#Encore wire corporation stock full

Net income for the second quarter of 2023 was $104.7 million versus $210.5 million in the second quarter of 2022. This resulted in the gradual abatement of copper spreads during the quarter, primarily driven by the decrease in the average selling price noted above, which resulted in the decreased gross profit margin in the second quarter of 2023 compared to the second quarter of 2022. The average selling price of wire per copper pound sold decreased 24.5% in the second quarter of 2023 versus the second quarter of 2022, while the average cost of copper per pound purchased decreased 11.2%. Gross profit percentage for the second quarter of 2023 was 26.1% compared to 38.3% in the second quarter of 2022. Aluminum wire represented 14.4% of net sales in the second quarter of 2023 compared to 15.0% in the second quarter of 2022. The decrease in net sales was driven by an anticipated decrease in the average selling price in the second quarter of 2023 compared to the second quarter of 2022.

Copper unit volume, measured in pounds of copper contained in the wire sold, increased 1.3% in the second quarter of 2023 versus the second quarter of 2022. Net sales for the second quarter ended Jwere $636.5 million compared to $838.2 million in the second quarter ended June 30, 2022.

#Encore wire corporation stock full

In June 2023, the Company's Board of Directors increased the repurchase authorization back up to a full 2,000,000 shares of our common stock through March 31, 2024 Total cash outlay for share repurchases of $126.7 million during the quarter and $253.8 million YTD in 2023 Gross Profit of 26.1% in the second quarter of 2023 28.6% YTD in 2023Ĭash on hand of $667.8 million as of J$730.6 million as of December 31, 2022Ĭapital expenditures of $74.7 million YTD in 2023Ĭompany repurchased 772,931 shares during the quarter and 1,475,409 YTD in 2023 Second Quarter Net Income of $104.7 million YTD Net Income of $224.2 million

Second Quarter Earnings per diluted share of $6.01 YTD Earnings per diluted share of $12.53 You might want to buy the stock tomorrow in intra day with a stoploss of 160.2, for a target of 164.2 or 167.MCKINNEY, Texas-( BUSINESS WIRE)-Encore Wire Corporation (NASDAQ Global Select: WIRE) (“Encore Wire” or the “Company”) today announced results for the second quarter of 2023.

This is not a good sign, stock might keep falling and stock might move lower.Īlthough my analysis for Encore Wire is bearish for shortterm, but stock is in heavy over sold zones and there are high chances of some recovery tomorrow. Stock of Encore Wire (WIRE) is trading below an important moving average line, and it has been below this line for quite some time now. It appears as if Encore Wire WIRE gave a large move recently. Look for opportunities to sell or SHORT Encore Wire WIRE at this time. Technical analysis forecast for Encore Wire Stock is that its in a downtrend for shortterm, and I will avoid taking a BUY or a LONG trade in this stock. WIRE NEWS reasons for why stock price of Encore Wire Corporation is falling or rising WIRE Encore Wire is falling or rising technical reasons WIRE NEWS why is Encore Wire Corporation price falling or rising