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Encore Wire Reports Fourth Quarter Results

Stocks in this article: WIRE

Encore Wire Corporation (NASDAQ Global Select: WIRE) today announced results for the fourth quarter and full year ended December 31, 2012.

Net sales for the fourth quarter ended December 31, 2012 were $258.0 million compared to $248.3 million during the fourth quarter of 2011. Prices for copper building wire sold in the quarter ended December 31, 2012 declined 1.8% versus the fourth quarter of 2011. However, the average price of copper purchased during the quarter rose 4.9% in the fourth quarter of 2012 versus the fourth quarter of 2011. Copper unit volume, measured in pounds of copper contained in the wire sold, increased 2.2% in the fourth quarter of 2012 versus the fourth quarter of 2011. Aluminum building wire sales constituted 5.1% of net sales dollars for the fourth quarter of 2012. Net income for the fourth quarter of 2012 was $5.2 million versus $16.3 million in the fourth quarter of 2011. Fully diluted net earnings per common share were $0.25 in the fourth quarter of 2012 versus $0.69 in the fourth quarter of 2011.

Net sales for the year ended December 31, 2012 were $1.072 billion compared to $1.180 billion during the same period in 2011. Lower prices for building wire sold in the year ended December 31, 2012 accounted for most of the decrease in net sales dollars, decreasing 10.4% per copper pound versus the same period in 2011. Copper unit volume in the year ended December 31, 2012 decreased 1.3% versus the same period in 2011. The average price of copper purchased during the year fell 10.7% in 2012 versus 2011, albeit on a lower absolute value than building wire prices. Aluminum building wire sales constituted 3.6% of net sales dollars for the year. Net income for the year ended December 31, 2012 was $19.8 million versus $50.1 million in the same period in 2011. Fully diluted net earnings per common share were $0.91 for the year ended December 31, 2012 versus $2.14 in the same period in 2011.

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