Third quarter revenue at Hamilton Beach was down as company officials pinned the decrease on sales volumes in the United States mainly attributable to the timing of shipments.
Consolidated revenue for the period ended September 29 was $181.7 million, down from revenue of $188.4 million for the comparable quarter the previous year. Consolidated net income was $4.3 million, or $0.31 per diluted share, compared with net income of $8.7 million, or $0.64 per diluted share in the prior year.
For the first nine months, the company reported consolidated revenue of $475 million, down from consolidated revenue of $486.4 million for the first nine months of 2016.
Consolidated revenue includes the company’s Hamilton Beach and Kitchen Collection divisions.
Third quarter sales specific to Hamilton Beach electrics were $153.6 million, down from revenue of $157.3 million in the third quarter of 2016. Net income was $5.2 million, down from net income of $9.5 million in the prior year.
Revenues decreased in the third quarter as a result of a decrease in sales volumes in the U.S. consumer market, which was partially offset by an increase in International consumer sales and a modest increase in commercial sales, company officials said.
Kitchen Collection third quarter revenue was $28.6 million, down from revenue of $32.9 million in the comparable quarter the prior year. The kitchenware retailer reported a net loss of $1.2 million, compared with a net loss of $0.7 million in the third quarter of 2016.