Encore Wire Corp

Latest Results (16.05.2024):

First Quarter 2024 Net Sales

Encore Wire Corp reported net sales of $632.7 million in the first quarter of 2024, a decrease from $660.5 million in the same quarter of the previous year. This decline was primarily due to lower average selling prices, despite a significant increase in copper and aluminum unit volumes sold during the period.

First Quarter 2024 Net Income and Earnings Per Share

For the first quarter of 2024, Encore Wire Corp achieved a net income of $63.3 million, down from $119.5 million in the first quarter of 2023. Earnings per diluted share also decreased to $3.92 in the first quarter of 2024 from $6.50 in the corresponding quarter of the previous year.

First Quarter 2024 Gross Profit Margin

The gross profit margin for Encore Wire Corp in the first quarter of 2024 was 21.5%, showing a significant reduction from 31.1% in the first quarter of 2023. This decrease in margin was influenced by a drop in the average selling price of wire per copper pound sold, which fell by 16.2% year-over-year.

First Quarter 2024 Copper and Aluminum Volume

Encore Wire Corp experienced a 19.7% increase in copper unit volume and also saw an increase in aluminum unit volume in the first quarter of 2024 compared to the first quarter of 2023. This growth in volume highlights the company's ability to expand its market share despite fluctuating market prices.

First Quarter 2024 Cash and Dividends

As of March 31, 2024, Encore Wire Corp had a strong cash position with $614.1 million on hand, up from $560.6 million at the end of 2023. Additionally, the company declared a cash dividend of $0.02 per share during the first quarter of 2024, continuing its practice of returning value to shareholders.