Printer Friendly

NACCO INDUSTRIES ISSUES STATEMENT

 NACCO INDUSTRIES ISSUES STATEMENT
 MAYFIELD HEIGHTS, Ohio, June 23 /PRNewswire/ -- NACCO Industries,


Inc. (NYSE: NC) announced that weak business conditions and increased price competition in Europe have affected operations at its Hyster- Yale Materials Handling subsidiary. The economic downturn in Europe has resulted in lower shipments of lift trucks and parts and reduced profit margins. Increased market share in Europe and improving trends for the North American economy, where substantial price discounting continues, were not enough to offset the decline. As a result, NACCO Industries expects to report results for the second quarter well below the $0.53 per share reported in the same period last year.
 Alfred M. Rankin, Jr., president and chief executive officer, said "As I reported to stockholders at the Annual Meeting, we take a long-term view in managing the business and believe that Hyster-Yale's strategic position appears most encouraging. Despite the current weak economic conditions, the company will continue to invest heavily in strategic programs and new product development. Prospects for the full year at Hyster-Yale are uncertain, as they are dependent upon the strength of the U.S. economic recovery and the severity of the European downturn. Other NACCO units, including North American Coal, Hamilton Beach/Proctor-Silex and Kitchen Collection continue to operatein line with expectations."
 NACCO Industries, Inc. is a holding company with four operating subsidiaries. Hyster-Yale Materials Handling, Inc. is a world leader in the design and manufacture of forklift trucks, marketed under the Hyster(R) and Yale(R) brand names. The North American Coal Corporation mines and markets lignite coal primarily as fuel for power generation by electric utilities. Hamilton Beach/Proctor-Silex, Inc. is a leading manufacturer of small electric appliances. The Kitchen Collection, Inc. is a national specialty retailer of kitchenware and small electric appliances.
 -0- 6/23/92
 /CONTACT: John R. Cook, senior vice president - finance and administration & CFO of NACCO Industries, Inc., 216-449-9600/
 (NC) CO: NACCO Industries ST: Ohio IN: MNG SU:


BM -- CL005 -- 2736 06/23/92 09:55 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 23, 1992
Words:333
Previous Article:MAGAININ PHARMACEUTICALS ANNOUNCES FORMATION OF NEW INSTITUTE TO BE DIRECTED BY DR. MICHAEL ZASLOFF
Next Article:KEYSTONE FINANCIAL REPORTS SECOND QUARTER/SIX MONTHS GAINS
Topics:


Related Articles
NACCO INDUSTRIES DECLARES QUARTERLY DIVIDEND
NACCO MATERIALS HANDLING GROUP ANNOUNCES NEW REVOLVING CREDIT FACILITY
NACCO INDUSTRIES, INC. ANNOUNCES FIRST QUARTER EARNINGS
NACCO Industries Announces Final Results Of Tender Offer
NACCO Industries, Inc. Announces Third Quarter 1997 Earnings
NACCO Industries, Inc. Announces Second Quarter 1999 Earnings.
NACCO Industries Announces Third Quarter 1999 Earnings.
NACCO Industries, Inc. Announces First Quarter 2000 Earnings.
Nacco Industries, Inc.'s Materials Handling Group To Phase Out Its Danville, Illinois, Assembly Operations.
NACCO Industries, Inc. Announces Tax-Free Spin-Off of Hamilton Beach/Proctor-Silex and Merger of Applica into Hamilton Beach/Proctor-Silex.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters