3Q Sales for Encore Wire Jump 15.1% - Modern Distribution Management

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3Q Sales for Encore Wire Jump 15.1%

CEO: Product offering expansion helped maintain and perhaps boost market share.

Encore Wire Corp. (NASDAQ Global Select: WIRE), McKinney, TX, reported sales for the third quarter of $309.9 million, an increase of 15.1 percent compared to the same period a year ago. Profit was $13.8 million, compared to a year-ago profit of $5.5 million.

Increased unit volumes of building wire sold in the third quarter accounted for the increase in sales. Unit volume, measured in copper pounds contained in the wire sold, increased 15 percent year-over-year. The volume increase was offset somewhat by a 4 percent decrease in the average selling price per copper pound sold.

"Unit volumes were up in all building wire products. We believe our expansion of product offerings over the last several years to our existing customer base has been critical to maintaining and perhaps boosting our market share," Daniel L. Jones, president and CEO, said.

For the first nine months, sales were $864.7 million, an increase of 6.2 percent compared to the same period a year ago. Profit was $35.7 million, compared to a year-ago profit of $14.6 million.

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