Encore Wire Corporation (WIRE) has declared a cash dividend of two cents per share, scheduled for payment on January 15, 2021, to stockholders of record as of January 1, 2021. Chairman and CEO Daniel L. Jones emphasized that future dividends will depend on earnings and cash flow. The company is committed to managing its operations for long-term growth while maintaining a strong balance sheet. Encore Wire is a leading manufacturer of electrical building wire, focusing on customer service and low-cost production.
Encore Wire Corporation (NASDAQ: WIRE) reported strong financial results for Q3 2020, with earnings per diluted share of $1.02 and net income of $21.0 million, up from $16.4 million in Q3 2019. Year-to-date earnings per diluted share reached $2.51. The company maintained a robust balance sheet with $217.1 million in cash, no long-term debt, and a current ratio of 5.88. Despite a 7.1% decrease in copper unit volume year-over-year, net sales increased to $339.7 million, aided by a 12.0% rise in average selling price of wire. A quarterly dividend of $0.02 was also declared.
Encore Wire Corporation (NASDAQ: WIRE) will release its third quarter 2020 earnings on October 27, after market close. A conference call to discuss the results is scheduled for October 28 at 11:00 a.m. Eastern. The dial-in number for participants is 800-993-8735, with a confirmation code of 49908080. The conference call details will also be available on the company's website for replay. Encore Wire is a prominent manufacturer of electrical building wire, focusing on customer service and low-cost production.