Encore Wire 1Q profit up on higher sales and better margins

By Associated Press April 23, 2008 Comments (0)

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Encore Wire Corp. said Wednesday its first-quarter profit more than doubled on higher sales and improved margins.

Net income rose to $13.6 million, or 58 cents per share, from $6.4 million, or 27 cents per share, in the year-ago period.

Sales rose 8.1 percent to $281.8 million from $260.7 million.

The company said it sought higher prices to reflect the rising cost of copper used in its wire.

Chief Executive Daniel L. Jones said he was pleased with strong earnings during the housing slowdown.

McKinney, Texas-based Encore makes wire for electrical and other cables in homes, offices and industrial plants.

The company's shares fell 41 cents, or 2.2 percent, to close at $18.67. They rose $4.32, or 23 percent, to $22.99 in aftermarket activity. The stock has ranged from $14.83 to $32.23 over the past year.

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