Why These Defense Stocks Are Declining This Week

8. National Presto Industries, Inc. (NYSE:NPK)

Weekly Decline: -12.58%

National Presto Industries, Inc. (NYSE:NPK) is an important player in America’s defense industry. It is a major supplier of 40mm ammunition and cartridge cases to the Department of Defense (DoD). The company started in 1905 by producing pressure canners for home use, before venturing into other cooking appliances and, later, defense and safety products.

On February 21, National Presto Industries, Inc. (NYSE:NPK) declared strong results for fiscal 2024, with consolidated sales growing 13.9% year-over-year, driven by a surge in defense sales. Net earnings also grew 20% from last year. The Housewares/Small Appliance segment also registered a 5.3% increase in sales, reflecting an improved retail environment.

National Presto Industries, Inc. (NYSE:NPK)’s share price slumped 12.58% over the past week after the company revealed that a cybersecurity incident occurred on March 1, which has disrupted several areas, including certain manufacturing processes, shipping and receiving, and back-office operations.