Hamilton Beach Brands saw sales and revenue gains in its second quarter helped by volume growth from consumers in the United States, Mexico and Latin America.
Net income was $6 million, or 42 cents per diluted share, as compared to $110,000, or one cent per diluted share, in the year-previous quarter.
Revenue was $156.2 million versus $137.1 million in the year-prior quarter, the company noted. Operating profit was $10 million versus $726,000 in the period a year earlier.
The revenue gain resulted from higher volume and a favorable product mix, according to Hamilton Beach Brands. The company credited consumer market revenue increases in the U.S., Mexico and Latin America, as well as global commercial market. Revenue slipped in the Canadian consumer market, Hamilton Beach reported.
Hamilton Beach Brands develops and markets consumer small appliances and housewares under such brands as Hamilton Beach, Proctor Silex, Wolf Gourmet, Weston, Bartesian, Clorox and Brita. The company also markets products for the health care, food service and hospitality markets.
As it moves forward, Hamilton Beach Brands maintained six strategic initiatives should enable it to drive revenue growth, expand margins and generate positive cash flow.
- Drive core growth emphasizing the flagship Hamilton Beach and Proctor Silex brands in the company’s core North American market.
- Gain share in the premium goods market by developing, licensing and acquiring brands.
- Accelerate growth of Hamilton Beach Health, including the fostering of growth of the Smart Sharps Bin product.
- Emphasize small appliances in the food service and hospitality industries worldwide, in part by expanding e-commerce access as that channel becomes more important in the sector.
- Accelerate digital transformation by investing to gain share in the e-commerce market for consumer and commercial products.
- Leverage partnerships and acquisitions as the company identifies and secures businesses that are a strategic fit with its portfolio.
Hamilton Beach Brands maintained six strategic initiatives should enable it to drive revenue growth, expand margins and generate positive cash flow.
