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Handy & Harman net dives in ’12; tube sales inch down

Keywords: Tags  Handy & Harman, tubular, earnings report, Continental Industries

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 website.

Handy & Harman’s 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 company’s earnings report.

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 railways.

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