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Houston Wire & Cable Company Reports Results for the Quarter Ended September 30, 2018

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Houston Wire & Cable Company (NASDAQ: HWCC) (the Company) announced operating results for the third quarter ended September 30, 2018. Third Quarter 2018 Highlights Net income of $2.5 million, or $0.15 per diluted share Reduced debt by $6.7 million Sales of $90.1 million increased 10.9% over 2017 Gross margin of 23.8% up 90 basis points compared with 2017 Third Quarter Summary Houston Wire & Cable Company reported net income of $2.5 million, or $0.15 per diluted share, for the quarter ended September 30, 2018, compared to a net loss of $1.7 million, or a loss of $0.11 per diluted share, for the same quarter in 2017. Operating income in the third quarter 2018 was $3.0 million compared to $2.0 million during the third quarter of 2017.Jim Pokluda, President and Chief Executive Officer, commented, We were pleased to post our fifth consecutive quarter of year-over-year revenue growth, as customer demand and end market strength remained much improved over the prior year. We estimate sales for our project business, which targets end markets for Utility Power Generation, Environmental Compliance, Engineering & Construction, Industrials, and Mechanical Wire Rope, increased 13%, while Maintenance, Repair, and Operations (MRO) sales were up 10%, as compared to the third quarter of 2017. Gross margin at 23.8% increased 90 basis points from the third quarter of 2017, primarily due to higher product margins driven by ongoing pricing discipline and product mix as metals prices remained relatively consistent year over year. Operating expenses at $18.3 million were up $1.8 million from Q3 2017 and $0.4 million sequentially. During the quarter, these expenses were elevated by approximately $0.4 million as the Company completed two warehouse moves and one warehouse reorganization. Operating expenses as a percentage of revenue remained relatively flat to 2017 at 20.4%. …[Read on via official release]

Source: US SEC
View full document: EX-991_of_8-K_for_Houston_Wire_Cable_CO__8-K-11-09-2018