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NACCO Reports Ham Beach Gains, Kitchen Collection Losses

NACCO Industries today reported first quarter net income for its Hamilton Beach small appliance division was $1.5 million compared with $1 million in the first quarter of 2012. According to the company, the increase was primarily the result of increased sales of higher-margin products, favorable foreign currency movements and lower interest expense, partially offset by a moderate increase in product costs and higher selling, general and administrative expenses.

For its Kitchen Collection gourmet housewares store business, the company reported a net loss of $3.3 million up from a net loss of $2.8 million in the first quarter of 2012 primarily as a result of reduced sales and a shift in mix to lower margin products at Kitchen Collection comparable stores.