Houston Wire & Cable has reported third quarter sales of $96.1 million, a decrease of $2 million from the previous quarter. Net income decreased by 14.8% or $0.7 million from 2011 and sequentially by 4.3% or $0.2 million.
In announcing the results, Jim Pokluda, president and CEO said the markets for the company’s products remained inconsistent “as different parts of the country and industries experience economic recovery at different rates.”
Pokluda continued, “While I am encouraged by the performance of our largest regions, which saw robust sales and delivered positive growth during the quarter, demand in smaller markets remained uneven, and we continue to experience regional sales performance differentials. Comparisons with the prior year period remain difficult, as the third quarter of 2011 had the highest sales in the history of the company and included significant mega project sales. When adjusted for an estimated 6% negative impact from metals price fluctuations, we estimate that revenues were down just over 3% year-over-year and essentially flat sequentially.”
Houston Wire & Cable Company is one of the largest providers of wire and cable in the U.S. market. Headquartered in Houston, Texas, the company has sales and distribution facilities strategically located throughout the nation.
The board of directors of Houston Wire & Cable Company also declared a cash dividend of $0.09 per share on the Common Stock, payable November 29 to shareholders of record of Common Stock at the close of business on November 17.
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