National Presto Industries Inc (NYSE: NPK)

National Presto Industries Inc. (NPK) is a company that operates in three primary business segments: Housewares/Small Appliance, Defense, and Safety. The company is known for its design, marketing, and distribution of housewares and small electrical appliances, defense products, and safety equipment. NPK's products are sold primarily in the United States and Canada, and are sourced from vendors in the Orient.

The Housewares/Small Appliance segment of NPK is responsible for the design, marketing, and distribution of housewares and small electrical appliances. The segment's primary products include a range of kitchen appliances such as skillets, griddles, woks, and multi-purpose cookers, slow cookers, deep fryers, air fryers, waffle makers, pizza ovens, slicer/shredders, electric heaters, corn poppers, dehydrators, vacuum sealers, rice cookers, microwave bacon cookers, egg cookers, coffeemakers, and coffeemaker accessories. NPK's competitive advantages in this segment include technical competence, product quality, manufacturing experience, and price.

The Defense segment of NPK is a major supplier of 40mm ammunition, precision mechanical and electro-mechanical products, and medium caliber cartridge cases and metal parts to the United States Department of Defense (DOD) and DOD prime contractors. The segment's products are designed to protect the lives of citizens and allies, and are manufactured at facilities in Wisconsin, Arkansas, and Texas. NPK competes for its business in this segment primarily on the basis of technical competence, product quality, manufacturing experience, and price.

The Safety segment of NPK, which was formed in 2019, is currently comprised of OneEvent Technologies, Inc. and Rely Innovations, Inc. OneEvent leases 7,000 square feet in Mount Horeb, Wisconsin, and uses cloud-based technology to predict and alert customers in a timely fashion so that they have an opportunity to prevent a loss. Rely designs and sells carbon monoxide detectors for residential use.

NPK's customers include Amazon.com, Inc., which accounted for 11% of the company's consolidated net sales in 2023. The company's customers are primarily located in the United States and Canada, and the company sources its products from vendors in the Orient.

In terms of its financial performance, NPK's net sales increased from $243.6 million in 2021 to $264.6 million in 2023. The company's net income increased from $12.4 million in 2021 to $15.3 million in 2023. The company's cash and cash equivalents increased from $43.4 million in 2021 to $54.1 million in 2023.

NPK's products in the Housewares/Small Appliance segment include the Presto Control Master heat control line of skillets, griddles, woks, and multi-purpose cookers, slow cookers, deep fryers, air fryers, waffle makers, pizza ovens, slicer/shredders, electric heaters, corn poppers, dehydrators, vacuum sealers, rice cookers, microwave bacon cookers, egg cookers, coffeemakers, and coffeemaker accessories. In the Safety segment, OneEvent Technologies uses cloud-based technology to predict and alert customers, while Rely Innovations designs and sells carbon monoxide detectors for residential use.