Hamilton Beach, the small appliance business of NACCO Industries, had first quarter 2013 net income of $1.5 million, up from $1.0 million in the first quarter of 2012. The increase was primarily from stronger sales of higher-margin products, favorable foreign currency movements, and lower interest expense, partially offset by an increase in product costs and higher expenses.
Hamilton Beach 1Q 2013 revenues were $106.2 million, up from 1Q 2012's $104.9 million. The increase came from higher unit sales volumes of lower-priced products, mostly in the U.S. consumer retail market. The better revenue was partially offset by lower unit sales volumes in Canadian and international consumer markets.
Hamilton Beach is focusing on strengthening its North American consumer market presence through product innovation, promotions, increased product placement and branding programs, along with advertising its existing product lines.
Overall, Hamilton Beach expects full year 2013 net income to be comparable to 2012: expected increases in profit from higher revenues will likely be largely offset by increases in operating expenses to support its strategic initiatives.
NACCO Industries, Inc. (Cleveland, OH), reported that its gourmet retail business, Kitchen Collection, had a 1Q 2013 net loss of $3.3 million, compared to a net loss of $2.8 million in 1Q 2012.
NACCO's other significant business segment is its mining business, North American Coal. NACCO spun-off of its materials handling subsidiary in September 2012.
NACCO Industries overall had income from continuing operations of $4.4 million on revenues of $196.1 million for first quarter of 2013, compared to income of $4.7 million on revenues of $173.7 million in the first quarter of 2012.
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