The 2020 Mid-Year Economic Update_long

Encore Wire Sales Down 9.7% in 1Q

Profit decreases 0.6 percent in first quarter.

Encore Wire Corp. (NASDAQ Global Select: WIRE), McKinney, TX, reported sales for the first quarter of $250.3 million, a 9.7 percent decrease year-over-year. Profit for the quarter decreased 0.6 percent to $10.8 million.

"Copper wire units were up marginally, as the overall construction and building wire markets appear to still be doing okay this quarter but not showing any significant improvement over last year," said Daniel Jones, president and CEO. "We believe rough winter weather contributed to the flat copper volumes during the quarter."

Copper unit volume, measured in pounds of copper contained in the wire sold, increased 0.5% in the first quarter of 2015 versus the first quarter of 2014.

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