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International Wire’s 2012 earnings down 46%

Keywords: Tags  International Wire Group Holdings, International Wire, Rodney Kent, copper, copper wire, Suzy Waite

NEW YORK — International Wire Group Holdings Inc.’s full-year net income fell to $10.8 million in 2012, a 46-percent decline from $20.1 million in 2011.

The Camden, N.Y.-based wire producer attributed the decline to its debt refinancing in October as well as higher interest expenses.
Full-year sales fell 16 percent to $733.9 million from $870.2 million in 2011, which the company attributed to lower copper prices, a higher proportion of tolled copper in 2012, unfavorable currency exchange rates and lower customer prices for other metals, including silver, nickel and tin.

The company reported a net loss of $7.1 million in the fourth quarter compared with a net gain of $3.6 million in the year-ago quarter. Fourth-quarter sales totaled $161.7 million, a 15-percent decline from $191 million in the fourth quarter of 2011.

While solid automotive and specialty vehicle demand helped boost the company’s bare wire business, International Wire’s other main markets were flat to down, chief executive officer Rodney Kent said in a statement.

In addition to automotive and specialty vehicles industries, International Wire serves the aerospace, consumer, electronics, appliances, data communications, energy and medical device end-markets.

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