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Webco Industries, Inc. reports recurring updates on its OTC-traded specialty metal tubing business under the WEBC symbol. The company manufactures and distributes carbon steel, stainless steel and other metal tubular products designed to industry and customer specifications, supported by tube production and value-added facilities in several U.S. states.
Company news primarily covers fiscal quarter and year-end operating results, including sales and earnings trends, as well as capital spending tied to stainless facilities. Updates also include board appointments and governance changes, alongside references to the Webco TechCenter™ and technical work for the metal tubing industry.
Webco Industries (OTC: WEBC) reported a challenging first quarter fiscal 2025, ending October 31, 2024, with a net loss of $0.1 million (-$0.13 per share), compared to net income of $5.1 million ($6.25 per share) in Q1 fiscal 2024. Net sales decreased 10.4% to $141.4 million from $157.8 million. The company maintained strong liquidity with $89.0 million in total cash, short-term investments, and available credit. Gross profit margin declined to 9.7% from 13.7%, while operating income decreased to $1.1 million from $8.0 million. Capital expenditures reduced to $5.1 million from $10.1 million in the previous year.
Webco Industries, Inc. (OTC: WEBC) reported its fiscal 2024 fourth quarter and year-end results. For Q4 FY2024, the company had a net income of $4.3 million, or $4.94 per diluted share, compared to $8.3 million in Q4 FY2023. Net sales for Q4 FY2024 were $151.4 million, a 3.2% decrease from the previous year. For the full fiscal year 2024, Webco generated a net income of $16.1 million, or $19.24 per diluted share, with net sales of $608.4 million, an 11.4% decrease from FY2023.
The company reported slower quarters consistent with the overall domestic manufacturing economy. Webco maintains a strong balance sheet with total cash, short-term investments, and available credit of $90.5 million as of July 31, 2024. The company continues to invest in its business, including the construction of the F. William Weber Leadership Campus.
Webco Industries, Inc. (OTC: WEBC) announced the retirement of Dr. Kenneth E. Case from its Board of Directors after nearly 30 years of service. Dr. Case, a former Regents Professor of Industrial Engineering and Management at Oklahoma State University, has been an invaluable asset to Webco, contributing his extensive knowledge of engineering and quality. His retirement marks the end of a significant era for the company.
CEO Dana S. Weber and President David E. Boyer expressed their deep appreciation for Dr. Case's contributions, highlighting his insights, humor, and impact on Webco's growth from a small tubing manufacturer to an industry leader. Dr. Case's influence extended beyond his board role, with many of his former students becoming engineers and leaders at Webco.
Webco Industries (OTC: WEBC) reported its fiscal Q3 2024 results ending April 30, 2024. Net income was $6.4 million, or $7.49 per diluted share, identical to Q3 2023's net income but down from $7.91 per diluted share. Net sales fell 9.1% to $153.2 million from $168.6 million in Q3 2023. For the first nine months, net income was $11.8 million, or $14.30 per diluted share, down from $18.3 million or $22.89 per diluted share in the same period of the previous year. Net sales for this period dropped 13.8% to $457 million from $530.5 million. Despite a challenging market impacted by foreign imports, CEO Dana S. Weber emphasized maintaining a strong balance sheet, with $87.5 million in cash, short-term investments, and available credit. Gross profit and operating income also saw declines. The company continues investing in infrastructure, including its new Tech Center and corporate headquarters. Webco's stock repurchase program remains active, with 3,600 shares repurchased in Q3 2024.
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Webco Industries reported its Q2 fiscal 2023 results, revealing a net income of $3.5 million ($4.43 per diluted share), a decrease from $9.5 million ($11.76 per diluted share) in Q2 fiscal 2022. Despite net sales remaining at $173.4 million for both quarters, the company experienced a gross profit drop, with Q2 fiscal 2023 at $15.3 million (8.8% of net sales) compared to $29.1 million (16.8%) in Q2 fiscal 2022. For the first half of fiscal 2023, net income was $11.9 million ($14.97 per diluted share), down from $24.1 million ($29.40) the previous year. SG&A expenses decreased significantly, while interest expenses rose due to higher rates. The company maintains a solid cash position of $76.7 million.
Webco Industries, Inc. (OTC: WEBC) announced its fiscal Q1 2023 results, reporting a net income of $8.4 million or $10.54 per diluted share, down from $14.6 million or $17.41 per diluted share in Q1 2022. Net sales increased 12.5% to $188.5 million, compared to $167.5 million in the previous year. However, gross profit declined to $26.0 million (13.8% of sales) from $34.4 million (20.6%). Operating income also decreased to $12.4 million from $19.4 million. The company is focusing on financial strength amid rising costs and has $87.8 million in cash and available credit.