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About Webco Industries, Inc. (WEBC)
Webco Industries, Inc. (OTC: WEBC) is a premier manufacturer and distributor of high-quality specialty steel tubing products, serving diverse industrial sectors. Founded in 1969 by the Weber family, the company has established itself as a trusted name in the steel tubing industry through its commitment to quality, innovation, and customer satisfaction. Headquartered in Sand Springs, Oklahoma, Webco operates multiple production and value-added facilities across Oklahoma, Texas, Pennsylvania, Illinois, and Michigan, serving customers globally.
Core Operations and Product Offerings
Webco specializes in the production and distribution of carbon steel, stainless steel, and other specialty metal tubing products tailored to meet industry and customer specifications. Its product portfolio includes:
- Boiler Tubing: Designed for high-pressure applications in energy and industrial sectors.
- Pressure Tubing: Engineered to withstand extreme pressure conditions.
- Mechanical Tubing: Used in structural and mechanical applications.
- OEM Tubing: Custom solutions for Original Equipment Manufacturers.
- Stainless Tubing: Corrosion-resistant options for demanding environments.
These products are widely utilized in industries such as energy, manufacturing, automotive, and construction, where precision, durability, and performance are critical.
Market Position and Competitive Advantages
Webco operates in the highly competitive steel and metal fabrication industry, characterized by cyclical demand and global competition. The company sets itself apart through its extensive technical expertise, robust R&D capabilities, and a focus on value-added services. The Webco TechCenter, located at the F. William Weber Leadership Campus in Sand Springs, Oklahoma, serves as a state-of-the-art laboratory and research facility, driving innovation and technical excellence in the tubing industry. This facility underscores Webco’s commitment to delivering tailored solutions that meet the evolving needs of its customers.
Operational Footprint
Webco’s operational network includes five tube production facilities in Oklahoma and Pennsylvania, complemented by eight value-added facilities across Oklahoma, Illinois, Michigan, Pennsylvania, and Texas. This geographic diversity enhances its ability to serve customers efficiently and maintain a competitive edge in the market.
Challenges and Industry Dynamics
As a player in the steel industry, Webco faces challenges such as economic cycles, raw material cost volatility, and competition from foreign imports. The company mitigates these risks through strategic investments, maintaining a strong balance sheet, and leveraging its technical capabilities to deliver high-value products. Its focus on building long-term relationships with customers and suppliers further strengthens its market resilience.
Commitment to Excellence
Webco’s mission is to continuously build on its strengths to create a vibrant, enduring company. Guided by core values of trust, teamwork, and innovation, the company remains 100% engaged in delivering exceptional products and services to its customers, business partners, and communities. This unwavering dedication positions Webco as a reliable partner in the global steel tubing industry.
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.
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