Webco Industries Inc. (OTC: WEBC), Sand Springs, Oklahoma, reported sales for the fiscal fourth quarter of 145.5 million, a 63.3% increase year-over-year. In the fourth quarter, Webco had net income of $13.4 million, or $15.41 per diluted share, compared to a $1.1 million, or a loss of $1.35 per diluted share, a year ago.
For fiscal year 2021, Webco generated net income of $19.7 million, or $22.38 per diluted share, compared to net income of $4.2 million, or $4.74 per diluted share, for the same period in fiscal year 2020. Net sales for the current fiscal year amounted to $466.6 million, an 8.8% increase from the $428.8 million in sales for the prior fiscal year.
“Over the course of fiscal year 2021, the cost of our raw materials increased substantially, and its availability became very limited,” says Webco CEO and Chairman Dana S. Weber. “Where possible, we increased our sales prices in response to raw material cost increases. In addition, non-steel supplies and operating costs, as well as freight services, have increased in cost and decreased in availability.
“The business environment of the current fiscal quarter compares favorably to the challenges we faced in our fourth quarter of fiscal year 2020, during which the pandemic was affecting almost all lines of business and crude oil prices remained low.”