Business
Webco Industries, Inc. Reports Fiscal 2019 Third Quarter Results
Webco Industries, Inc. Reports Fiscal 2019 Third Quarter Results.
About this update from Webco Industries, Inc.
[{"type":"text","content":"\n \n Webco Industries, Inc. (OTC: WEBC) today reported results for our third \n quarter of fiscal year 2019, ended April 30, 2019.\n \n \n For our third quarter of fiscal year 2019, we generated net income of \n $6.6 million, or $7.11 per diluted share, while in our third quarter of \n fiscal year 2018, we generated net income of $5.0 million, or $5.35 per \n diluted share. Net sales for the third quarter of fiscal 2019 were \n $145.7 million, a 14.5 percent increase over the $127.3 million of net \n sales in last year’s third quarter. Improved profitability in the \n current fiscal quarter has resulted from innovation in our market \n offerings, supported by a favorable industrial economy.\n \n \n For the first nine months of fiscal year 2019, we generated net income \n of $21.3 million, or $23.00 per diluted share, compared to net income of \n $16.5 million, or $17.80 per diluted share, for the same period in \n fiscal 2018. Net sales for the first nine months of the current year \n amounted to $418.6 million, an 18.7 percent increase over the $352.6 \n million in sales for the same nine-month period of last year. Results \n for the first nine months of fiscal year 2018 include a $4.3 million \n non-cash deferred income tax benefit and a $1.1 million current income \n tax benefit from the federal tax rate reduction contained in the Tax \n Cuts and Jobs Act of 2017. SG&A cost for the first nine months of fiscal \n year 2018 also include $1.3 million for one-time special cash bonuses \n for our non-executive employees based on the tax cut.\n \n \n In the third quarter of fiscal year 2019, we generated income from \n operations of $10.0 million, after depreciation of $3.3 million. The \n third fiscal quarter of the prior year generated income from operations \n of $7.2 million, after depreciation of $3.1 million. Gross profit for \n the third quarter of fiscal 2019 was $19.7 million, or 13.5 percent of \n net sales, compared to $18.6 million, or 14.6 percent of net sales, for \n the third quarter of fiscal 2018.\n \n \n Our income from operations for the first nine months of fiscal year 2019 \n was $32.0 million, after depreciation expense of $10.0 million. Income \n from operations in the first nine-month period of fiscal year 2018 was \n $17.5 million, after depreciation expense of $9.1 million and $1.3 \n million in...