By Katherine Hamilton
National Presto Industries paused the announcement of new products due to tariffs.
The appliance maker on Friday said it posted a loss in its housewares and small appliances segment due to higher material costs, as tariffs on goods from China drove up expenses. As a result of tariffs, National Presto said it was putting on hold the announcement and purchase of new products, which it usually includes in its first-quarter release.
Tariffs negatively impacted earnings and are treated as period costs at the time they are incurred, President Maryjo Cohen said.
National Presto still posted a profit for its overall business thanks to an extra bump in its defense business, which produces items such as ammunition and cartridge cases. The company logged a 47% increase in sales and 59% jump in profit for defense, reflecting increased shipments from its backlog.
The company posted a profit of $7.6 million, or $1.07 a share, in the quarter ended in March, compared with $6.6 million, or 92 cents a share, the prior year.
Revenue rose to $103.6 million, up from $76.7 million the year before.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
May 02, 2025 16:53 ET (20:53 GMT)
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