WASHINGTON (Scrap Monster): Fourth-quarter net income for US copper wire manufacturer International Wire fell nearly 43% due to lack of inventory liquidation at the end of the year.
Fourth-quarter net income dipped to $3.6 million compared with $6.3 million in the fourth quarter of 2010 due to a lack of last-in, first-out out liquidation at the end of the year, the company said.
Total pounds of product sold in the fourth quarter of 2011 increased by 16.1% compared to the fourth quarter of 2010.
Full-year 2011 net income slipped slightly to $20.1 million compared with $20.5 million in 2010.
International Wire is the largest bare copper wire and copper wire products manufacturer in the United States with expanding operations in Europe.