.5 million in 2008, compared with a net loss of $0.4 million in 2007. The company said that "Hamilton Beach expects 2008 to be a very difficult year with results well below those in 2007. Current economic factors still affecting U.S. consumers, such as rising food and gasoline prices, depressed home sales and mortgage debt concerns appear to be among factors creating a challenging retail environment. Further, Hamilton Beach expects continued significant pricing pressure from suppliers in 2008 due to increased commodity costs for resins, copper, steel, and aluminum, increased freight costs and an appreciating Chinese currency. While Hamilton Beach will work to mitigate these increased costs through price increases, Hamilton Beach does not expect to fully recover the cost increases in 2008, which will affect margins and results in 2008 adversely."
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