Coleman Cable 1Q profit rises 15 percent on higher sales

WAUKEGAN, Ill.—Electrical wire manufacturer Coleman Cable Inc. said Thursday its first-quarter profit rose 15 percent on higher sales from newly acquired companies.

Net income rose to $3.3 million or 19 cents per share compared with $2.8 million or 17 cents per share in the 2007 first quarter.

Excluding one-time costs and gains, the company made 24 cents per share compared with 17 cents per share last year.

Sales more than doubled to $252.5 million compared with $109.4 million last year.

Analysts polled by Thomson Financial expected profit of 19 cents per share on sales of $249.2 million.

Acquisitions that added to earnings included Copperfield LLC, a copper wire and cable manufacturer Coleman purchased in April 2007 for $213 million.

Coleman said its latest results reflect the impact of acquisitions, including costs associated with facilities that have been consolidated in the second quarter or are planned for consolidation later in 2008. It also said profit margins eroded because of the rising price of copper.