UPDATE: Houston Wire & Cable Posts Upbeat Q4 Earnings, But Sales Drop

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Houston Wire & Cable Co.
HWCC
reported upbeat earnings for the fourth quarter on Thursday. The Houston, Texas-based company reported a quarterly profit of $3.7 million, or $0.21 per share, compared to $3.1 million, or $0.18 per share, in the year-ago period. Its revenue declined 5.2% to $89.5 million. However, analysts were expecting earnings of $0.20 per share on revenue of $96.85 million. Gross margin rose 130 basis points to 23.1% in the quarter, while operating expenses declined 4.7% to $14.5 million. Jim Pokluda, President and Chief Executive Officer said, "While we were pleased with the fourth quarter net income increase, which was up 16.5% over 2013 and 4% sequentially, we were disappointed that reduced demand from infrastructure and certain industrial markets, including oil and gas, delivered lower than expected results on the top line. Activity in Q4 slowed in most of the regions, primarily due to unfavorable economic conditions which were more pronounced towards the end of the quarter. As a result, total sales declined 5%, or approximately 2% on a metals-adjusted basis. Maintenance, Repair and Operations (MRO) sales fell 4% or approximately 1% on a metals-adjusted basis, while project sales decreased approximately 11%, or 8% on a metals-adjusted basis." Houston Wire & Cable shares fell 0.10% to close at $9.99 yesterday.
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Posted In: EarningsNewsprofit
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