NATIONAL PRESTO INDUSTRIES : ANNOUNCES SECOND QUARTER 2023 SALES AND EARNINGS - Form 8-K
August 31, 2023 at 06:19 pm EDT
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NATIONAL PRESTO INDUSTRIES, INC. ANNOUNCES
SECOND QUARTER 2023 SALES AND EARNINGS
Eau Claire, Wisconsin (July 28, 2023) - National Presto Industries, Inc. (NYSE: NPK) announced today second quarter 2023 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 sales and earnings for the quarter, Maryjo Cohen, President, stated, "Defense segment sales for the quarter were up $7.6 million or 14.5% from those reported in the comparable 2022 quarter, reflecting increased shipments from backlog. Sales for the Housewares/Small Appliances segment were down $5.9 million or 23.8%, reflecting carryover of inventory at retail and retailers' resumption of 'Just-in-Time' inventory strategies. Safety segment sales were nominal. The Defense segment's operating earnings declined $1.48 million or 17.2% from second quarter 2022 earnings largely due to a less favorable mix. The Housewares/Small Appliance segment's operating profit increased $245 thousand or 40% over the prior year's modest quarterly earnings, largely reflecting changes in various accruals. As anticipated, the Safety segment reported a loss. The Federal Reserve Board's ongoing boosts of the Fed funds rate 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 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
July 2, 2023
July 3, 2022
Net Sales
$
78,946,000
$
77,138,000
Net Earnings
$
5,503,000
$
6,684,000
Net Earnings Per Share
$
.77
$
.94
Weighted Shares Outstanding
7,106,000
7,081,000
SIX MONTHS ENDED
July 2, 2023
July 3, 2022
Net Sales
$
159,355,000
$
137,892,000
Net Earnings
$
14,381,000
$
9,599,000
Net Earnings Per Share
$
2.02
$
1.36
Weighted Shares Outstanding
7,102,000
7,077,000
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 31 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2023 22:17:46 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.
NATIONAL PRESTO INDUSTRIES, INC. 
