Encore Wire Reports First Quarter Results, Maintains Strong Balance Sheet and Liquidity
Encore Wire Corporation (WIRE)
Last encore wire corporation earnings: 4/28 05:05 pm
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US:NASDAQ Investor Relations:
encorewire.com/investors
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Source: Business Wire
MCKINNEY, Texas--(BUSINESS WIRE)--Encore Wire Corporation (NASDAQ Global Select: WIRE) today announced results for the first quarter of 2020.2020 First Quarter HighlightsEarnings per diluted share of $0.89Net income of $18.6 millionCash on hand as of March 31, 2020 of $206.8 millionNo long-term debt and revolving credit line paid down to zeroCompany repurchased 439,112 shares during the quarterThe Company’s Board of Directors has declared a quarterly dividend of $0.02 per shareNet sales for the first quarter ended March 31, 2020 were $302.8 million compared to $314.7 million for the first quarter of 2019. Copper unit volume, measured in pounds of copper contained in the wire sold, increased 1.0% in the first quarter of 2020 versus the first quarter of 2019. The average selling price of wire per copper pound sold decreased 5.6% in the first quarter of 2020 versus the first quarter of 2019, while the average cost of copper per pound purchased decreased 8.2%. Net income for the first
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