Houston Wire & Cable Company Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Year 2018
For the six months, the company has posted sales of $178,878,000 against $154,355,000 a year ago. Operating income was $7,662,000 against loss of $412,000 a year ago. Profit before income was $6,245,000 against loss of $1,361,000 a year ago. Net income was $4,553,000 or $0.28 diluted per share against loss of $507,000 or $0.03 diluted per share a year ago. Net cash used in operating activities was $5,675,000 against $8,392,000 a year ago. Expenditures for property and equipment were $741,000 against $1,092,000 a year ago.
The company present outlook for 2018 remains positive. The company effective tax rate of 28% was favorably impacted by the 2017 Tax Act. HWC historically has been a full rate tax payer, and the company estimate, based on present information, the change in the federal rate translates to an ongoing effective tax rate in the range of 26% to 28%.