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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 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.
Webco Industries reported a net income of $8.2 million for Q4 FY 2022, down from $13.4 million in Q4 FY 2021. Net sales rose by 18.6% to $172.5 million. Full-year net income increased to $48.4 million, with sales reaching $704.0 million, a 50.9% rise from FY 2021. Despite operational income decreasing in Q4, gross profit for the year improved significantly. The company's balance sheet remains strong with $59.0 million in cash and credit, as it navigates volatility in raw material costs and inflation in operating expenses.
Webco Industries, Inc. (OTC: WEBC) reported strong financial results for Q3 of fiscal 2022, ending April 30, 2022. The company achieved a net income of $16 million ($19.88 per diluted share), up from $6.5 million in Q3 2021. Net sales rose 50.1% to $190.6 million compared to the prior year's $127 million. For the first nine months, net income reached $40.1 million ($49.25 per diluted share), a substantial increase from $6.3 million in the same period last year. Despite increased costs in operations and SG&A expenses, Webco maintains a strong balance sheet with $59.5 million in cash and credit.
Webco Industries reported a strong second quarter for fiscal 2022, with a net income of $9.5 million ($11.76 per diluted share), compared to a net loss of $0.1 million in Q2 2021. Net sales surged by 83.8% to $173.4 million from $94.3 million year-over-year. For the first six months, net income reached $24.1 million ($29.40 per diluted share), contrasting with a net loss of $0.2 million in the prior year. Gross profit also improved significantly, amounting to $29.1 million (16.8% of net sales). Despite rising costs in labor and materials, their strong balance sheet remains a competitive advantage.
Webco Industries, Inc. (OTC: WEBC) announced its fiscal 2022 first quarter results, reporting a net income of $14.6 million, or $17.41 per diluted share, a significant recovery from a net loss of $0.2 million in the same quarter last year. Net sales surged 67.9% to $167.5 million compared to $99.8 million in Q1 2021. The company achieved operating income of $19.4 million and gross profit of $34.4 million, representing 20.6% of net sales. Despite rising steel costs and availability issues, Webco maintains strong liquidity with $58.1 million in cash and credit as of October 31, 2021.
Webco Industries (OTC: WEBC) reported fiscal year 2021 fourth quarter results, showcasing a net income of $13.4 million ($15.41 per diluted share) compared to a loss of $1.1 million in Q4 2020. The company saw a 63.3% increase in net sales to $145.5 million. For the full year, net income was $19.7 million ($22.38 per diluted share), up from $4.2 million in FY2020, with total sales reaching $466.6 million, an 8.8% increase. However, rising raw material costs and supply chain challenges were noted as significant concerns.
Webco Industries, Inc. (OTC: WEBC) reported a strong third quarter for fiscal 2021, achieving a net income of $6.5 million or $7.32 per diluted share, compared to $0.2 million or $0.19 per diluted share last year. Net sales increased by 21.2% to $127.0 million, although there was a 5.5% decrease in year-to-date sales, totaling $321.1 million. The company faced rising raw material costs but managed to maintain profitability with a gross profit of $18.6 million (14.6% of net sales). Cash availability stands at $77.5 million, bolstering financial stability amid market challenges.
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