Houston Wire & Cable Company recently reported its 2015 fourth quarter and full year financial results, highlighted by considerable sales and profit declines due to weakened demand, contraction in oil & gas, and overall weakened industrial activity.
The company posted Q4 sales of $70.3 million, down 21.5 percent year-over-year, while the company took a net loss of $0.2 million. Adjusted profit was $0.4 million.
Houston Wire & Cable said that it estimates that MRO sales declined approximately 25 percent in Q4, while project sales decreased 15 percent. Total transactional activity decreased by 8 percent in Q4.
Full year 2015 sales of $308.1 million was down 21.0 percent from 2014, while the company had a profit of $2.0 million. Adjusted profit was $5.2 million.
Houston Wire & Cable said MRO sales decreased 18 percent in 2015, while project sales decreased 26 percent.
"This has been an extremely difficult year as industrial demand fell dramatically from the prior year and the loss of leverage we obtain from higher sales levels severely compressed our operating profit and net income," said Jim Pokluda, HWC president and CEO.
