Soft copper prices pummel Houston Wire & Cable 2Q financials

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Houston Wire & Cable Co., Houston said its sales in the second quarter of 2009 were $61.9 million, down six percent from the first quarter of 2009 and down 36.5 percent when compared to the second quarter of 2008. The key drivers behind this sales decline were reduced product demand and reduced copper prices, which fell by more than 40 percent from the average price in the second quarter of 2008. Management estimates that the decrease in copper prices accounted for approximately one-half of the sales decline. A company press release said after adjusting for copper deflation, Houston Wire & Cable’s MRO business declined by double digits, while sales from growth initiatives increased in the range of five percent to 10 percent.

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