The 2020 Mid-Year Economic Update_long

Webco Sales Down 3.6% in Fiscal 3Q

Year-to-date sales increase 4.2 percent compared to the prior year.

Webco Industries Inc. (OTC: WEBC), Sand Springs, OK, reported sales for the fiscal third quarter of $103 million, a 3.6 percent decrease year-over-year. Profit increased 77.5 percent to $0.5 million.

Sales for the first nine months of the fiscal year were $315.1 million, a 4.2 percent increase over the same period a year ago. The company reported a loss of $0.2 million for the period, compared to a loss of $0.4 million the prior year.

"The low price of oil and recent volatility in the cost of steel has impacted demand and pressured margins in several of our product groups," said CEO Dana S. Weber. "Sustained strength in the U.S. dollar presents a longer term risk to foreign competition for domestic manufacturers. We have reduced our expenses to an amount we believe is currently appropriate and are continuing to make investments that are intended to improve efficiencies, yields and quality."

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