Hamilton Beach Brands has said it expects the global commercial market to rebound strongly this year, but warned that there was no telling when supply chain pressures will ease.
The company, which makes blenders and other small appliances, said it continues to navigate supply chain constraints, adding that product and shipping costs are likely to increase throughout 2022.
To mitigate rising costs, it has implemented pricing initiatives that became effective in the first quarter and plans to continue to adjust prices as necessary to offset rising costs.
Hamilton Beach Brands generates the majority of its revenue from the consumer segment, but it also supplies the foodservice and hospitality industry.
It said the global commercial market is expected to continue to rebound strongly from pandemic-driven demand softness.
“The company expects to generate additional growth in the global commercial market through product development, digital marketing and increasing customer relationships with regional and global chains,” it stated.
Additionally, Hamilton Beach Brands warned the direct and indirect impact of the increasingly volatile global economic conditions as a result of the situation in Ukraine “could cause the industry and company outlook to change”.