HWCC - Earnings call transcript Q3 2019

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to Houston Wire & Cable Company's Third Quarter 2019 Earnings Conference Call. My name is Sydney and I will be your operator for today.

Joining us on the call today are Jim Pokluda, President and Chief Executive Officer; and Chris Micklas, Vice President and Chief Financial Officer. Today's call is being recorded for replay purposes and all participants are in a listen-only mode. the instructions we that will of question-and-answer conduct time. end and session be the financial will discussion, a At given at

statements releases but subject Comments statements. risk factors that may call summarized to filings. company are in are such press the reasonable, during assumptions SEC based are include believes that on and today's Any forward-looking

as of statements. results what is from call statements Forward-looking Any statements company obligation differ forward-looking could undertakes are date not such to guarantees materially of speak the and publicly only in this statements. and such the actual no indicated update

If website you this press morning, a www.houwire.com. at page under of earlier release can copy the Relations be found did earnings not receive a the distributed company's that the was Investor copy of

turn begin are when and over like time, Jim to would President you Please At this Chief I Officer. the call Executive to ready. Pokluda,

Jim Pokluda

Thank a discuss third also you, on the on everyone, performance today. us updates morning, I'll will then to call I'll call greater detail thank in update financial provide joining recent for pass over brief Chris, and you Sydney. accomplishments. results, and Good who begin our of with our and quarter our

reflect results the I'll that aggregate quarter's a to of As adjusted to reminder, metals. be in referring the price have today revenue third been reduction

pull conditions that of this the QX mentioned of QX. the a sales I of year part declined grew X%. to August customer impacted were in approximately X% quarter, negatively quarter demand demand QX versus and and On slowdown approximately in we during the and customer XXXX, and overall and we improve revenue part unable mid-summer began the effects offset of period. As basis the second from the pressures We early of but the beginning sequential versus a prior second to September, call, quarter the release Market experienced the sales. felt latter earnings back

the versus unexpected which slowdown Gross in the was industrial companies margin prior down most given experiencing. not year, was XX.X%, are but industry our

Chris We fastener affecting and date year detail levels the products. year markets generation and transaction. power margin Net to operations which closure of inventory year X% oil decreased adjusted services approximately due associated utility a and sales of In regions demand, prior moment, Operating sales decreased Attleboro entire project versus Massachusetts prior to year. in and period, quarter, QX estimate with industrial end prior versus termination the XX% war associated China X% this decreased costs supply primarily chain from expenses, the by slightly was activity will driven reduction above Attleboro, points core industrial The negatively exclude been remains period. has that basis the the prior the the XX.X%. our facility, growth versus was were and that generated greater estimate gross results Vertex $X.X with We of provide on repair costs million. this For just year lease income to XX excluding in one-time the the the expenses at maintenance business, approximately gas, with of sequentially increased and year disruptions improved from period the from sequentially. up trade sequential certain sales and manufacturing

in Finally, today. levels August improved final we through business September year, the of as further the continued move the of have quarter into and experienced activity

customer and laser we operational management, service, expense environment items priorities a are Accordingly on challenging. prudent this trend, in remain reducing within encouraged our more focused executing and the long delivering mind, operating the are view although year-over-year excellence driving control, the on by overall top We with basis, debt. remains best-in-class

as of turn will With our Chris? update an more progress analysis for on business. Chris of other our as detailed over well areas to now a in made results, call the I third that, quarter

Chris Micklas

and Today will and many would third XXXX my the the of discussed. cover first to results morning. like it termination quarter be the Thanks, remarks, good Attleboro metrics I prepared impacts lease throughout as Jim, to cover

earnings on and the As approximately to considering terms in our associated facility. reduced share. the in agreement, July, landlord at end agreements mentioned the landlord to earnings the In this space in changes, portion million call all lease I charges second agreed we impacts These with our November. of expense pay a by these connection of on After the with Vertex's termination of accounting until quarter to early non-recurring of $X.X operating the with November we we $X.X agreed Massachusetts includes per expenses This quarter. the lease the million. modify XX charges of had $X.XX subleasing

However, anticipated the rent, long-term net this of of is taxes, future utilities $X and maintenance. agreement a in insurance, value approximately savings property million

to are we facilities corridors our to closer Additionally, now locate freed transportation up and strategically along customers. improved our

in facilities $X plan facilities on and annual operating The savings net are the million. an of cost Chicago additional of is Jersey. the new before year-end of New savings operate new to the result We Attleboro combining Edison, and approximately

approximately negatively sales metals were expenses decrease or basis quarter HWC managed the Attleboro as The or Operating $XXX,XXX for million third net the the Adjusting from adjusting $X.XX we after were loss year. were X.X% per a XXX XX.X%, of of results XXXX by In impacting the $XX.X in with $X.X XXXX, commissions share. down from of per for X%. had salaries X.X% and or with prior the margins points Attleboro, decline. decrease line the earned for of $X.XX of million, we a $X.X quarter share. quarter a a third loss million Sales

benefited our year from expenses, warehouse approximately of X.X% non-recurrence other prior which the down operating Additionally, were X.X%, moves.

point in which basis increase XX the up expense of the same Interest debt from in interest quarter average million with of $XX the The from quarter from average year period X%, the million the $XX,XXX $XXX,XXX, was third $X.X is was third XXXX. up rate prior a XXXX.

impacts XX%. The X.X was the charge. prior this rate valuation reflects range of statement, the have allowance. our Attleboro Absent by year to the XX% our tax been communicated our of rate our on of Finally was release rate negative charge, within of tax the would income XX.X% impacted and tax

Turning $X.X quarter at attention a XXXX, balance the the flow mainly operations an end for liquidity, of end opportunistic and our third quarter. inventory the million of million second use used sheet quarter the we cash capital of $XXX.X the at the and quarter. payment to buy of The in during our result working was the of cash was

rebuild by the disruptions majority has which their high restructure warehouse and ongoing inventory, trade impacted caused remained we able purchased, negotiations the and a inventory as been tariff our of by items Although to were worked sell to we and activities. Vertex's

believe lines, supply levels We these disruptions continue at throughout to end. similar our changes remain will and inventories manage year in and

we to However, demonstrated able monetize the will that inventories will our the anticipate during in levels excess be first inventories return and past. the of XXXX these quarter we to

and projects. ERP Cash of is paid systems changes at for year of elevated as operational information which $X.X customer capital was system a expenditures above quarter in date efficiencies service. Dispense a $XXX,XXX and digital are quarter our normal the during for was $XXX,XXX, These to million. and levels, system the is mainly information aimed successfully plan, because we part improving infrastructure implemented new

in above million million we CapEx mentioned, the the We for As $X will million we we of believe I year had the our that remain slightly the previously in full quarter, anticipate of with year, $XX.X million compliance credit facility. that in finish we total available At about the and level. $XXX covenants $X asset-based capacity. end

X.X% During the market the time of depending of trading the of quarter, represents and stock on program shares million This factors. repurchase outstanding. business Currently, third conditions, conditions has activity, million repurchased to $X.X outstanding XXX,XXX shares to other we shares. available stock from time $X.X common or

return sales, operating the implementing our In profitable closing, market areas, pressuring like and Vertex's expenses operational would retirement to our cutting we several In improvement distribution plan, call challenges and particular, and of the turn back debt our driving on prepared the notably to The over several top have system. out using continue growth business which despite process remain improvements shareholder projects, conclusion, ERP that were lean network, in growth to and waste, able new expense repurchasing most some in fixing operation effect I our remarks, priorities operator. to techniques shares. improving I'll through executing my our concludes drive and disciplined management of and reiterate

Operator

you. proceed comes Investment. Thank question from question. Instructions] And first Damon [Operator Nierenberg our with with Benedict your Please

Damon Benedict

you? morning, morning, Chris. Good How Good are Jim.

Jim Pokluda

Damon. morning, Good Fine.

Chris Micklas

Damon. Good morning,

Damon Benedict

in you oil areas So headwind most got X% revenue down a revenue too and that. some of in of right midstream, now decline metals given in on markets surprising gas that you've and to end refresh not upstream, X you're and markets oil downstream us and gas obviously now? where tough see year-over-year the seeing exposure Could right year-over-year

Jim Pokluda

you markets Sure, and one please of that prepared gas, unexpected Damon. middle but the your largely questions though, of which early as I remarks, in XXXX, feel of as storage and To mentioned of several say in free and Those answer don't primarily to my the And overall to here. we year vacation industrial summer upstream I now, will the Unlike was in the things along infrastructure. part oil the in likely, and think just towards period, beginning an latter doldrum headwind. season so the the specifically our kicked have caller, QX, doldrums be I but converged, this primarily a transportation to only and end go in midstream truth, slowdown in QX pass oil during we part trends reversed like QX. and it's question experienced

especially pipeline down oil, the that. and the infrastructure price Sourcing infrastructure the that was pullback units of we pipeline the is because transportation had Permian to problem period. support which slowed in back another as Nonetheless, the a transportation underdeveloped. the infrastructure go in along midstream due in pipe infrastructure, pull in It know woefully is out was of that CapEx you frustrating and

in wiring for cable cetera. So compressor metering our specialty pumping really products. stations, stations, wheelhouse et stations, That's

good CapEx. so we sales of from so our versus reversed industrial, XX% and through far far summer Fortunately, With November of the October in of that September through–good that's comes trend significantly period. investments August projects, approximately had year derivative and and to this in good a up other September, and respect a

may what Capitol skittish, wars, So about happen little They spend. CapEx with worried note we're this when get procrastinate important Hill. to trade rates, markets tend It's interest to though. a

it the cancelled. this pushing mentioned on into little last not seen call any being a They're just procrastinating Because jobs far well. Why? I as they're too it, to the it. material right As I've bit.

approve time also I and earlier, fund these it a As said long to takes projects. license,

We're of beginning malaise year, present going but the you pulling above encouraged this a the we see bit So may of actually little enter in get mark day, going. seasonally an to industrial but which depending the economic to on on to slowing the always headwinds what's it's respect on some is the the work downward trigger period economy line slow slope frustrating, the and are that still that cycle down. despite with

later things quarter. I mindful ratio customer pipeline voice good. be that will to oil it very may have our We is summer, project seen though, was to And It's good. slow that in to bill report that as as activity in good in extraordinary results. is pretty that of overall and of the and XXXX this it book Overall wasn't the still just effect during gas pretty is past

Damon Benedict

little result look you here potential Okay, was a if for in though like think, there's down the makes the so better sounds sense. and on at things things year-over-year even down got sequentially better three side, to directionally tough versus And a was it I quarter QX from QX's get QX. seven bright

Jim Pokluda

which up results we're Well, over encouraging up market significantly QX approximately yes. sequential are two-year Project a sequentially business was On because indicator X%. good strength. XX%, a of is stack always QX,

not is that's The encouraging small moves profitability on swing reality often well. choppy. quite and and project of who's as business somewhat are linear, also that So a activity can a revenues based business a bit

We see are to sequential growth. happy the

was be pushed I'm evidence value the to sequential projects said proposition least they're growth. in encouraged before, customer nice I and Ultimately to demand. that don't that We and very that much happen. we're tends see in very the of of going last quarter And process. mindful leverageable slow. seasonally voice but out, though, remains They're at like QX As to

Damon Benedict

is Great. direct -- I before XX% still and And markets, more you'd mix indirectly. sort business of said think us the Is can energy remind that right maybe XX% there? your you roughly into of and

Jim Pokluda

It is.

another gas and to literally effect If XX% you XX% first -- said: of as riveted oil based on exactly and highly spends. you the correlated tangential

what churches, infrastructure you're building that. I if and often is around schools, somewhere, bridge So wells also say drilling you're

relationship. think our all a it's think about most And XX% it So correct in I as we in, that economy. saw to

XXXX, gas anticipated. 'XX of think oil you much If I to go than markets and period, broadly the back pullback us more all affected had

So it and symbiotic. tied is really quite

Damon Benedict

more Okay. and oil And a us maybe side. about general in industrial gas you what the you're little outside could of tell seeing

Jim Pokluda

bit most on paper. year-over-year a use catch in It's includes Well general are activity and Multifamily remain a little sales flat. think business to markets. markets good. remains quite minerals our though as basis, year-over-year. say mining starts that I Sure. that Other manufacturing, industrial slightly but quite that industrial good, has felt I construction include to say pretty down end as commercial manufacturing, general industrial those We is fair that even and or end pulp and industrial single-family of a housing commercial gas, down. we all and that oil construction slowed are effect, would know big about construction do and overall non-residential

Damon Benedict

Okay, question and year-over-year point lower basis metals for much competitive decline? Can deflation cost how Maybe just great. on market from roughly of the deleveraging there. help volumes the a was various maybe us drivers or accounting the And and that understand you versus inventory XXX were what in copper pricing Chris. driven margin, separate or gross

Jim Pokluda

at take in Chris time me chime that to may let Damon, a and cut time. from

lot and parts point -- And largely of Fasteners primarily. there. imported are category. You're dissect them exactly basis try quarter, I'll it's to right, and moving markets, for XXX quarter a overall, by product there overseas basis example point XXX are decline Asia from

pricing are But Damon, been increases tricky those to was have -- others there best both As lot can some We're marketplace and is wiring, was because all the in there it's still certain of categories product of discipline in by the product which along. product impacted probably tariffs. doing pass level products, highly a our channel steel the at a the lot of we cable man, costed the good. price not by

in increases we competitors. although good a as did our and job feel passing So marketplace like well the materialize that equally prices along, didn't re-matrixing we broad these with

So the a line with rope was categories, is of bottom product and steel, pressure. fasteners, wire, lot certain there pricing

of the pound deflation steel, in metal. price been a of top the On there's significant particularly that, amount per in of

the costed because price at cycle as So the a when you you a of and in cost level spot bit higher and few for a pressures applies a distributor, inventories new imagine average you that until out reduces, the the have burden product can quarters the market it product. can be old

other reductions gas there. were they pressures and in markets, pricing necessary oil In to price when particularly So the slowed remain competitive. down, order end

headwind. another was that So

weren't services, services to margin enough advances side certain we made from the they products, came help fabrication the that On of But in engineering its of lift equation, with entirety. swings heavy of it these rentals declines. some fees or offset to offset

already over is which about, that of metals in metals particularly of all you then, a deflation, thing combination Pricing some And all talked well quarter. -- we've accounted had copper for say real X% markets comes and about in, you quarter tricky when no. you the have down it's certain interest There of in a cut be do when will the responsive we retaining necessary to that. areas, to point share. price slow in course, If

rate; it here further most I decline to would it'll that and That And some flatten making we did as average we of well. in much with we're mind. nice think some what so trade relative weighted be me peace from gives that looks out the won't like advances QX. recently, see

to you'd that? like else add to anything have you do Chris,

Chris Micklas

sure No, I with what It's just it got make wanted had. I good. consistent that's we to out.

Jim Pokluda

question Damon, Super. a right. All parts that that any follow to that Okay. because moving ons happy I I'm question. there take to hope helps. lot are But of to

Damon Benedict

time just competitive they -- price type pressure Yes. No, that's just realize good you thing particularly of care and something. as a the that'll do the your that'll it's to take very guys itself reaction of of helpful. to hear tariffs slower need competitors compared much over is that And to to

Jim Pokluda

the or to have out either of they'll and right Yes, stuff thing. cheap intentionally run the they'll do

Damon Benedict

Great.

line Attleboro; Impressive were able to And that you operating that's in on quarter cost with been in So expenses expense control. of the multi-year good on execution another record excluding great revenue. opinion line reduce front. of our

effort? and So the could this within savings you quarter term us of your frame cost longer a tell about little bit sources it

Jim Pokluda

Damon, broad additional I'll comp, a than that. few due it. far Chris variable some reductions story but just to you Thank for recognizing able there areas detail a to bigger will Certainly, and identify that. were beyond it's be provide

hour, of from an gains for exciting been lean improvements and execution coming very and company initiative have our and and lean controls lead per very been evident operate allowed are his Productivity year-over-year, real Our certain shipped are lines Chris processes it. Those at team also successful. more Cuts remarkably that you'd noticeable. are which up add there It's Chris, centers that. to per have in pounds per are else to like well. anything to as our efficiently. distribution of us has numbers hour hour, the that? gains

Chris Micklas

what proud things, just doing better to going of say Yes. ways that a we're study why we're analysis I and to we've do -- is this using lot is been I'm particularly was Damon, going our data making. able modern get desire to more to a allows because decision the drive to more that's to is system and use change us able the new ERP to system flexibility to be

can we take that's and looking techniques added. particular using wasted so just the out wasted those eliminate at lean out effort to working activities and that and non-value time So we're shop take in anything

to down a labor the So piece it call variable is drove quite of part the bit. that our that I'm going was actually

line down that around well reduce because not better sales, that's sales, salaries net mentioned to and in with door. and product the are the I organize when gross sales, getting been sales our staffing was we've the actually able better out the So

the to me, out provide it here least amount it. that at and success looking reduce wasted to service doing can looking and getting at training with every door best customer of the it we something effort we do we're So is the so energy it now time people any the

Jim Pokluda

undertaking. has be add Attleboro, It's just I'll should the products. there Damon, that facility. an the housed we this our been not enormous formerly This of more majority exit Massachusetts fastener very lease a lightly. one large from where comment in taken It's

Moving new and to round mix to that customer in product better to customer demand mix regional exciting. service geographies is support optimized regional something that's and very out demand

state process transfer Our new there and the footprint. of we speak where of a be really in in a not literally Edison, the implementation New lot in Chicago and done about of we Jersey, as with labor, followed These material We'll a million will year. soon, be systems smaller saving facility and by talented excited of money: -- of doing and handling, have of footprint material facilities we're all storage it art state had this. we're a moving $X very the today. We're a formerly highly product with qualified art and

and $X So soon. smaller per higher rates, improved very mix, geographic service, million We'll of fill net this product response customer time location, with levels better footprint, better done year. less be labor faster

a on and we'll there's of weeks January of But we do all Having in day be year. next going some have and we'll be next hands we for pay one several -- done bills in running it'll freight and stuff. off know deck be that, before slate are for kind to and clean work have it, and labor to said there to the

Damon Benedict

XX% sounds million $X $X any we Well, front, take a versus up a day door return so Right. like brainer. out the no million annualized

Jim Pokluda

that can I Damon. Even math, do

Damon Benedict

moment. Back to a for the ERP

of You side. mentioned top some as service improvements the customer on well operational

So interfacing can digital a you'll little tell see? customer you improvement about us more of the sort

Jim Pokluda

no. and Yes

come think level, nice statement. of an that that. behind enable technologies about how pretty about at can X use to So That's digital a to conversation two is And highest objective to advanced the strategy. enterprise there's the months

We of have data. tons

confidentiality of updated business there's for strategy. We the get great to our that most an in intelligently a the have data service strategy, enabling next challenge The to customer agent. is now development recent just and It's And competitive platform. do system ERP things we that's the a to purposes. wealth steps extract interest can us to with of

not probably just much too than think to weeds into best I get the say system. the other we've it's converted

know it. have lot people that currently do well-architected We and identifies do what underway. plan a priorities a plan that are of smart a how very on we that team have the And to -- to

of Our you foundation, be any manifestation as it's customers will destination. to the have to of know, journey the the in place have the able a that work year, this. you see But the over next infrastructure, not a to cornerstones do appropriate

the have to have You desire.

have have to the systems. You

the have human to talent have passion. the the capital do to You and and it

of so have never of lots and that we'll done. we're this. do We to be There's all work very excited about

Damon Benedict

markets and term made away up But from changes calls fact back that seen great serve the before level, a it's the it natural the about gas the $X history earning earnings per on some I past. moving cost Jim, have from spoken progress Taking structure. of know level toward more has company generated like in also you there long results been while utilities the since coal and on that we've and a you've product years intensity than in that picture. share business been you've big of the that. lower these

your in And You've X% would you $X that changes various developed the shrunk per share is earned again growth $X. think from the prevent since in nothing of future. or in for earnings said in it past sometime reaching that structural different the tailwinds share for you've areas all netting by business headwinds, XX%, time that new so I last instance. aluminum, It like the count you

now hear that past to back running so dollar I year-to-date we to power. you plus it to X I'd love a quarters look share us or or if where in $X.XX getting $X.XX So on earnings are at from refresh the to pathway

Jim Pokluda

big Another question.

us that execute plan that. multi-year which And are will there a do have multiple We gets we to there. levers

today dissect and mix mentioned, plants. power isn't try XXXX selling the were and it in sales what was Let's them. around when Sales, we you as coal-fired

that to in the multiple and in markets the The geographies. important that proposition value we value through thing multiple end deliver miscues is the applied though proposition mix

So building on at although least plants, that still not compliance and coal-fired coal-fired power today. plants fleet we're utility, building putting at in we're and natural devices the the gas-fired we're existing environmental scrubbing the

our not find Wind to so we have. and solar to consume products, the extent that have and coal markets we would new

Today, If the even XX what around for at today was ago, know knew in few decades, landscape didn't XXXX. years better look street the you but the producer hydrocarbon in the the it's is oil very industrial the every day. largest stack U.S. supply on get resources been and average people world versus guy the fracking I and and know better that. the

to is big, critical view gone, is fracking So is natural that we're independence although go not available future and oil disappointed to is our coal it's our resource going away. that the

So sales lever. one are

good The the is XX% another and amount is leverage, mid-XXs. thing this in would the we is anything running realize and line pull sales. we're you've lever. good at to in about we're of that. OpEx over seen last a above year, OpEx tremendous the XX% Most through business slightly top increases, that Today say industry when

improves, and formerly, be falling range of lot the the XX% will there line on OpEx improve that availability realize leverage that to from a XX% that XX%, gets into ratio as below where top and So of of extent EPS we the we we'll initially the were a comes lot line, that. can

objective. Gross Margin improvement another is

That certain headwinds that that. pressured doesn't improve of we in areas our business. can't Although recently mean market have

expect profit product streams. high the a talked end I of through actual see trade lift wire rope. come fabrication fabrication in fasteners I services, their fabrication and for way that rentals bulk work business of of -- and war talked to we products with about bit little both disruptions services When margins engineering So around rentals, or the our steel services and a system, the revenue

the debt As improvements make able we our and our retire business, key we'll of these in that's be strategy. component to

is well-architected of utilization but to coincidentally in the an today. of divided we debt debt share several repurchase plan X a combined So count, making by to working growth by working our over profitable that far EBITDA. When capital the leverage to next it shares, capital this X.X of and top right do bring we point land where little to that this ratios, company now debt high down EBITDA, all is sales a have area to a EBITDA improve we to effect -- all reduce more will contribute line years, than

You've asked give help a to I've set response a really bumper big question level you high and tried some to up rails.

Other my that the the to a share management, we to top view, occur effect takes thing doesn't plan all to least, it what very gross in need any things margin line of And that of the have next The require to years. do It's attack and away take reduction, us over is this we the combined place. remarkable -- expense can help us components marketplace. that in nice a important from us, at debt describing plan. a that incrementally gets to couple you're is optimization, repurchase, what

Damon Benedict

investors agree. And revenue execute so more and last clearly the on on the the Wonderful, with the you just fully for product time the wait place, growth. to that area upside of were patience new in to you One in for plenty sort prices it. stock were of teens

made catch invested you has progress finding ago on Can there? of couple charged think been with those in categories. folks new what up and where us talent experienced a that some years new some stands I growth, had you avenues and for

Jim Pokluda

over and SKIs Yes, but I get too here. want careful our to out not far be

them go a Other to application for product a products acquiring have I'll a which would different. development be realize We've product sits expertise sales already items made do example, that few again, simply on there. be get have We investments our customers. multiple each my need. leverage side We can more new because just so best everyone's of the to the of business this would desk. for address We one categories, require long categories Certain one quite talent answer. engineering outside categories need immediate the product through they customer. sales, new on just excellence

application level So recruits trains the and candidates unit out a at field the That's development time engineers period we into sales we them business for of a sales have working. move positions. and college and that

Other vendors themselves. new product new actually require and SKIs categories

new supply infrastructure. relationships, distribution logistics in overseas, have product industrial expanded we not. old wonderful to very That's relationships, high pretty people paid it that's vendor the marketplace. industrial invested enhanced development, we've respect had supply in So customers vendor leaves With lines but to and off. exposed is of develop new us you when the made concentration a help well it's when doing And general

markets, the commercial for as markets, So construction several end been you quite have past know, years. end good

come and the and the in for suburbs You the remember nationally like commercial That's stores in when that. shops kind of living living urban been and city a and the this. movement entertainment kind of communal There was taboo, lot a feel a the was with the you and that in restaurants construction. huge time now areas development venues loner. driving of Spend a

new managers to all added that suppliers, category we've us platform made different we've service sales and distribution slightly investments of those. product and the help and type those And require in products in areas. And skill Those can force. a different sets logistics,

get to specific leave too here I purposes, the with still. you not want message we're competitive is with for you wouldn't standing want but we again, to So

past years. quo value You've that. for opportunities for actively and doing got And support and and been to challenge proposition that the platform customers status the and look service new new X to we've continuously the market

Damon Benedict

it a just leave I'll with comment.

by $X.XX and small share. to at hard a tangible book math as quarter and executing per of equity And histories well well my good tangible it's to look your I pretty value find with book. ending So is profitability micro-cap solid universe, at run discount companies

the again the in power our on potential that at at some like downside and looking investment for support So here. with odds stock $X earning $X point the we

you're annualized doing you to start. nice to for the So, X-ish percent everything you share and pace restart repurchase, thank see

we and rate right you're healthy So thing think long the it's doing a for term nice shareholders.

the all hard appreciate So work.

Jim Pokluda

you visiting we're that, to very back today. today. to Damon. now enjoyed And work. Chris with you go has much thank I've you for Well, with enjoyed visiting going

Operator

our closing Q&A any Pokluda now I back Jim Instructions] the will concludes This turn [Operator for session. remarks. to call

Jim Pokluda

team thanks period shareholders, we continued and forward members joining dedication the look day, and company. in call our the to for our to work everyone. and To ahead. success the you Good Sydney, today hard their valued appreciate on our Thanks, to us we

Operator

today's participating. conference. gentlemen, and concludes Ladies you Thank this for

disconnect. You may now

Houston Wire & Cable (HWCC) 12 Nov 192019 Q3 Earnings call transcript