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Handy & Harman sees tube segment’s 1st-qtr. profits rise

Keywords: Tags  Handy & Harman, earnings report, tubing, tube, steel

NEW YORK — Handy & Harman Ltd.’s tubing division saw its first-quarter operating earnings rise from a year earlier even though sales fell.

The tubing segment generated operating earnings of $3.81 million in the three months ended March 31, up 7.5 percent from $3.55 million in the same period last year, while sales slid 3.5 percent to $24.89 million from $25.79 million.

The White Plains, N.Y.-based company’s overall net income jumped 57.2 percent to nearly $8.02 million from $5.1 million a year earlier on sales that inched up 1.4 percent to $158.89 million.

Handy & Harman expects net sales to increase to between $174 and $211 million in the second quarter, while full-year sales are expected to be in a range of $640 million to $783 million, the company said in its first-quarter earnings report.

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