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Webco Industries (OTC: WEBC) reported its fiscal Q3 2024 results ending April 30, 2024. Net income was $6.4 million, or $7.49 per diluted share, identical to Q3 2023's net income but down from $7.91 per diluted share. Net sales fell 9.1% to $153.2 million from $168.6 million in Q3 2023. For the first nine months, net income was $11.8 million, or $14.30 per diluted share, down from $18.3 million or $22.89 per diluted share in the same period of the previous year. Net sales for this period dropped 13.8% to $457 million from $530.5 million. Despite a challenging market impacted by foreign imports, CEO Dana S. Weber emphasized maintaining a strong balance sheet, with $87.5 million in cash, short-term investments, and available credit. Gross profit and operating income also saw declines. The company continues investing in infrastructure, including its new Tech Center and corporate headquarters. Webco's stock repurchase program remains active, with 3,600 shares repurchased in Q3 2024.
