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Houston Wire & Cable Company (NASDAQ: HWCC), Houston, TX, reported third-quarter sales of $96.7 million, up 1.6 percent year over year. Adjusted for fluctuations in metal pricing, sales increased 3 percent. MRO sales decreased 4 percent in the third quarter, while project business increased 12 percent.
Profit was $3.5 million, compared to a year-ago loss of $3.2 million.
Third-quarter results were impacted by "uneven product demand in our maintenance, repair and operations business," said Jim Pokluda, president and CEO. "Market conditions remain very competitive and day-to-day activity is unpredictable and continues to vary by region," he said. "While the project pipeline still indicates heavy future investment in a variety of capital projects, commencement dates on a high percentage of the work are being pushed back into 2015 and later years."
Sales for the nine-month period were up 4 percent versus the prior year period and increased 5 percent on a metals adjusted basis. MRO sales decreased 2 percent in the period, while project sales increased 13 percent, on a metals adjusted basis.
Profit for the period was $11.3 million, compared to year-ago profit of $4.8 million.