Storm damage, shipping costs hurt Presto

EAU CLAIRE — Severe weather damage at one of its subsidiaries and higher costs tied to industrywide supply chain issues hurt National Presto Industries’ bottom line in the third quarter.

The Eau Claire-based company’s financial report for the three months that ended on Oct. 3 showed a 7.1% drop in net sales when compared to the same time in 2020.

Net earnings also fell, going from $12.14 million a year ago down to $4.13 million in this past quarter.

Maryjo Cohen, company president, noted multiple factors affected the company’s financial performance, including a storm that damaged a facility that makes products for the defense sector.

The Janesville Gazette reported that a major Aug. 10 storm tore the roof off of the Amtec plant in Janesville, which makes a variety of ordinance.

In a news release, Cohen said the damage contributed to a $7.3 million drop in Presto’s defense segment revenues.

For the company’s housewares and small appliances, extraordinarily high ocean-cargo freight rates and higher commodity costs resulted in a $6.3 million operating loss for that part of Presto’s business.

Ashley Furniture gets stewardship award

ARCADIA — The state’s chamber of commerce recently presented a Wisconsin Business Friend of the Environment Award to Ashley Furniture Industries.

The Arcadia-based company was among nine Wisconsin businesses to be recognized late last month by Wisconsin Manufacturers & Commerce.

Ashley won an award for environmental stewardship for the addition of solar panels at its facilities since 2019. Currently the company has nearly 45,000 solar panels on rooftops of its distribution, manufacturing and retail buildings, which are able to generate nearly 16 million kilowatt hours of electricity per year. That is equivalent to energy needed to power about 1,500 homes, according to a Wisconsin Manufacturers & Commerce news release.

Other companies that won environmental awards from the business group last month were Miltrim Farms, The Boldt Company, Kwik Trip, Chiropractic & Wellness on Pewaukee Lake, Ariens Co., IVEC Systems, Charter Steel and Amcor Flexibles North America.

From staff reports