Encore Wire Cp Down 3.85% To $154.88 After Earnings Miss

Jun 05, 2023

Encore Wire Cp (WIRE) said after close Tuesday that it earned $6.01 per share in quarter two 2023. On the revenue line, the company reported $636.5 million, missing estimates by $102.1 million.In the same quarter a year ago, the company earned $10.71 per share on revenue of $838.2 million. The stock is down 3.85% to $154.88 after the report.Encore Wire Cp's profit margins took a hit as earnings fell at a faster pace than revenues.Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.Prior to the report, InvestorsObserver gave the stock an overall score of 54. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.Encore Wire Corp is engaged in manufacturing electrical building wire and cable. It supplies building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments, and manufactured housing. The company's principal customers are wholesale electrical distributors, who sell building wire and a variety of other products to electrical contractors. Encore offers an electrical building wire product line that consists primarily of NM-B cable, UF-B cable, THHN/THWN-2, XHHW-2, RHH/RHW-2, and other types of wire products, including tray cable, metal-clad, and armored cable.