| When i said everyone in the Cable & Wire Industry are making more money than last year and are all at full capacity, I obviously had not got the report from Superior Essex first Quarter results. They have broken the trend but this is the time when you dont want to. For full article please read on:
Superior Essex breaks cable makers rising profit trend reporting 30% lower net in first Quarter |
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Wire and cable maker Superior Essex Inc. was hurt in the first quarter by the national homebuilding slowdown, start-up losses in China and a transitional loss from un-recovered copper costs in its Communications Cable business segment.
Atlanta-based Superior Essex posted net income of $9.2 million, on $695.6 million in sales. This compares with net income of $13.1 million, on $651.7 million in sales in the first quarter of 2006. “Overall, our first quarter 2007 performance was generally in line with our earlier expectations, as we anticipated some revenue weakness in our North American businesses due to a slowdown in residential construction, which directly impacts both our North American Magnet Wire and Distribution and our Communications Cable business segments,” said Stephen M. Carter, CEO of Superior Essex. “.
In terms of profitability, we were quite pleased on an overall basis with our results. This is especially true when considering the level of North American revenue decline, the charges we incurred for start-up costs in China, and the transitional copper losses in our Communications Cable business segment.” |
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