Hamilton Beach Q1 rev down 1.9% to $146.4M; EPS $0.51 vs $0.21; operating profit includes $10M insurance recovery

Hamilton Beach Brands Holding Co

2022-Q1 EPS reported $0.51 revenue$146,351,000

Q1 revenue $146.4M, down 1.9% from record $149.2M; gross margin fell to 19.3% from 21.2%.
Operating profit of $12.7M includes $10M insurance recovery from Mexican subsidiaries vs $5.3M in prior year.
Net income $7.2M ($0.51 diluted EPS) vs $2.9M ($0.21); net debt $118.3M at quarter end.
Premium brand product sales rose 12.9%; ecommerce sales flat at 35% of total revenue.
Full-year outlook: modest revenue growth vs 2021 record; operating profit to increase significantly including insurance recovery.

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