We remain committed to reinvesting in our business with current and planned projects focused on increasing capacity, efficiency and vertical integration across our campus.Ĭopper unit volumes increased 7.9% on both a comparative quarter basis and on a year-to-date basis. I continue to believe that our operational agility, speed to market, and deep supplier relationships remain competitive advantages in serving our customers’ evolving needs. By continuing to execute on our core values of providing unbeatable customer service and high order fill rates, we were able to increase both copper and aluminum volumes shipped in the fourth quarter and year-to-date periods in 2022 over 2021 levels. Our key suppliers continue to perform at a high level which positions us favorably in meeting customer demand in a timely manner. Continued tightness in the availability of key raw materials and the general inability of the sector to meet demand for the timely delivery of finished goods kept spreads strong in the fourth quarter of 2022. Our single-site, vertically integrated business model affords us the flexibility and agility to quickly adapt to changing market conditions while continuing to serve our customers at a level consistent with our high standards. Jones, Chairman, President and Chief Executive Officer of Encore Wire Corporation, said, “Our results in 2022 mark another year of exceptional earnings, strong cash flow and consistent volume growth. Aluminum unit volumes increased on both a comparative quarter and annual basis over 2021 levels.Ĭommenting on the results, Daniel L. Fully diluted net earnings per common share were $8.28 in the fourth quarter of 2022 versus $6.91 in the fourth quarter of 2021.Īluminum wire represented 17.8% and 15.4%, respectively, of our net sales in the quarter and year ended December 31, 2022. Net income for the fourth quarter of 2022 was $154.0 million versus $141.6 million in the fourth quarter of 2021. The gradual abatement of copper spreads in the quarter was more than offset by increased aluminum spreads and an overall increase in total volumes shipped resulting in the increased gross profit margin in the fourth quarter of 2022 when compared to the fourth quarter of 2021. The average selling price of wire per copper pound sold decreased 14.1% in the fourth quarter of 2022 versus the fourth quarter of 2021, while the average cost of copper per pound purchased decreased 14.4%. Gross profit percentage for the fourth quarter of 2022 was 35.8% compared to 34.2% in the fourth quarter of 2021. Copper unit volume, measured in pounds of copper contained in the wire sold, increased 7.9% in the fourth quarter of 2022 versus the fourth quarter of 2021. Net sales for the fourth quarter ended Decemwere $693.9 million compared to $687.9 million for the fourth quarter of 2021. Fully diluted net earnings per common share were $36.91 for the year ended Decemversus $26.22 in the same period in 2021. Net income for the year ended Decemwas $717.8 million versus $541.4 million in the same period in 2021. The overall increase in total volumes shipped, along with an increase in aluminum spreads during 2022, resulted in the increased gross profit margin for the full year of 2022 when compared to 2021. The average selling price of wire per copper pound sold decreased 0.5% in the year ended Decemversus the year ended December 31, 2021, while the average cost of copper per pound purchased decreased 2.7%. Gross profit percentage for the year ended Decemwas 36.9% compared to 33.5% during the same period in 2021. Copper unit volume, measured in pounds of copper contained in the wire sold, increased 7.9% in the year ended Decemversus the year ended December 31, 2021. Net sales for the year ended Decemwere $3.018 billion compared to $2.593 billion during the same period in 2021. Total cash outlay for share repurchases of $22.4 million in the fourth quarter $247.6 million in full year 2022.Company repurchased 161,701 shares in the fourth quarter of 2022 repurchased 2,055,470 shares in full year 2022.Capital expenditures of $148.4 million in 2022.Cash on hand of $730.6 million as of Decemup from $439.0 million as of December 31, 2021.Copper volume sold increased 7.9% over fourth quarter of 2021 Increased 7.9% over 2021 full year levels.Fourth Quarter Gross profit of 35.8% Full Year 2022 Gross profit of 36.9%.Fourth Quarter Net income of $154.0 million Full Year 2022 Net income of $717.8 million.Fourth Quarter Earnings per Diluted Share of $8.28 Full Year 2022 Earnings per Diluted Share of $36.91.McKinney, TX - Encore Wire Corporation (NASDAQ Global Select: WIRE) today announced results for the fourth quarter and year ended December 31, 2022.įourth Quarter and Full Year 2022 Highlights
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