Encore Wire Q1 EPS $3.92, net income $63.3M; revenue down 4.2% YoY; merger with Prysmian pending

ENCORE WIRE CORP

2024-Q1 EPS reported $3.92 revenue$632,661,000

Diluted EPS $3.92 ($63.3M) vs $6.50 ($119.5M) in Q1 2023; net sales $632.7M, -4.2% YoY.
Copper volume +19.7% YoY; average selling price per copper pound -16.2%; gross margin 21.5% vs 31.1%.
Cash $614.1M, no debt; 2024-2026 capex guided at $130-150M annually.
Declared $0.02 cash dividend in Q1; no earnings call due to pending merger with Prysmian.
New residential wire facility substantially complete early Q3 2024 to increase capacity.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ENCORE WIRE CORP reported first quarter of 2024 results: revenue $632.7 million, net income $63.3 million, EPS $3.92.

Period: first quarter of 2024
Revenue: $632.7 million
Net income: $63.3 million
EPS: $3.92
Result: reported results

Exact text from the filing

Net sales for the first quarter ended March 31, 2024 were $632.7 million compared to $660.5 million in the first quarter ended March 31, 2023.

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Source: SEC EDGAR

accession 0000850460-24-000024

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