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Encore Wire Reports Improved Fourth Quarter Results

Stocks in this article: WIRE

Encore Wire Corporation (NASDAQ Global Select: WIRE) today announced improved results for the fourth quarter and full year ended December 31, 2011.

Net sales for the fourth quarter ended December 31, 2011 were $248.3 million compared to $256.2 million during the fourth quarter of 2010. Prices for building wire sold in the quarter ended December 31, 2011 were virtually flat versus the same period in 2010. Unit volume in the fourth quarter of 2011 decreased 3.4% versus the fourth quarter of 2010. Net income for the fourth quarter of 2011 increased 259.7% to $16.3 million versus $4.5 million in the fourth quarter of 2010. Fully diluted net earnings per common share increased 258.4%, to $0.69 in the fourth quarter of 2011 versus $0.19 in the fourth quarter of 2010.

Net sales for the year ended December 31, 2011 were $1.180 billion compared to $910.2 million during the same period in 2010. Higher prices for building wire sold in the year ended December 31, 2011 accounted for most of the increase in net sales dollars, increasing 22.2% per copper pound versus the same period in 2010. Unit volume in the year ended December 31, 2011 also helped to increase net sales dollars, increasing 6.2% versus the same period in 2010. Net income for the year ended December 31, 2011 increased 227.9% to $50.1 million versus $15.3 million in the same period in 2010. Fully diluted net earnings per common share increased 226.9%, to $2.14 for the year ended December 31, 2011 versus $0.66 in the same period in 2010.

On a sequential quarter comparison, net sales for the fourth quarter of 2011 were $248.3 million versus $319.4 million during the third quarter of 2011. Unit volume decreased 13.8% on a sequential quarter comparison. Net income for the fourth quarter of 2011 increased 18.8% to $16.3 million versus $13.7 million in the third quarter of 2011. Fully diluted net income per common share increased to $0.69 in the fourth quarter of 2011 versus $0.59 in the third quarter of 2011.

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