Hamilton Beach Holdings Co. reported a year-over-year revenue gained while earnings declined in its third quarter.
Net income was $1.9 million, or 14 cents per diluted share, versus $10.3 million, or 74 per diluted share, in the year-earlier period, the company reported.
Total revenue ws $156.7 million versus $153.6 million in the year-prior quarter, when the company saw the post-pandemic normalization of business conditions and trends, Hamilton Beach noted. The revenue gain reflected a favorable product mix and higher volume. In the company’s consumer markets, revenue increased in the United States and Mexico and decreased in other Latin American markets and Canada. The company’s global commercial business revenue decreased because of international markets softness, to reported.
Operating profit was $10.6 million versus $14.4 million.
In its strategic drive to accelerate Hamilton Beach Health growth, the company acquired HealthBeacon PLC, a medical technology company and strategic partner that develops digitally connected devices enabling patients to manage at home chronic conditions that require the use of injectable medications.The acquisition of HealthBeacon on February 2. added $1.2 million of new revenue to the current quarter results.
As part of its initiative to gain share in the premium market, the company pointed out, Hamilton Beach has launched a number of new products in 2024 across several of its premium lines, including Chi premium garment care products, Clorox True HEPA air purifiers and other wellness items, Brita Hub countertop electric water filtration appliances and Bartesian cocktail makers. The company’s newest premium brand, Numilk plant milk makers, will launch in retail and commercial markets during 2024.
