Encore Wire pressured by lower Cu prices

摘要

Lower copper wire selling prices and “vigorous” competition in the marketplace weighed on Encore Wire’s earnings results in fourth quarter and full-year 2019. Despite a 12.5 decline in gross profit to $165.97 million in 2019 from $189.72 million the previous year, the company expressed optimism on the strength of its business due to increased unit volume sales. “Our business and the markets for our products remain strong, as evidenced by a 4.1 increase in unit volumes in 2019 compared to 2018,” chairman, president and chief executive officer Daniel Jones said in a statement on Wednesday February 19.