Lifetime Brands reports increased profits
Jeffrey Siegel, chief executive of Lifetime Brands Inc., of Garden City. Credit: Danny Ghitis, 2010
Lifetime Brands Inc., the Garden City-based kitchen and home goods company, Thursday reported increases in both its quarterly and annual profits.
The company’s earnings for the fourth quarter ending in December jumped to $15.2 million, or $1.19 per diluted share, from $5.4 million, or 43 cents per diluted share, in the same period a year earlier. And the company’s annual earnings climbed 50 percent to $20.9 million.
Revenues for the company rose 12.5 percent during the quarter, increasing from $137.6 million to $154.8 million. Sales in 2012 climbed 9.5 percent from the prior year, reaching $486.8 million.
“Lifetime finished 2012 on a very positive note,” said chief executive Jeffrey Siegel, also noting that the company had acquired the business and assets of Fred & Friends, a line of kitchen tools, table accessories and party goods, during the fourth quarter.
He added, “While the U.S. and European economies remain troubled, we nevertheless foresee our overall business increasing by 4 to 6 percent in 2013.”
Shares of the company rose 8.3 percent to $11.94 in late-morning trading.
Lifetime’s brands include Cuisinart, Farberware, KitchenAid and Guy Fieri.
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