Webco Industries Q3 Net Income Flat; Net Sales Down 9.1%

(RTTNews) - Webco Industries, Inc. reported third quarter net income of $6.4 million, or $7.49 per share, compared to $6.4 million, or $7.91 per share, last year. Net sales were $153.2 million, a 9.1 percent decrease from the $168.6 million, a year ago.

Dana Weber, CEO, said: "The current quarter, while improved from the second quarter of fiscal year 2024, was slower than we have experienced in the past several years, which is consistent with our view of the overall domestic manufacturing economy. Further, we have certain markets that are being adversely impacted by foreign imports."

As of April 30, 2024, the company had $19.8 million in cash and short-term investments, in addition to $67.6 million of available borrowing under $220 million senior revolving credit facility.

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