Encore Wire Sales Up 9.4% in Second Quarter - Modern Distribution Management

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Encore Wire Sales Up 9.4% in Second Quarter

An increase in copper unit volume accounted for most of the increase.

Encore Wire Corp. (NASDAQ Global Select: WIRE), McKinney, TX, reported sales for the second quarter of $289.5 million, an increase of 9.4 percent compared to the second quarter of 2012. Profit was $15.5 million, compared to a year-ago profit of $2.4 million.

Copper unit volume, measured in pounds of copper contained in the wire sold, increased 8.1 percent in the second quarter versus the second quarter of 2012, accounting for most of the increase in sales. Aluminum building wire sales also contributed to the increase, constituting 6.6 percent of sales dollars versus 3.5 percent in the second quarter of 2012. The average selling price of wire per copper pound sold dropped 2.1 percent year-over-year, slightly offsetting the increase in sales dollars.

For the first six months, sales for Encore were $554.8 million, an increase of 1.8 percent compared to the same period in 2012. Profit increased 141 percent to $21.9 million.

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