![]() In June 2023, the Company's Board of Directors increased the repurchase authorization back up to a full 2,000,000 shares of our common stock through March 31, 2024 Total cash outlay for share repurchases of $126.7 million during the quarter and $253.8 million YTD in 2023 Gross Profit of 26.1% in the second quarter of 2023 28.6% YTD in 2023Ĭash on hand of $667.8 million as of J$730.6 million as of December 31, 2022Ĭapital expenditures of $74.7 million YTD in 2023Ĭompany repurchased 772,931 shares during the quarter and 1,475,409 YTD in 2023 Second Quarter Net Income of $104.7 million YTD Net Income of $224.2 million Second Quarter Earnings per diluted share of $6.01 YTD Earnings per diluted share of $12.53 To read this article on click here.Encore Wire Corporation (NASDAQ Global Select: WIRE) ("Encore Wire" or the "Company") today announced results for the second quarter of 2023. Click to get this free reportĮncore Wire Corporation (WIRE) : Free Stock Analysis Report Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. >Send me my free report on the top 5 EV stocks Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. So, the fervor for EVs will be around long after gas prices normalize. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. Globally, electric car sales continue their remarkable growth even after breaking records in 2021. Shares of WIRE are now up +489% over the last decade to largely outperform the S&P 500’s +160% with Encore’s strong management, low debt, and cash on hand during economic uncertainty in the broader economy very reassuring.įree Report Reveals How You Could Profit from the Growing Electric Vehicle Industry Now may be a great time to buy Encore stock as its historical performance further supports the company’s current momentum, valuation, and growth. ![]() Even better, WIRE stock is up more than 30% in the last three months to easily top the benchmark and its Zacks Subindustry’s +19%. ![]() Encore impressively surpassed Q4 bottom-line expectations by 79% on EPS of $8.28 compared to estimates of $4.61.Įncore stock was up +19% in February with the S&P 500 down -2% and the Wire & Cable Products Market up +10%. ![]() The mild pullback over the last week may be healthy regarding more sustained upside as WIRE stock has soared following its fourth-quarter report on February 14. The recent pullback from its 52-week highs could certainly be a buying opportunity and Encore stock checks all the boxes for a buy-the-dip prospect as it relates to the Zacks Style Scores which serve as a complementary set of indicators to use alongside the Zacks Rank. Encore has been a primary beneficiary of what the company stated is a continued tightness in raw materials and the general inability of the sector to meet demand for the timely delivery of finished goods which has kept its bookings strong. ![]()
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