NEW YORK International
Wire Group Holdings Inc. saw net sales decline 22.6 percent in
the third quarter compared with the same period last year due
to lagging copper prices and unfavorable currency exchange
The Camden, N.Y.-based copper wire
manufacturer logged sales that were just shy of $171 million
for the three months ended Sept. 30, down from $220.9 million
in the same 2011 period. It attributed the pullback to a higher
proportion of tolled copper and lower customer pricing, in
addition to lackluster copper prices.
The drop in sales came despite a
5.7-percent rise in sales volumes for the quarter vs. the same
period last year, primarily due to higher demand for bare,
silver-, nickel- and tin-plated copper wire.
Despite the drop in revenue, net
income more than doubled to almost $5 million from $2.2 million
in the third quarter last year, which the company attributed to
lower taxes and higher operating income.
Operating income rose 7.4
percent year on year during the quarter to $12.1 million.
"Continued higher demand for our
bare wire products and increased plant utilization in our high-
performance conductors business were the major contributing
factors to record operating results for the third quarter and
first nine months," chief executive officer Rodney D. Kent said
in a statement.