Second quarter revenue at NACCO Industries fell year-over-year as the company reported a smaller loss for the period ended June 30 when compared to the same quarter the previous year.
Company wide revenue was $196.5 million, down from revenue of $200.4 million in the same quarter in 2014. Net loss was $0.3 million versus a net loss of $3.6 million in the second quarter of 2014.
Second quarter sales in the company’s Hamilton Beach division were $129.5 million, up from sales of $118.4 million in the same quarter the previous year. Net income was $1.6 million, up slightly from net income of $1.4 million last year. Operating profit increased to $2.9 million.
Second quarter 2015 financial results include $4.3 million of revenues and break-even results from Weston Brands, which Hamilton Beach acquired in December 2014.
Despite its middle-market mass consumer continuing to face fiscal challenges, Hamilton Beach continues to focus on strengthening its position within the North American market, company officials said.
Hamilton Beach expects its FlexBrew coffeemaker and its Breakfast Sandwich Maker line to continue gaining market position in the second half of 2015.
In addition, the company also expects to make gains with its new line of Jamba-branded blenders and juicers and with its Wolf Gourmet housewares product line.
NACCO’s Kitchen Collection division reported a net loss of $1.8 million on revenues of $29.8 million for the second quarter. This compares with a net loss of $2.7 million and revenues of $32.8 million for the second quarter of 2014. As of June 30, Kitchen Collection operated 225 total stores compared with 254 stores as of June 30, 2014.
Company officials said the decline in Kitchen Collection’s revenues was primarily the result of the loss of sales from the closure of unprofitable Le Gourmet Chef and Kitchen Collection stores since June 30, 2014 partially offset by sales at newly opened Kitchen Collection stores.