NEW YORK Webco Industries Inc. posted a sharp drop in sales and earnings in its fiscal third quarter as it once again experienced lower volume, a less-favorable product mix and weak spot pricing.
"We have seen improvement in some of our industrial sectors, but visibility into the future is limited," vice chairwoman, president and chief executive officer Dana Weber said in comments accompanying the companys earnings release.
Webco posted net income of $1.05 million for the three months ended April 30, down 80 percent from $5.23 million in the same period last year, on revenue that fell 27.5 percent to nearly $97.8 million.
The weaker numbers followed a sharp decline in fiscal second-quarter results by the Sand Springs, Okla.-based tubular products manufacturer and distributor (amm.com, March 19).
Webco was identified as a domestic producer in a recent trade petition arguing for anti-dumping duties on imports of welded stainless pressure pipe from Malaysia, Thailand and Vietnam that three producers, Bristol Metals LP, Felker Brothers Corp. and Outokumpu Stainless Pipe Inc., claim are injuring the domestic industry (amm.com, May 17).