Specialty wire and cable distributor Houston Wire & Cable Co. on Monday said its first-quarter net income fell 17 percent on a mix of lower demand and competitive pricing.
The company earned $1.7 million, or 10 cents per share, down from $2.1 million, or 12 cents per share, in the year-earlier period. Sales fell to $61.2 million from $65.8 million.
Analysts polled by Thomson Reuters, on average, expected profit of 13 cents per share on revenue of $64 million.
Shares of Houston Wire & Cable fell 44 cents, or 3.5 percent, to $11.99 in afternoon trading. The stock has traded between $8.56 and $14.76 over the past 52 weeks.