![]() Fully diluted earnings per common share were $6.50 in the first quarter of 2023 versus $7.96 in the first quarter of 2022.Ĭommenting on the results, Daniel L. Net income for the first quarter of 2023 was $119.5 million versus $161.5 million in the first quarter of 2022. No SARs were granted subsequent to January of 2020. We recorded $13.2 million in SARs expense in the first quarter of 2023 compared to a $4.8 million SARs benefit recorded in the first quarter of 2022, resulting in an $18 million increase in expenses period-over-period. The increase in SG&A in the quarter was primarily due to an increase in Stock Appreciation Rights (“SARs”) charges driven by the increase in our stock price at Maversus December 31, 2022. This resulted in the gradual abatement of copper spreads in the quarter, primarily driven by a decrease in the average selling price noted above, offset somewhat by increased aluminum spreads, which resulted in the decreased gross profit margin in the first quarter of 2023 compared to the first quarter of 2022. ![]() The average selling price of wire per copper pound sold decreased 11.8% in the first quarter of 2023 versus the first quarter of 2022, while the average cost of copper per pound purchased decreased 8.2%. Gross profit percentage for the first quarter of 2023 was 31.1% compared to 33.7% in the first quarter of 2022. Aluminum wire represented 14.6% of net sales in the first quarter of 2023. The decrease in net sales was driven by a decrease in the average selling price in the first quarter of 2023 compared to the first quarter of 2022. Copper unit volume, measured in pounds of copper contained in the wire sold, was flat in the first quarter of 2023 versus the first quarter of 2022. Net sales for the first quarter ended Mawere $660.5 million compared to $723.1 million for the first quarter of 2022. Total cash outlay for share repurchases of $127.1 million during the quarter Gross Profit of 31.1% in the first quarter of 2023 33.7% in the first quarter of 2022Ĭash on hand of $697.4 million as of Ma$730.6 million as of December 31, 2022Ĭapital expenditures of $31.8 million in 2023Ĭompany repurchased 702,478 shares during the quarter 1,297,522 shares remain authorized to be repurchased Encore Wire Corporation (NASDAQ Global Select: WIRE) today announced results for the first quarter of 2023.įirst Quarter Earnings per diluted share of $6.50įirst Quarter Net Income of $119.5 million
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