UPDATE 1-Houston Wire earnings below Street view

(Adds details)

March 17 (Reuters) - Houston Wire and Cable Co (HWCC.O: Quote, Profile, Research), a supplier of electrical and electronic wire and cable, posted a lower quarterly profit that was shy of market estimates, hurt by an increase in expenses and lower gross margins, but forecast 2008 earnings above Wall Street's view.

The company posted fourth quarter income of $6.2 million, or 32 cents a share, compared with $8.2 million, or 39 cents a share, a year ago. Revenue rose 7.6 percent to $89.2 million.

Analysts on average were expecting earnings of 33 cents, excluding items, a share on revenue of $89.2 million, according to Reuters Estimates.

Houston Wire and Cable sees 2008 earnings between $1.60 to $1.75 on sales growth on 5 percent to 10 percent.

Analysts are expecting earnings of $1.58.

Shares of the company were trading down about 3 percent at $14.04 in morning trade on Nasdaq. (Reporting by Amulya Nagaraj in Bangalore; Editing by Bernard Orr)