Hamilton Beach Net Declines 19 Percent in Second Quarter
August 9, 2010,
CLEVELAND--The Hamilton Beach brand posted a decrease of 19 percent in net income in the second quarter, to $3.8 million.
A statement from NACCO, the brand's parent company, attributed the falloff in the bottom line to higher employee-related costs--which occurred due to the full restoration of compensation and benefits that were suspended in the first half of last year. In addition, Hamilton Beach's net sales slipped 4 percent to $103.3 million, driven down by lower average selling prices and a decline in unit sales volumes. Reduced production costs and the increase in sales of higher-margin products only partly offset the decline in net profit, NACCO said.
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