Eau Claire-based National Presto Industries, Inc. reported profits of $12.4 million in the third quarter of 2011, or $1.80 per share, the company announced.
That performance compares to earnings of $13.2 million, or $1.92 per share, during the third quarter of 2010.
The company, best known for its pressure cookers sold under the Presto brand name, reported overall sales of $104.9 million, a decline of 7.6% from the $113.5 million in sales reported in Q3 of 2010.
Presto operates in three business segments. Among its segments, Presto reported a 22.6% revenue gain in absorbent products, but declines of 8.7% and 17.8%, respectively, in the housewares-small appliance and defense segments.
Company President Maryjo Cohen attributed the strong gains in absorbent products to the company’s ongoing customer diversification program. She partially attributed the loss in housewares-small appliances to an increased emphasis by retailers on private label products, while the decline in defense products largely was a function of the timing of shipments.
