National Presto Saw Big Drop In Quarterly Appliance Sales
Oct 31, 2013
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National Presto Industries, Inc. (Eau Claire, WI) said third quarter 2013 sales were down 19.6% in its Housewares/Small Appliances business, compared to third quarter 2012 sales.
"Housewares/Small Appliances sales were off 19.6% reflecting cautious customer ordering," said Maryjo Cohen, president of National Presto.
National Presto operates in three business segments:
* Housewares/Small Appliances, making small household appliances and pressure cookers under the Presto brand name.
* Defense, making ammunition, fuses, etc., saw 3Q 2013 sales down 10.9%.
* Absorbent Products, making private-label adult incontinence products, saw 3Q 2013 sales down 12.4%.
Cohen said that, with shipments down in all three business segments, "Comparative third quarter operating earnings declined by 6.7%."
Net sales in 3Q 2013 were $100,612,000, down from 3Q 2012's $116,813,000.
Net earnings in 3Q 2013 were $9,015,000, down from 3Q 2012's $9,401,000.
The first nine months of 2013 had net sales of $285,198,000, down from $330,700,000 in the first nine months of 2012.
The first nine months of 2013 had net earnings of $24,170,000, down from $27,448,000 in the first nine months of 2012.
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