National Presto Earnings Rise as Defense Sales Grow; Tariff Refund Aids Housewares

National Presto Industries, Inc. posted higher third-quarter earnings after defense shipments lifted segment sales and a tariff refund supported operating profit in its Housewares/Small Appliances business.

Net sales for the quarter ended Oct. 4 reached $144.308 million, compared with $115.463 million in the year-earlier period. Net earnings were $19.977 million, or $2.79 per share, versus $5.317 million, or $0.74 per share.

Defense sales increased $29 million, or 31.3%, year over year, while operating earnings for the segment rose $7.1 million, or 61.8%. President Maryjo Cohen cited “increased shipments from backlog.” Higher volume, a more favorable mix and operating efficiencies also contributed to the segment’s earnings gain.

Housewares/Small Appliances sales declined $469,000, or 2.1%. The segment recorded $8.1 million in operating earnings after an operating loss in the year-earlier quarter. Cohen said a partial refund of tariffs paid by the segment accounted for most of its earnings.

Safety segment sales increased $296,000, or 88.9%, while remaining nominal. The segment recorded an operating loss, as anticipated.