![]() ![]() We captured this incremental market share by leveraging our single-site, vertically integrated campus, deep supplier relationships and strong employee base to quickly manufacture and ship finished goods to our customers despite the broader macro challenges faced in the sector. Copper and aluminum pounds shipped in the second quarter of 2023 increased by 13% and 78%, respectively, when compared to the second quarter of 2019. These results demonstrate a dynamic shift in volume shipped when compared to a pre-COVID baseline. With respect to volume, we’re pleased to have shipped a near record number of copper and aluminum pounds in the second quarter. Since then, we’ve invested heavily and continue to invest in improving our service model and efficiency levels to reduce cost, increased capacity and deepened vertical integration, which we believe should contribute to achieving sustained higher gross margin levels when compared to pre-COVID baselines. As we have discussed at length on prior earnings calls, copper margins began to gradually abate in mid-2021, and aluminum margins peaked in the fourth quarter of 2022. This quarter marked our ninth consecutive quarter of elevated margins despite our continued belief that we are in the midst of the period of gradual margin abatement. We appreciate your continued investment, confidence and support. Thank you for joining us on the call and for your interest in Encore Wire. Daniel?ĭaniel Jones: Good morning, everyone, and thank you, Bret and Chris. ![]() ![]() I’ll now turn the call over to Daniel for some opening remarks. Also, reconciliations of non-GAAP financial measures discussed during this conference call to the most directly comparable financial measures presented in accordance with GAAP, including EBITDA, which we believe to be useful supplemental information for investors are posted on our website. I refer each of you to the Company’s SEC reports and news releases for a more detailed discussion of these risks and uncertainties. In order to comply with certain securities legislation and instead of attempting to identify each particular statement as forward-looking, we advise you that all such statements involve certain risks and uncertainties that could cause actual results to differ materially from those discussed today. Before we review the financials, let me indicate that throughout this conference call, we may be making certain statements that might be considered to be forward-looking. After the financial review, we will take any questions you may have. In a minute, we will review Encore’s financial results for the second quarter ended June 30, 2023. With me this morning is Daniel Jones, President, CEO and Chairman of the Board. I’m Bret Eckert, Executive Vice President and Chief Financial Officer of Encore Wire. Good morning, and welcome to the Encore Wire Corporation quarterly conference call. Bret Eckert, Executive Vice President and Chief Financial Officer, you may begin.īret Eckert: Thank you, Chris. After the speakers’ remarks, there will be a question-and-answer session. All lines have been placed on mute to prevent any background noise. At this time, I’d like to welcome everyone to the Encore Wire Corporation Second Quarter 2023 Earnings Conference Call. My name is Chris, and I’ll be your conference operator today. ![]()
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