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James Wright

USA - Encore Wire report 4% y-o-y decline in shipment volumes in Q2 2012 - 0 views

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    Encore Wire, a major producer of building wire in USA, reported that shipment volumes by metal weight contracted by 4% y-o-y in Q2 2012, mainly attributed to the continuing recession in the US construction industry. The company said that its performance by shipment volume should be measured against changes in the spread between the price of wire sold and the cost of raw materials. This metric decreased by 10.1% y-o-y in Q2. Encore further added that the drop in volumes was related to attempts to lead or maintain pricing levels, while not accepting some lower margin orders.
Colin Bennett

Encore Wire Corp (WIRE) Q1 2019 Earnings Call Transcript - 1 views

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    Bill Baldwin -- Baldwin Anthony -- Analyst When we see the price of aluminum in relation the price of copper become more favorable for aluminum, does that show up in your demand for aluminum fairly quickly or not at all or over a period of time? Daniel Jones -- Chairman, President and Chief Executive Officer Well that's been debated over time. We prefer Encore Wire consistently and will continually prefer to ship and sell copper. That's just the way it is. The aluminum piece of that that you're referring to is a substitution depending on the relationship between the cost of each. Normally if aluminum is more expensive so is copper and vice versa. When copper gets to a certain dollar amount, there's no question that in the conversation the substitution question comes up. There are other costs involved with that most of the time. It's not a new scenario, but it doesn't necessarily increase the demand for aluminum beyond what the increase in the demand of copper would be. But it does enter into the conversation in the quote stage pretty early on when copper gets really expensive about what would it take to substitute aluminum for this piece of copper. And so in that, it's definitely in the conversation.
Matthew Wonnacott

Encore Wire's income falls in 2012, 2013 expected to be better - 0 views

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    Texas-based wire manufacturer Encore Wire saw its net income fall by 65% in 2012 to US$19.8M, as reduced prices for building wire pressured margins. The spread the company earns between the sale price of wire and the cost of purchasing raw material, mostly copper, fell by 9.4% in 2012. The company's CEO said that the fourth quarter of 2012 "was another fairly steady volume quarter, considering the time of the year and the current economic and construction industry environment." Encore is more optimistic about the operating environment in 2013 and CEO Daniel Jones said most of Encore's electrical distributor customers have lean inventories so demand should be stronger.
Matthew Wonnacott

Encore reports lower sales in Q3 - 0 views

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    US wiring manufacturer Encore Wire released its financial results for Q3 and the nine months ending September 2012. Sales for Q3 were $269.2 million down y-o-y from $319.4 million. The company said lower prices for building wire and the lower copper price contributed to this. Net income for the quarter also fell y-o-y from $13.7 million in Q3 2011 to $5.5 million in Q3 2012. The company's CEO commented that "The third quarter of this year was another fairly steady volume quarter in the midst of this construction industry recession. There are signs of bright spots around the country and talk of some major projects, but for the most part we are still in the trough. Major projects are discussed but then get delayed due to uncertainties surrounding the global economy and the U.S. economy and political environment. The good news is that our volumes are not trending downward."
James Wright

USA - Encore Wire plans to introduce aluminium wire production lines at new production ... - 0 views

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    Encore Wire Corporation, a leading copper cable-maker for the building sector, has submitted plans to build a 202,000-square-foot facility in McKinney, TX to house aluminium wire production lines. The plans include the employment of 100 staff and the value of the project, which is reported to be $25M. Of Encore Wire's total cable production, it is estimated that 5% of sales revenue are from cable containing aluminium conductor.
Colin Bennett

Texas based Encore Wire earnings soar in third quarter due to increased building wire s... - 0 views

  • Encore Wire Corp’s earnings nearly tripled in the third quarter on stronger building wire sales.
Susanna Keung

Encore Wire Corporation announced results for Q2 2008 - 0 views

shared by Susanna Keung on 24 Jul 08 - Cached
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    Encore Wire's six months ended 30th June 2008 net sales were US$604.6M, an increase of 1.7% from same period last year. The increase appears to be the result of higher prices of building wire. Net income was US$15Mfor the six months ended 30thJune 2008 versus US$26.1M in 2007. In Q2, net sales were US$322.8M versus US$333.6M same period last year. Net income for Q2 was US$1.3M compared to US$19.7M in Q2 2007. Encore Wire said that the slowdown in construction activity in the US continues to impact their business as it has over the last two years. Moreover, a number of competitors in the industry have responded to the downturn by cutting wire prices to maintain market share.
Matthew Wonnacott

Southwire and Encore continue their opposition to JP Morgan copper ETF - 0 views

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    In an effort to overturn a decision by the US SEC to approve JP Morgan's plan for a physically-backed copper ETF, US-based wire and cable makers Southwire Co. and Encore Wire have taken their case to the Federal Appeals Court. The two companies argue that the ETF will cause "an investor-financed squeeze" in the copper market and would lead to a shortage of material for immediate delivery. The JP Morgan ETF will be indicative of the fortunes of another, larger, ETF which Blackrock hope to launch. A ruling by the SEC on this ETF was delayed in late December and is now due on 22nd February.
Colin Bennett

Encore Wire Reports First Quarter Results - 0 views

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    "The aluminum building wire products grew to 9.4% of net sales in the quarter, driven by a unit sales increase of 11.8% in the first quarter of 2015 versus the first quarter of 2014. "
Matthew Wonnacott

JP Morgan gets the go ahead for its physically backed copper ETF - 0 views

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    The Securities and Exchange Commission has approved JPMorgan Chase & Co's plan to launch a physically backed exchange-traded fund for copper in the US. Major end users of copper, including Southwire, Encore Wire, Luvata and AmRod have vigorously opposed the launch of the physically backed ETF. The consumers argue that the removal of 183,000t of copper from the market, 27% of current LME inventories, would have a "devastating" effect on the market by creating tightness in supply. US senator Carl Levin, who is also opposed to the launch of the fund, said that the ETF will "increase copper prices and volatility, and undermine market efforts to produce prices in response to supply and demand by copper users".
Matthew Wonnacott

US copper consumers setting the stage for another showdown with the SEC - 1 views

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    Physical copper consumers, including AmRod Corp., Southwire Co and Encore Wire Corp are setting the stage for another confrontation with the SEC over the controversial approval of JP Morgan's physically-backed copper ETF. In an open letter to the SEC from the group's lawyers, they reiterated claims that the ETF would leave less copper in the market for manufacturers, creating shortages and boosting prices. The group branded the decision from the SEC as "not based on substantial evidence" and "arbitrary and capricious." The consumers also said it was surprising that senior SEC executives met with JP Morgan's head of commodities days before the SEC announced their decision, whilst refusing to meet with representatives of the copper consumers. According to a report from the Financial Times, it is now thought likely that the group of consumers will appeal the SEC decision.
Matthew Wonnacott

BlackRock Gains SEC Approval for Copper-Backed Fund - 0 views

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    US-based asset manager Blackrock Inc has gained approval from the SEC for its proposed physically-backed copper ETF. A decision on the controversial ETF, which copper consumers argue will disrupt supply in the copper market and bid up prices, was originally due in December. Although the planned ETF has received approval from the SEC, it is likely that it will face legal challenges similar to those faced by JP Morgan. In an effort to overturn a decision by the US SEC to approve JP Morgan's plan for a physically-backed copper ETF, US-based wire and cable makers Southwire and Encore Wire have taken their case to the Federal Appeals Court.
Colin Bennett

Encore Wire building new aluminum building wire manufacturing plant - 0 views

  • We also strongly believe that our ability to offer aluminum building wire has helped to increase our copper building wire sales over the last 2 years. Over the trailing four quarters, our copper unit sales are up 13% over the previous four quarters. We believe that is due in some part to the fact we now also offer aluminum wire. We continue to believe that copper will be the conductor of choice in most building wire applications, but we will offer aluminum to those customers who want it. We will continue to canvass our independent manufacturer's representatives and our electrical distributor customers, to determine what products they are purchasing that may make sense for us to produce and sell.
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