NATIONAL PRESTO INDUSTRIES : ANNOUNCES THIRD QUARTER 2023 SALES AND EARNINGS - Form 8-K
November 03, 2023 at 04:05 pm EDT
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NATIONAL PRESTO INDUSTRIES, INC. ANNOUNCES
THIRD QUARTER 2023 SALES AND EARNINGS
Eau Claire, Wisconsin (October 27, 2023) -- National Presto Industries, Inc. (NYSE: NPK) announced today third quarter sales and earnings, as shown in the table below. Net earnings per share have been computed on the basis of the weighted average number of common shares outstanding for the respective periods.
In response to questions about the sales and earnings figures, Maryjo Cohen, President, stated, "Sales during third quarter 2023 were up $13.5 million or 19.3% from those recorded in the prior year's quarter due to increased Defense segment shipments from backlog. Defense segment net sales increased by $19.0 million or 44.8%. That increase largely drove the $2.8 million (44.9%) improvement in operating profit. In contrast, the Housewares/Small Appliances segment's net sales were down $5.6 million or 20.6%, primarily due to customer inventory carryover and timing differences in the purchase of seasonal products. The price reductions referenced in the first quarter 2023 release also had an unfavorable impact. The volume decrease when combined with a major repair and increases in insurance costs resulted in a $5.3 million (87.5%) reduction in operating profit. As anticipated, the startup Safety segment reported nominal sales and a loss. The Federal Reserve Board's decision to boost rates from last year's target of 3 to 3.25% to the current target of 5.25 to 5.5%, increased yields, which in turn, resulted in improved comparative portfolio earnings."
National Presto Industries, Inc. operates in three business segments. The Housewares/Small Appliance segment designs and sells small household appliances and pressure cookers under the PRESTO® brand name. The segment is recognized as an innovator of new products. The Defense segment manufactures a variety of products, including medium caliber training and tactical ammunition, energetic ordnance items, fuzes, cartridge cases, and metal parts. The Safety Segment currently consists of three startup companies. The Safety segment offers fire extinguishers, carbon monoxide detectors, and systems that provide early warning of conditions that, if not corrected, would cause significant losses
THREE MONTHS ENDED
Oct. 1, 2023
Oct. 2, 2022
Net Sales
$
83,141,000
$
69,683,000
Net Earnings
$
7,019,000
$
8,927,000
Net Earnings Per Share
$
0.99
$
1.26
Weighted Shares Outstanding
7,108,000
7,083,000
NINE MONTHS ENDED
Oct. 1, 2023
Oct. 2, 2022
Net Sales
$
242,496,000
$
207,575,000
Net Earnings
$
21,400,000
$
18,526,000
Net Earnings Per Share
$
3.01
$
2.62
Weighted Shares Outstanding
7,104,000
7,079,000
This release contains "forward looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties, as well as assumptions, that could cause actual results to differ materially from historical results and those presently anticipated or projected. In addition to the factors discussed above, other important risk factors are delineated in the Company's various SEC filings.
National Presto Industries Inc. published this content on 03 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2023 20:03:57 UTC.
National Presto Industries, Inc. is engaged in various business segments, which includes Housewares/Small Appliance, Defense and Safety. The Housewares/Small Appliance segment designs, markets and distributes housewares and small electrical appliances, including pressure cookers and canners, kitchen electrics, and comfort appliances. The Defense segment manufactures 40-millimeter (mm) ammunition, precision mechanical and electro-mechanical assemblies, medium caliber cartridge cases and metal parts; performs Load, Assemble and Pack (LAP) operations on ordnance-related products primarily for the United States Government and prime contractors, and manufactures detonators, booster pellets, release cartridges, lead azide and others. The Safety segment offers systems that provide early warning of conditions that could ultimately lead to significant losses and also offers carbon monoxide alarms with large digital displays and an array of voice messages that clearly inform of incipient danger.