Encore Wire Sales Up 6% in Second Quarter

Profit decreased 34 percent year-over-year.

Encore Wire Corp. (NASDAQ Global Select: WIRE), McKinney, TX, reported sales for the second quarter of $307.1 million, a 6 percent increase over the same period a year ago. Profit decreased 34.5 percent to $10.2 million.

Copper unit volume, measured in pounds of copper contained in the wire sold, increased 10 percent in the second quarter of 2014 versus the second quarter of 2013, accounting for most of the increase in net sales dollars. Aluminum building wire sales also contributed to the increase, constituting 8.9 percent of sales dollars for the second quarter of 2014 versus 6.6 percent in the second quarter of 2013 and 3.5 percent in the second quarter of 2012. The average selling price of wire per copper pound sold dropped 6 percent year-over-year, somewhat offsetting the increase in sales dollars.

For the first six months, sales were $584.3 million, up 5.3 percent from one year prior. Profit was down 0.4 percent to $21 million.

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