![]() ![]() The average selling price of wire per copper pound sold decreased 12.4% in the second quarter of 2023 versus the first quarter of 2023, while the average cost of copper per pound purchased decreased 5.3%. ![]() ![]() Gross profit percentage for the second quarter of 2023 was 26.1% compared to 31.1% in the first quarter of 2023. Aluminum wire represented 14.4% of net sales in the second quarter of 2023 compared to 14.6% in the first quarter of 2023. The slight decrease in net sales was driven by an anticipated decrease in the average selling price in the second quarter of 2023 compared to the first quarter of 2023, partially offset by increased volumes in the current quarter. Copper unit volume, measured in pounds of copper contained in the wire sold, increased 10.4% in the second quarter of 2023 versus the first quarter of 2023. On a sequential quarter basis, net sales for the second quarter ended Jwere $636.5 million compared to $660.5 million in the first quarter ended March 31, 2023. Fully diluted earnings per common share were $6.01 in the second quarter of 2023 versus $10.71 in the second quarter of 2022. 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. 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 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. ![]()
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