Houston Wire & Cable Co. (NASDAQ: HWCC), Houston, TX, reported third quarter sales of $78.3 million, down 19.1 percent year over year. Profit was down 81 percent to $0.7 million.
MRO sales decreased 20 percent in the third quarter, while project business sales decreased 18 percent.
"The level of industrial activity remained disappointing in the third quarter and the continuing combination of metals deflation and reduction in oil and gas related activity severely affected operating results and comparisons to the prior year period," said Jim Pokluda, president and CEO.
Sales for the first nine months were down 20.9 percent versus the prior year period to $237.8 million. Profit for the period was down 80 percent to $2.2 million.