Encore Wire Corporation has reported net sales of $265.4 million for the first quarter, compared to $280.5 million during the same quarter of 2012. The average selling price of wire per copper pound sold dropped 5.3% in the first quarter of 2013 versus the first quarter of 2012, accounting for most of the decline in sales dollars, the company said.
Copper unit volume, measured in pounds of copper contained in the wire sold, decreased 3.1% in the first quarter of 2013 versus the first quarter of 2012. Net income for the first quarter of 2013 was $6.4 million versus $6.7 million in the first quarter of 2012.
On a sequential quarter comparison, net sales for the first quarter of 2013 were $265.4 million versus $258.0 million during the fourth quarter of 2012. Net income for the first quarter of 2013 was $6.4 million versus $5.2 million in the fourth quarter of 2012.
Commenting on the results, Daniel L. Jones, President and CEO of Encore Wire Corporation, said, “The first quarter of this year was another fairly steady volume quarter, considering the time of the year and the current economic and construction industry environment. We believe our expansion of product offerings over the last six years to our existing customer base has been critical to maintaining and perhaps boosting our market share.”
The company’s new aluminum building wire plant began to produce wire in the fourth quarter of 2012. Aluminum building wire sales constituted 5.7% of net sales dollars for the first quarter of 2013 versus 2.9% in the first quarter of 2012.
“We expanded our distribution of aluminum wire to all of our sales reps and customers in the first quarter and expect to see sales of these products gradually increase over the course of 2013,” Jones said in a press release.Tagged with tED