Aluminum spreads increased for both the quarter and year-to-date periods in 2022 compared to 2021. Copper spreads increased 22.0% on a year-to-date basis but decreased 4.4% on a comparative quarter basis. Comex copper prices decreased gradually throughout the second quarter while other raw material costs and inputs continued to rise. We believe existing market conditions and the current outlook support existing volume levels as well as support gross margin abatement continuing at a gradual pace.Ĭopper unit volumes increased 2.7% on a comparative quarter basis and 5.5% on a year-to-date basis. This marks the third consecutive quarter of volume growth driven by continued increased demand for data center, healthcare and renewable product solutions.
Volumes shipped were also up over first quarter 2022 levels. By continuing to execute on our core values of providing unbeatable customer service and high order fill rates, we were able to increase both copper and aluminum volumes shipped in the second quarter and year-to-date periods in 2022 over 2021 levels. Stable demand, coupled with global uncertainties, persistent tightness in the availability of certain raw materials, and the general inability of the sector to meet demand for the timely delivery of finished goods, kept spreads strong throughout the first half of 2022. Our manufacturing scale and flexibility, coupled with our value-added services, continue to drive jobsite efficiency. Our continued strong earnings in 2022 validate that our single-site campus model is a strategic competitive advantage in the market today, giving us unmatched flexibility to quickly pivot and adapt to ever-changing market dynamics. Jones, Chairman, President and Chief Executive Officer of Encore Wire Corporation, said, “The results for the second quarter of 2022 establish another high-water mark both financially and operationally for Encore Wire. Aluminum wire volumes and spreads have increased for both the quarter and six months ended Jcompared to the comparative periods in the prior year.Ĭommenting on the results, Daniel L. Fully diluted earnings per common share were $18.62 in the six months ended Jversus $10.81 in the six months ended June 30, 2021.Īluminum wire represented 15.0% and 13.4%, respectively, of our net sales in the quarter and six months ended June 30, 2022. Net income for the six months ended Jwas $372.1 million versus $224.2 million in the six months ended June 30, 2021.
The average selling price of wire per copper pound sold increased 15.6% in the six months ended Jversus the six months ended June 30, 2021, while the average cost of copper per pound purchased increased 10.2% for the same period comparison. Gross profit percentage for the six months ended Jwas 36.2% compared to 30.4% for the six months ended June 30, 2021. Copper unit volume, measured in pounds of copper contained in the wire sold, increased 5.5% in the six months ended Jversus the six months ended June 30, 2021. Net sales for the six months ended Jwere $1.561 billion compared to $1.189 billion for the six months ended June 30, 2021. Fully diluted earnings per common share were $10.71 in the second quarter of 2022 versus $8.82 in the second quarter of 2021 and $7.96 in the first quarter of 2022. Net income for the second quarter of 2022 was $210.5 million versus $183.1 million in the second quarter of 2021. The average selling price of wire per copper pound sold decreased 0.7% in the second quarter of 2022 versus the second quarter of 2021, while the average cost of copper per pound purchased increased 3.2%. Gross profit percentage for the second quarter of 2022 was 38.3% compared to 37.3% in the second quarter of 2021. Copper unit volume, measured in pounds of copper contained in the wire sold, increased 2.7% in the second quarter of 2022 versus the second quarter of 2021. Net sales for the second quarter ended Jwere $838.2 million compared to $744.4 million for the second quarter of 2021. Company repurchased 607,105 shares during the quarter repurchased 1,108,022 shares YTD in 2022.