Encore Wire Reports Third Quarter EPS of $.22
October 27, 2010 4:05 PM
Encore Wire Corporation (NASDAQ: WIRE) today announced dramatically improved results for the third quarter and nine months ended September 30, 2010.
Net sales for the third quarter ended September 30, 2010 were $242.8 million compared to $168.7 million during the third quarter of 2009. Higher prices for building wire sold in the quarter ended September 30, 2010 accounted for most of the increase in net sales dollars, increasing 27.9% per copper pound sold versus the same period in 2009.
Sales prices rose primarily due to higher copper prices. Unit volume in the third quarter of 2010 increased 12.5% versus the third quarter of 2009. Net income for the third quarter of 2010 increased 1,467.3% to $5.1 million versus $0.3 million in the third quarter of 2009.
Fully diluted net earnings per common share were $0.22 in the third quarter of 2010 versus $0.01 in the third quarter of 2009.
