The 2020 Mid-Year Economic Update_long

Encore Wire Sales Down 17.4% in 2Q

Year-to-date sales decreased 13.7 percent year-over-year.

Encore Wire Corp. (NASDAQ Global Select: WIRE), McKinney, TX, reported sales for the second quarter of $253.7 million, a 17.4 percent decrease year-over-year. Profit for the quarter increased 11.8 percent to $11.4 million.

Copper unit volume, measured in pounds of copper contained in the wire sold, decreased 13.4 percent in the second quarter.

Sales for the first six months were $504 million, down 13.7 percent year-over year. Profit increased 5.4 percent to $22.1 million.

"Margins improved in both copper and aluminum wire sales," said Daniel L. Jones, president & CEO. "Unit volumes were down somewhat in 2015 compared to 2014 as we continue to see the overall construction and building wire markets appear to be trying to break out to higher levels. We believe rough spring weather contributed to the soft unit volumes during the quarter."

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