NACCO Industries' small electric housewares business, Hamilton Beach, reported net income of $1.0 million in the first quarter of 2012, unchanged from $1.0 million in the first quarter of 2011. Revenues in 1Q 2012 were $104.9 million, up from $100.6 million in 1Q 2011.
Higher revenues came mostly from selling products with higher price points.
NACCO said the Hamilton Beach target consumer, the middle-market mass consumer, remains pressured by financial concerns, therefore, the company expects sales volumes in this segment to remain challenged. International and commercial appliance markets are expected to be stronger than domestic U.S. markets.
Hamilton Beach expects its new products introduced in late 2011 - Scoop coffee makers and Durathon clothes irons - to continue gaining market position. Ham Beach also has several new products coming out in the second half of 2012, including the Open Ease automatic jar opener.
Hamilton Beach expects 2012 net income to increase over 2011.
NACCO Industries, Inc. overall reported consolidated net income of $25.2 million in the first quarter of 2012, down from $62.8 million in 1Q 2011.
Revenues were $803.2 million, up from $745.5 million in 1Q 2011.
First quarter 2011 net income included a payment to NACCO of $60.0 million, for the settlement of litigation regarding the failed merger of Hamilton Beach and Applica.
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