Following a fourth quarter in which Hamilton Beach revenue grew slightly, the small appliance supplier said it expects modest increases in sales volume and revenue in 2017.
Revenue for the quarter ended December 31, 2016, was $205.1 million, up from revenue of $204.9 million the comparable quarter in 2015. Net income was $14.4 million compared with net income of $11.1 million in the prior year. Operating profit increased to $23.9 million in the fourth quarter of 2016, up from $18.1 million in the fourth quarter of 2015.
On an annual basis, Hamilton Beach reported revenue of $605.2 million, down from revenue of $621 million in 2015. Net income was $26.6 million, up from income of $19.7 million in the previous year
In the fourth quarter, company officials said the growth in revenue was driven by the favorable effect of sales of new and higher-priced products. That growth was almost fully offset by lower product volumes in the U.S. consumer and commercial markets and unfavorable foreign currency movements.
Hamilton Beach officials forecasted sales volumes and revenue to increase modestly in 2017. Enhanced distribution and increase higher-margin product placements are seen as key factors in meeting this forecast, officials said.
The company added that it would look to grow its assortment in what officials called “only-the-best” market by investing in new products that will be sold under the Wolf Gourmet, Weston and Hamilton Beach Professional brands.
