Fourth quarter revenue in the Hamilton Beach Brands division of Hamilton Beach was up as the company cited growth in the U.S. consumer and international markets along with positive results in the commercial segment as key drivers.
For the three months ended December 31, 2017, revenue within the Hamilton Beach Brands division was $219.8 million, up from revenue of $205.1 million in the fourth quarter of 2016. Net income was $12 million compared with net income of $14.4 million in the previous year’s fourth quarter. Operating profit increased to $26.5 million in the fourth quarter of 2017 from $23.9 million in the fourth quarter of 2016.
Net income in 2017 includes a provisional discrete tax charge of $4.1 million for the new U.S. tax reform legislation. Excluding this charge, Hamilton Beach had adjusted income of $16.1 million for the 2017 fourth quarter.
For the fiscal year, Hamilton Beach Brands reported revenue of $615.1 million, up from revenue of $605.2 million in 2016. Net income was $21.1 million, down from net income of $26.6 million in 2016.
The 2017 net income includes the provisional discrete tax charge of $4.1 million for the new U.S. tax reform legislation and $2.5 million, or $2.1 million after taxes of $0.4 million, of one-time costs incurred to effect the spin-off from the company’s prior parent company in the third quarter of 2017.
Total fourth quarter consolidated revenues for Hamilton Beach Brands Holding Company, which includes Kitchen Collection, were $265.8 million compared with consolidated revenues of $258.9 million for the fourth quarter of 2016. Consolidated operating profit was $31 million for the fourth quarter of 2017 compared with $31.1 million for the fourth quarter of 2016.
Full-year 2017 consolidated revenues were $740.7 million compared with $745.4 million in 2016. Full-year 2017 consolidated operating profit decreased to $38.1 million from $43.4 million in 2016.
