Wire and cable-maker says profits exceeded expectations

Superior Essex Inc., one of the largest wire and cable manufacturers in the world, said its 2006 revenues were $2.9 billion, up from $1.8 billion for full year 2005. Net income jumped to $57.4 million, compared to $31.9 million for full year 2005.

For the quarter ended Dec. 31, the Atlanta-based company (Nasdaq: SPSX) reported revenues of $672 million, compared to $523 million for the fourth quarter of 2005. Earnings for the quarter more than doubled, to $6.7 million from $3 million during the same period the year before.

"On a full year basis, we are extremely pleased with our performance in 2006, as we achieved significant real revenue growth from the successful integration of our European Magnet Wire acquisition. On the profitability side, we far exceeded our expectations for 2006," said CEO Stephen M. Carter.

Superior Essex makes copper and fiber optic communications wire and cable products for telephone companies, distributors and system integrators as well as wire and other products used in motors, transformers, generators and electrical controls.

source news : bizjournals.com