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Encore wire corporation stock9/1/2023 ![]() Fully diluted earnings per common share were $28.57 in the nine months ended Septemversus $19.31 in the nine months ended September 30, 2021.Īluminum wire represented 17.4% and 14.7%, respectively, of our net sales in the quarter and nine months ended September 30, 2022. Net income for the nine months ended Septemwas $563.8 million versus $399.8 million in the nine months ended September 30, 2021. The increase in copper spreads on a year-to-date basis, along with increased aluminum spreads over the same period, coupled with an overall increase in total volumes shipped, drove the gross profit margin higher in the nine months ended Septemcompared to the nine months ended September 30, 2021. The average selling price of wire per copper pound sold increased 4.3% in the nine months ended Septemversus the nine months ended September 30, 2021, while the average cost of copper per pound purchased increased 1.5% for the same period comparison. ![]() Gross profit percentage for the nine months ended Septemwas 37.2% compared to 33.2% for the nine months ended September 30, 2021. Copper unit volume increased 7.9% in the nine months ended Septemversus the nine months ended September 30, 2021. Net sales for the nine months ended Septemwere $2.324 billion compared to $1.905 billion for the nine months ended September 30, 2021. Fully diluted earnings per common share were $9.97 in the third quarter of 2022 versus $8.51 in the third quarter of 2021. Net income for the third quarter of 2022 was $191.8 million versus $175.5 million in the third 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 third quarter of 2022 compared to the third quarter of 2021. The average selling price of wire per copper pound sold decreased 14.4% in the third quarter of 2022 versus the third quarter of 2021, while the average cost of copper per pound purchased decreased 14.1%. Gross profit percentage for the third quarter of 2022 was 39.3% compared to 37.8% in the third quarter of 2021. ![]() Copper unit volume, measured in pounds of copper contained in the wire sold, increased 12.9% in the third quarter of 2022 versus the third quarter of 2021. Net sales for the third quarter ended September 30, 2022 were $762.4 million compared to $716.3 million for the third quarter of 2021. Total cash outlay for share repurchases of $93.4 million during the quarter $225.2 million YTD in 2022. ![]()
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