Encore Wire Corporation (NASDAQ Global Select: WIRE) today announced results for the second quarter of 2015. The company reported sales of $253.7 million for the second quarter ended June 30, 2015, a decrease of 17.4 percent year-over-year, but an increase of 1 percent compared to the first quarter of 2015. Profit for the quarter increased 11.8 percent to $11.4 million.
Sales for the six months were $504.0 million, compared to $584.3 million during the same period in 2014 (down 13.7 percent). Profit increased 5.4 percent to $22.1 million.
Copper unit volume, measured in pounds of copper contained in the wire sold, decreased 13.4 percent in the second quarter year-over-year.
“We are pleased with the second quarter earnings results. Margins improved in both copper and aluminum wire sales,” said Daniel L. Jones, president & CEO. “Unit volumes were down somewhat in 2015 compared to 2014 as we continue to see the overall construction and building wire markets appear to be trying to break out to higher levels. We believe rough spring weather contributed to the soft unit volumes during the quarter.”
Tagged with tED