The 2020 Mid-Year Economic Update_long

Encore Wire Sales Up 4.4% in 1Q

Profit increases 70.3 percent in first quarter.

Encore Wire Corp. (NASDAQ Global Select: WIRE), McKinney, TX, reported sales for the first quarter of $277.2 million, a 4.4 percent increase year-over-year. Profit for the quarter increased 70.3 percent to $10.9 million.

“Continuing the positive trend we saw developing throughout last year, the first quarter was encouraging to us from both a volume and margin perspective," said Daniel Jones, president and CEO. "We believe that the harsh winter weather had some negative impact on our unit volumes this quarter, although the exact amount is difficult to quantify."

The average selling price of wire per copper pound sold dropped 6.5 percent year-over-year.Copper unit volume, measured in pounds of copper contained in the wire sold, increased 9.1 percent.

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