HomeTop MoversEncore Wire Corporation Inc. (WIRE) stock surges during current market. Here’s to...

Encore Wire Corporation Inc. (WIRE) stock surges during current market. Here’s to know why?

Encore Wire Corporation Inc. (NASDAQ: WIRE) stock gained by 11.10% in the current market trading session. Encore Wire Corporation is a prominent manufacturer of electrical building wire for use in commercial and industrial structures, as well as houses, apartments, and prefabricated housing. Using low-cost production and the introduction of new items that fit its present product range, the firm is focused on keeping outstanding customer service.

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Financial Highlights of WIRE stock

Encore Wire Corporation released its second-quarter 2021 financial results. Given below are the highlights.

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  • In the second quarter of 2021, net sales were $744.4 million, up from $253.6 million in the second quarter of 2020. For the six months ending June 30, 2021, net sales were $1.189 billion, opposed to $556.4 million for the same period in 2020.
  • In the second quarter of 2021, the total profit was 37.3 percent, relative to 14.4 percent in the second quarter of 2020. In the second quarter of 2021, the average sale price of wire per copper pound sold grew 129.6% over the second quarter of 2020, while the average cost of copper per pound acquired increased by 73.5%.
  • In the second quarter of 2021, gross income was $183.1 million, compared to $12.3 million in the same quarter of 2020. In the second quarter of 2021, fully diluted net earnings per common share were calculated as $8.82, compared to $0.60 in the second quarter of 2020.

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Daniel L. Jones, Chairman, President, and CEO of Encore Wire Corporation, commented,

WIRE’s record-breaking second-quarter earnings, which concluded on June 30, 2021, are rooted in the company’s rich heritage and basic principles. Customer service that is second to none, agile operations, and on-time delivery from coast to coast. Their single-location, vertically-integrated company architecture, solid leadership team, and extensive raw material supplier ties allowed them to be fully functional while upholding their high fill rate standards to fulfill current demand. They were able to grow copper quantities sold in the first quarter of 2021 by continuing to satisfy this value premise to their clients. They think that, compared to previous periods, they can maintain this volume rise for the foreseeable future.

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