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Lifetime Brands reports record revenue, 26% gain in profit

Lifetime Brands chairman and chief executive Jeffrey Siegel

Lifetime Brands chairman and chief executive Jeffrey Siegel in the company's Garden City showroom in December 2010. Credit: Danny Ghitis

Garden City-based Lifetime Brands Inc. Tuesday reported record revenue and a 26 percent increase in net income for the third quarter ended Sept. 30.

The company, which sells kitchenware, tableware and other products, including Farberware and KitchenAid, posted net sales of $170.12 million for the quarter compared to $163.20 million during the same quarter last year.

Lifetime Brands’ net income for the third quarter was $6.45 million, compared to $5.10 million during the year-earlier period.

The results demonstrated “the company’s ability to deliver organic growth and solid financial results in the face of an uncertain economic climate in the United States and despite unfavorable exchange rate fluctuations that affected the results of our U.K. subsidiaries and our partner companies in Canada and Mexico,” Lifetime chairman and CEO Jeffrey Siegel said in a statement.

Lifetime Brands posted adjusted net income of $7.53 million, or 51 cents per diluted share, compared to an adjusted net income of $5.88 million, or 41 cents per diluted share, in the corresponding period in 2015. Adjustments include acquisition-related expenses, restructuring expenses and investments.

Shares of Lifetime Brands rose 25 cents Tuesday, or 1.7 percent, to close at $14.80 on the Nasdaq Stock Market. The shares are up nearly 12 percent this year.

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