Encore Wire Corp - WIRE STOCK NEWS

Encore Wire Corporation (NASDAQ: WIRE) announced its first quarter 2023 results, reporting a net income of $119.5 million, down from $161.5 million in Q1 2022. The earnings per diluted share stood at $6.50, compared to $7.96 in the previous year. Net sales decreased to $660.5 million, from $723.1 million, primarily due to a 11.8% decline in the average selling price of copper wire. The gross profit margin decreased to 31.1% from 33.7% year-over-year. Despite these challenges, the company maintained a strong cash position with $697.4 million in cash at the end of the quarter and continued its share repurchase program, spending $127.1 million to repurchase 702,478 shares.

Encore Wire Corporation (NASDAQ: WIRE) will release its first quarter 2023 earnings on April 25, 2023, after market close. A conference call to discuss these results is scheduled for April 26, 2023, at 11:00 a.m. Eastern Time. Attendees can register for the call at this link. The company specializes in manufacturing copper and aluminum electrical wire and cables, with a focus on cost-effective production and superior customer service. Encore Wire operates from a single-site campus in Texas, ensuring quick nationwide shipping of complete orders.

Encore Wire Corporation (NASDAQ: WIRE) has declared a cash dividend of two cents per share, scheduled to be paid on April 21, 2023 to shareholders of record as of April 6, 2023. Daniel L. Jones, the Company’s CEO, emphasized the importance of maintaining a strong balance sheet and stated that future quarterly dividends will depend on earnings and cash flow. Encore Wire, based in Texas, is a leading manufacturer of copper and aluminum electrical wire and cables, focusing on low-cost production and exceptional customer service.

Encore Wire Corporation (NASDAQ: WIRE) reported strong financial results for Q4 and full year 2022. Q4 earnings per share reached $8.28, with net income of $154.0 million, while full-year earnings per share were $36.91, totaling $717.8 million in net income. Copper volume sold surged 7.9% year-over-year. Gross profit margins improved to 35.8% in Q4 and 36.9% for the full year. Despite a 0.5% decline in average selling prices per copper pound, the company maintained a healthy cash position of $730.6 million and executed significant share buybacks, repurchasing over 2 million shares.

Encore Wire Corporation (NASDAQ: WIRE) will release its fourth-quarter and full-year 2022 earnings on February 14, 2023, after market close. A conference call to discuss the results will take place on February 15, 2023, at 11:00 a.m. Eastern time. Participants can register for the call at this link. The company, based in Texas, specializes in manufacturing copper and aluminum electrical wire and cables, focusing on low production costs and excellent customer service, with products made in America.

Encore Wire Corporation (NASDAQ: WIRE) has appointed Bret J. Eckert as Executive Vice President, while he continues to serve as Chief Financial Officer. Eckert joined the company in September 2019 and has played a crucial role during a profitable growth period. His extensive experience includes senior roles at Riveron Consulting and Atmos Energy. Chairman Daniel L. Jones expressed confidence in Eckert's leadership, highlighting the significance of this appointment in formalizing the company's organizational structure.