LONDON: National Presto Industries’ first quarter 2016 net sales were 14.4 percent lower than the same period last year, primarily due to timing of defense product shipments, according to Friday’s quarterly earnings report. Net sales for the first three months of this year were down $14.5 million from nearly $101 million reported in the period of 2015. Presto’s $7.2 million in net earnings from the recent quarter were down from the $8.1 million from the first three months of last year. This resulted in $1.04 net earnings per share in this year’s first quarter, compared to $1.17 a year prior.
Shipments of the Eau Claire-headquartered company’s defense products were down 25 percent, and its housewares and small appliances shipped 8 percent less when comparing those quarters. Presto’s absorbent products, however, were up 14 percent, reflecting shipments to a national retailer and institutions. The company did unveil new products at March’s International Housewares Show. New lines of die-cast griddles, ceramic-coated skillets and griddles and hot air popcorn poppers were introduced at the show.
