Webco Industries, Inc. announced its third-quarter net income of $6.4 million, or $7.49 per share, in contrast to $6.4 million, or $7.91 per share, in the previous year. Net sales stood at $153.2 million, marking a 9.1% decline from $168.6 million the year prior.
CEO Dana Weber commented, "The current quarter, though better than the second quarter of fiscal year 2024, has been slower than what we've seen over the past several years, which aligns with our perspective on the overall domestic manufacturing economy. Additionally, we are encountering specific markets negatively affected by foreign imports."
As of April 30, 2024, the company reported $19.8 million in cash and short-term investments, along with $67.6 million in available borrowing under a $220 million senior revolving credit facility.
