Hamilton Beach has reported net income for the most recent third quarter of $7.4 million and revenues of $134.1 million, compared with net income of $5.2 million and revenues of $124.8 million for the third quarter of 2012.
The company indicated that revenues increased in the third quarter of 2013 compared with the third quarter of 2012 primarily due to an increase in sales volumes of products with higher price points and new products, mainly in the U.S. consumer and Canadian retail markets and in the commercial market. The company indicated that the improvement in revenue was partially offset by lower sales volumes in its international consumer markets.
Operating profit and net income increased in 2013’s third quarter primarily as a result of an increase in sales of higher-margin products and a $1.6 million pre-tax reduction in environmental remediation expense, partially offset by lower prices on comparable products sold, the company indicatd.
For the nine months ended September 30, 2013, Hamilton Beach reported net income of $10.9 million and revenues of $354.9 million compared with net income of $8.4 million and revenues of $340.4 million for the first nine months of 2012.