National Presto third quarter revenue, revenue impacted by weather and costs
By Kimberly Chin
National Presto Industries Inc. posted lower profits and sales in the third quarter as inclement weather affected its defense segment and high freight rates and commodity costs put pressure on its results. unit of household items and small household appliances.
The company’s revenue declined 7.1% to $ 87.2 million from the third quarter of last year. National Presto said defense segment revenue fell 11% due to severe weather damage to one of its buildings that disrupted production.
Net income fell in the quarter to $ 4.1 million from $ 12.1 million a year earlier. On a per share basis, profit was 58 cents, down from $ 1.72 a year ago.
The company said it suffered an operating loss of $ 6.3 million in its housewares and small appliances segment due to high ocean freight rates and commodity costs. “This loss occurred despite the implementation of what would normally be considered significant mid-year price increases,” President Maryjo Cohen said in prepared remarks.
National Presto has three business segments: one which offers small appliances and pressure cookers, another which manufactures training and tactical ammunition and cartridge cases, and a segment which manufactures fire extinguishers and supplies fire extinguisher systems. Warning.
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