Waukegan-based Coleman Cable Inc., a manufacturer of electrical and electronic wire and cable products, reported record earning results for the fourth quarter and year 2012.
Sales for the fourth quarter were $233.6 million, up 12.9 percent compared to the fourth quarter of last year, the company said in a release. For the year, sales were $914.6 million, up 5.4 percent compared to 2011. The company attributed the net increase to higher sales volumes for the year, in addition to higher average copper prices.
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Sales volume increased 6 percent for the fourth quarter of 2012 compared to the same period last year.
"We finished 2012 on a very strong note as our fourth quarter profitability, driven by higher sales and a significant increase in gross profit, exceeded our expectations and contributed to an outstanding year," said Coleman President and CEO Gary Yetman. "The year-over-year gross profit improvement during the fourth quarter was fairly broad based with particularly strong performance within our Distribution segment.
"These factors, coupled with the diversity of our platform and our continued focus on improving our operations, favorably impacted profitability on a year-over-year basis," he added.
Earnings per share in the fourth quarter were 38 cents per diluted share, an increase of 30 cents during the same period last year. For the year, earnings per share were $1.34 per diluted share, which the company said was the highest since going public in 2007, representing an increase of 35.4 percent versus 99 cents last year.
"Looking to 2013, we anticipate continued growth throughout the year with additional benefits arising in the back half of the year as we start to experience the positive effects of our plant consolidation and expansion efforts which was a focus of ours in 2012," Yetman said. "Additionally, though visibility with respect to such an occurrence is limited, we would also significantly benefit in the event of any meaningful and sustained rebound in the residential and commercial construction markets, as we are very well positioned from a capacity and product standpoint to serve any such increased demand in these markets."