Encore Wire Corp. (NASDAQ Global Select: WIRE), McKinney, TX, reported sales in the second quarter were $309.5 million, up 31 percent over the same period a year ago. Profit increased 16.3 percent to $9.5 million.
| We Deliver Distribution News to Your Inbox Sign up below to receive MDM Update, your free weekly distribution news update by email. |
Higher prices for building wire sold in the quarter ended June 30, 2011, accounted for most of the increase in net sales dollars. Sales prices rose primarily due to higher copper prices, which rose 30.7 percent. Unit volume in the second quarter of 2011 increased 1.9 percent versus the second quarter of 2010.
For the first six months, sales were $612.8 million, up 49 percent compared to the same period in 2010. Profit was $20.1 million versus $5.7 million a year ago.
\”With the volatility of copper prices during the quarter, industry attempts to introduce price increases were occasionally stymied by this volatility,\” said Daniel L. Jones, president and CEO. \”We attempted to lead or follow price increases during the quarter, some of which were unsuccessful.\”
Encore Wire Corporation manufactures a broad range of copper electrical wire for interior wiring in homes, apartments, manufactured housing and commercial and industrial buildings.
