Driven by higher sales growth in the U.S. and international consumer markets, Hamilton Beach reported a solid sales increase in its fiscal year third quarter.
For the three month period ended September 30, consolidated revenue was $196.9 million, up from consolidated revenue of $181.7 million in the comparable quarter the previous year. Net income was $8 million, or $0.59 per diluted share, versus consolidated net income of $4.3 million, or $0.31 per diluted share in the third quarter of 2017.
Revenue in the Hamilton Beach Brands division was $172.5 million, up from revenue of $153.6 million in the third quarter the previous year.
According to the company, continued progress on Hamilton Beach’s strategic growth initiatives drove the third quarter increase. The growth was the result of higher sales volumes in all markets, most notably the U.S. and international consumer markets.
The company’s Kitchen Collection division had quarterly revenue of $25.9 million, down from $28.6 million in the comparable quarter the previous year. Net loss was $1.9 million compared to a net loss of $1.2 million in the third quarter of 2017.
Company officials said they expect fourth quarter and full-year 2018 consolidated net income to increase “substantially” over the same periods of 2017. In the small electrics segment, Hamilton Beach expects the U.S. market for small kitchen appliances to grow modestly.