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WEBCO INDUSTRIES INC (symbol: WEBC) is a prominent manufacturer and distributor of steel tubing, established in 1969 by the Weber family. With facilities spread across Oklahoma, Texas, and Pennsylvania, Webco Industries has carved a niche in the steel tubing industry, offering a diverse range of products such as boiler tubing, pressure tubing, mechanical tubing, OEM tubing, and stainless tubing.
Webco's business strategy emphasizes leveraging its strengths to create a long-lasting, dynamic company. Through a combination of rigorous quality control, innovative practices, and a commitment to trust and teamwork, Webco ensures the delivery of high-quality products tailored to customer specifications. This strategic focus has helped Webco maintain a robust market position while continuously adapting to market changes.
The company has reported notable financial performance for fiscal year 2023, despite some challenges. Net sales for fiscal 2023 amounted to $686.9 million, reflecting a slight decrease from the prior year. However, Webco achieved a net income of $26.6 million, underscoring its resilience in fluctuating market conditions. As of July 2023, the company maintained a solid balance sheet with $89.4 million in cash, short-term investments, and available credit.
Recent developments include the ongoing construction of the F. William Weber Leadership Campus, which will feature a Tech Center, Webco University, and corporate headquarters. This initiative is part of Webco's commitment to maintaining its technical edge and facilitating continuous learning and development for its employees.
Webco also operates a stock repurchase program, refreshed with a new limit of $40 million expiring in July 2026. The program reflects the company's confidence in its market value and commitment to enhancing shareholder returns.
Despite economic uncertainties, Webco's leadership remains focused on positioning the company for various economic environments. CEO Dana S. Weber emphasized the importance of maintaining a strong balance sheet, good liquidity, and making strategic investments. As of the third quarter of fiscal 2024, Webco reported a total cash reserve of $87.5 million, highlighting its financial robustness.
Webco Industries continues to evolve and innovate within the steel tubing industry, driven by its mission to build a vibrant, forever-lasting company. By focusing on trust, teamwork, and continuous improvement, Webco positions itself as a leader in its sector, ready to meet the challenges and opportunities of the future.
Webco Industries (OTC: WEBC) reported a challenging first quarter fiscal 2025, ending October 31, 2024, with a net loss of $0.1 million (-$0.13 per share), compared to net income of $5.1 million ($6.25 per share) in Q1 fiscal 2024. Net sales decreased 10.4% to $141.4 million from $157.8 million. The company maintained strong liquidity with $89.0 million in total cash, short-term investments, and available credit. Gross profit margin declined to 9.7% from 13.7%, while operating income decreased to $1.1 million from $8.0 million. Capital expenditures reduced to $5.1 million from $10.1 million in the previous year.
Webco Industries, Inc. (OTC: WEBC) reported its fiscal 2024 fourth quarter and year-end results. For Q4 FY2024, the company had a net income of $4.3 million, or $4.94 per diluted share, compared to $8.3 million in Q4 FY2023. Net sales for Q4 FY2024 were $151.4 million, a 3.2% decrease from the previous year. For the full fiscal year 2024, Webco generated a net income of $16.1 million, or $19.24 per diluted share, with net sales of $608.4 million, an 11.4% decrease from FY2023.
The company reported slower quarters consistent with the overall domestic manufacturing economy. Webco maintains a strong balance sheet with total cash, short-term investments, and available credit of $90.5 million as of July 31, 2024. The company continues to invest in its business, including the construction of the F. William Weber Leadership Campus.
Webco Industries, Inc. (OTC: WEBC) announced the retirement of Dr. Kenneth E. Case from its Board of Directors after nearly 30 years of service. Dr. Case, a former Regents Professor of Industrial Engineering and Management at Oklahoma State University, has been an invaluable asset to Webco, contributing his extensive knowledge of engineering and quality. His retirement marks the end of a significant era for the company.
CEO Dana S. Weber and President David E. Boyer expressed their deep appreciation for Dr. Case's contributions, highlighting his insights, humor, and impact on Webco's growth from a small tubing manufacturer to an industry leader. Dr. Case's influence extended beyond his board role, with many of his former students becoming engineers and leaders at Webco.
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.
Webco Industries reported its Q2 fiscal 2023 results, revealing a net income of $3.5 million ($4.43 per diluted share), a decrease from $9.5 million ($11.76 per diluted share) in Q2 fiscal 2022. Despite net sales remaining at $173.4 million for both quarters, the company experienced a gross profit drop, with Q2 fiscal 2023 at $15.3 million (8.8% of net sales) compared to $29.1 million (16.8%) in Q2 fiscal 2022. For the first half of fiscal 2023, net income was $11.9 million ($14.97 per diluted share), down from $24.1 million ($29.40) the previous year. SG&A expenses decreased significantly, while interest expenses rose due to higher rates. The company maintains a solid cash position of $76.7 million.
Webco Industries, Inc. (OTC: WEBC) announced its fiscal Q1 2023 results, reporting a net income of $8.4 million or $10.54 per diluted share, down from $14.6 million or $17.41 per diluted share in Q1 2022. Net sales increased 12.5% to $188.5 million, compared to $167.5 million in the previous year. However, gross profit declined to $26.0 million (13.8% of sales) from $34.4 million (20.6%). Operating income also decreased to $12.4 million from $19.4 million. The company is focusing on financial strength amid rising costs and has $87.8 million in cash and available credit.
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