NEW YORK Handy &
Harman Ltd.s tubular segment saw improved operating
earnings in 2012 although sales declined slightly compared with
the previous year.
Operating earnings by the
tubular segment climbed 10.8 percent to $14.82 million from
$13.37 million in 2011 despite sales slipping 0.4 percent to
$96.89 million from $97.3 million.
The White Plains, N.Y.-based company makes
small-diameter precision-drawn tubing from stainless, carbon
and alloy steels as well as nickel alloys, according to its
Handy & Harmans
overall net income tumbled 80.9 percent to $26.48 million last
year from $138.78 million in 2011 on sales that declined less
than 0.9 percent to $629.4 million.
Fourth-quarter net income of
$4.51 million plunged 95.9 percent from $110.17 million in the
same period a year earlier despite a 0.1-percent improvement in
sales to $138.07 million.
Higher tax provisions accounted
for the reduced profitability, according to the companys
The company expects net sales to
total between $603 million and $737 million this year, with
first-quarter sales between $143 million and $174 million.
Handy & Harman sold its
Tulsa, Okla.-based Continental Industries Inc. unit for $37.5
million during the first quarter, according to the earnings
report. Continental makes gas and water distribution service
lines and exothermic welding products for electrical grounding,
cathodic protection, lightning protection and electric