Houston Wire & Cable Co. (NASDAQ: HWCC), Houston, TX, reported sales for 2014 of $390 million, a 1.8 percent increase from 2013. MRO sales increased 1 percent while project sales increased 9 percent, on a metals-adjusted basis. Profit increased 89.5 percent to $15 million.
Fourth quarter sales were $89.5 million, a 5.2 percent decrease from the same period the previous year. MRO sales fell 4 percent or 1 percent on a metals-adjusted basis, while project sales decreased approximately 11 percent, or 8 percent on a metals-adjusted basis. Profit for the quarter increased 16.5 percent to $3.1 million.
"We were disappointed that reduced demand from infrastructure and certain industrial markets, including oil and gas, delivered lower than expected results on the top line," said Jim Pokluda, president and CEO. "Activity in Q4 slowed in most of the regions, primarily due to unfavorable economic conditions which were more pronounced towards the end of the quarter."