Houston Wire & Cable Company reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company has posted sales of $93,852,000 against $75,646,000 a year ago. Operating income was $4,392,000 against loss of $162,000 a year ago. Profit before income taxes was $3,619,000 against loss of $661,000 a year ago. Net income was $2,606,000 or $0.16 diluted per share against loss of $54,000 a year ago. During the second quarter, the company generated from operations $400,000 of cash and its debt ended the quarter at $80.1 million, which is flat with the previous quarter. At the end of the second quarter, its working capital was $131.5 million, up $3 million from the first quarter of 2018. Cash paid for capital expenditures during the quarter was $289,000.

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%.