ENCORE WIRE CORP

CIK:0000850460|SEC Filings

Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 632,661	$ 660,492
Cost of goods sold	496,672	455,407
Gross profit	135,989	205,085
Selling, general, and administrative expenses	61,088	58,704
Operating income	74,901	146,381
Net interest and other income	7,330	9,174
Income before income taxes	82,231	155,555
Provision for income taxes	18,954	36,072
Net income	$ 63,277	$ 119,483
Earnings per common and common equivalent share - basic (in usd per share)	$ 4.02	$ 6.60
Earnings per common and common equivalent share - diluted (in usd per share)	$ 3.92	$ 6.50
Weighted average common and common equivalent shares outstanding - basic (in shares)	15,738	18,099
Weighted average common and common equivalent shares outstanding - diluted (in shares)	16,143	18,369
Cash dividends declared per share (in usd per share)	$ 0.02	$ 0.02

Statements of Cash Flow - USD ($) $ in Thousands	3 Months Ended
Statements of Cash Flow - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Operating Activities:
Net income	$ 63,277	$ 119,483
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,526	7,692
Deferred income taxes	(9)	(2,391)
Stock-based compensation attributable to equity awards	689	4,040
Other	221	673
Changes in operating assets and liabilities:
Accounts receivable	4,045	18,931
Inventories	(9,990)	(20,691)
Other assets	3,093	1,478
Trade accounts payable and accrued liabilities	(3,384)	(41,031)
Current income taxes receivable / payable	19,664	38,753
Net cash provided by operating activities	86,132	126,937
Investing Activities:
Purchases of property, plant and equipment	(34,242)	(31,768)
Proceeds from sale of assets	149	0
Net cash used in investing activities	(34,093)	(31,768)
Financing Activities:
Purchase of treasury stock	0	(128,252)
Proceeds from issuance of common stock, net	1,729	317
Dividends paid	(315)	(367)
Net cash provided by/(used in) financing activities	1,414	(128,302)
Net increase (decrease) in cash and cash equivalents	53,453	(33,133)
Cash and cash equivalents at beginning of period	560,635	730,557
Cash and cash equivalents at end of period	$ 614,088	$ 697,424

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 614,088	$ 560,635
Accounts receivable, net of allowance of $2,455 and $2,455	471,246	475,291
Inventories, net	173,669	163,679
Income tax receivable	0	4,769
Prepaid expenses and other	3,151	6,201
Total current assets	1,262,154	1,210,575
Property, plant and equipment, net	779,017	756,863
Other assets	369	474
Total assets	2,041,540	1,967,912
Current liabilities:
Trade accounts payable	84,355	80,548
Accrued liabilities	69,157	79,590
Income taxes payable	14,895	0
Total current liabilities	168,407	160,138
Long-term liabilities:
Deferred income taxes and other	60,176	60,197
Total long-term liabilities	60,176	60,197
Total liabilities	228,583	220,335
Commitments and contingencies
Stockholders’ equity:
Preferred stock value	0	0
Common stock value	274	273
Additional paid-in capital	108,452	106,035
Treasury stock, at cost – 11,661,524 and 11,661,524 shares	(867,222)	(867,222)
Retained earnings	2,571,453	2,508,491
Total stockholders’ equity	1,812,957	1,747,577
Total liabilities and stockholders’ equity	$ 2,041,540	$ 1,967,912