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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________
FORM 10-Q
___________________________________________
(Mark One) | | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
or | | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 000-20278
__________________________________________________________
ENCORE WIRE CORPORATION
(Exact name of registrant as specified in its charter)
__________________________________________________________ | | | | | | | | | | | |
Delaware | | 75-2274963 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | | |
1329 Millwood Road | | |
McKinney | Texas | | 75069 |
(Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (972) 562-9473
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $.01 per share | WIRE | The NASDAQ Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | |
Large accelerated Filer | ☒ | Accelerated filer | ☐ |
| | | |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | |
| | Emerging growth company | ☐ |
| | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Number of shares of Common Stock, par value $0.01, outstanding as of October 25, 2023: 15,776,307
ENCORE WIRE CORPORATION
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
Encore Wire Corporation
Balance Sheets
(In thousands, except share and per share data) | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| (Unaudited) | | (Audited) |
Assets | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 581,753 | | | $ | 730,557 | |
Accounts receivable, net of allowance of $2,455 and $3,800 | 495,179 | | | 498,762 | |
Inventories, net | 158,991 | | | 153,187 | |
Income tax receivable | 19,867 | | | 15,143 | |
Prepaid expenses and other | 8,766 | | | 3,992 | |
Total current assets | 1,264,556 | | | 1,401,641 | |
Property, plant and equipment, net | 713,937 | | | 616,601 | |
Other assets | 496 | | | 490 | |
Total assets | $ | 1,978,989 | | | $ | 2,018,732 | |
| | | |
Liabilities and Stockholders’ Equity | | | |
Current liabilities: | | | |
Trade accounts payable | $ | 80,914 | | | $ | 62,780 | |
Accrued liabilities | 80,502 | | | 81,381 | |
| | | |
Total current liabilities | 161,416 | | | 144,161 | |
Long-term liabilities: | | | |
Deferred income taxes and other | 55,881 | | | 55,905 | |
Total long-term liabilities | 55,881 | | | 55,905 | |
Total liabilities | 217,297 | | | 200,066 | |
Commitments and contingencies | | | |
Stockholders’ equity: | | | |
Preferred stock, $.01 par value: | | | |
Authorized shares – 2,000,000; none issued | — | | | — | |
Common stock, $.01 par value: | | | |
Authorized shares – 40,000,000; | | | |
Issued shares – 27,257,531 and 27,139,611 | 273 | | | 271 | |
Additional paid-in capital | 99,984 | | | 83,622 | |
Treasury stock, at cost – 11,185,224 and 8,999,732 shares | (781,244) | | | (402,639) | |
Retained earnings | 2,442,679 | | | 2,137,412 | |
Total stockholders’ equity | 1,761,692 | | | 1,818,666 | |
Total liabilities and stockholders’ equity | $ | 1,978,989 | | | $ | 2,018,732 | |
See accompanying notes.
Encore Wire Corporation
Statements of Income
(In thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | |
| Quarter Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (Unaudited) | | (Unaudited) |
| | | | | | | |
Net sales | $ | 636,991 | | | $ | 762,363 | | | $ | 1,933,944 | | | $ | 2,323,670 | |
Cost of goods sold | 488,749 | | | 462,916 | | | 1,414,469 | | | 1,459,704 | |
Gross profit | 148,242 | | | 299,447 | | | 519,475 | | | 863,966 | |
| | | | | | | |
Selling, general, and administrative expenses | 50,279 | | | 55,291 | | | 147,654 | | | 141,908 | |
Operating income | 97,963 | | | 244,156 | | | 371,821 | | | 722,058 | |
| | | | | | | |
Net interest and other income | 8,601 | | | 3,087 | | | 25,842 | | | 3,850 | |
Income before income taxes | 106,564 | | | 247,243 | | | 397,663 | | | 725,908 | |
| | | | | | | |
Provision for income taxes | 24,512 | | | 55,470 | | | 91,387 | | | 162,065 | |
Net income | $ | 82,052 | | | $ | 191,773 | | | $ | 306,276 | | | $ | 563,843 | |
Earnings per common and common equivalent share – basic | $ | 4.93 | | | $ | 10.11 | | | $ | 17.73 | | | $ | 28.98 | |
Earnings per common and common equivalent share – diluted | $ | 4.82 | | | $ | 9.97 | | | $ | 17.40 | | | $ | 28.57 | |
Weighted average common and common equivalent shares outstanding – basic | 16,638 | | | 18,968 | | | 17,271 | | | 19,459 | |
Weighted average common and common equivalent shares outstanding – diluted | 17,007 | | | 19,243 | | | 17,597 | | | 19,733 | |
Cash dividends declared per share | $ | 0.02 | | | $ | 0.02 | | | $ | 0.06 | | | $ | 0.06 | |
See accompanying notes.
Encore Wire Corporation
Statements of Stockholders' Equity
(In thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
2023 | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Total Stockholders' Equity |
(Unaudited) | Shares | Amount | Shares | Amount |
Balance at December 31, 2022 | 27,139 | | $ | 271 | | $ | 83,622 | | (9,000) | | $ | (402,639) | | $ | 2,137,412 | | $ | 1,818,666 | |
Net income | — | | — | | — | | — | | — | | 119,483 | | 119,483 | |
Exercise of stock options | 10 | | — | | 316 | | — | | — | | — | | 316 | |
Stock-based compensation | 93 | | 1 | | 4,040 | | — | | — | | — | | 4,041 | |
Dividend declared—$0.02 per share | — | | — | | — | | — | | — | | (350) | | (350) | |
Purchase of treasury stock | — | | — | | — | | (702) | | (128,252) | | — | | (128,252) | |
Balance at March 31, 2023 | 27,242 | | $ | 272 | | $ | 87,978 | | (9,702) | | $ | (530,891) | | $ | 2,256,545 | | $ | 1,813,904 | |
Net income | — | | — | | — | | — | | — | | 104,741 | | 104,741 | |
Exercise of stock options | 2 | | — | | 103 | | — | | — | | — | | 103 | |
Stock-based compensation | 9 | | — | | 6,387 | | — | | — | | — | | 6,387 | |
Dividend declared—$0.02 per share | — | | — | | — | | — | | — | | (336) | | (336) | |
Purchase of treasury stock | — | | — | | — | | (773) | | (127,907) | | — | | (127,907) | |
Balance at June 30, 2023 | 27,253 | | $ | 272 | | $ | 94,468 | | (10,475) | | $ | (658,798) | | $ | 2,360,950 | | $ | 1,796,892 | |
Net income | — | | — | | — | | — | | — | | 82,052 | | 82,052 | |
| | | | | | | |
Stock-based compensation | 5 | | 1 | | 5,516 | | — | | — | | — | | 5,517 | |
Dividend declared—$0.02 per share | — | | — | | — | | — | | — | | (323) | | (323) | |
Purchase of treasury stock | — | | — | | — | | (710) | | (122,446) | | — | | (122,446) | |
Balance at September 30, 2023 | 27,258 | | $ | 273 | | $ | 99,984 | | (11,185) | | $ | (781,244) | | $ | 2,442,679 | | $ | 1,761,692 | |
| | | | | | | | | | | | | | | | | | | | | | | |
2022 | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Total Stockholders' Equity |
(Unaudited) | Shares | Amount | Shares | Amount |
Balance at December 31, 2021 | 27,083 | | $ | 271 | | $ | 72,753 | | (6,944) | | $ | (155,014) | | $ | 1,421,079 | | $ | 1,339,089 | |
Net income | — | | — | | — | | — | | — | | 161,531 | | 161,531 | |
Exercise of stock options | 3 | | — | | 155 | | — | | — | | — | | 155 | |
Stock-based compensation | 42 | | — | | 1,939 | | — | | — | | — | | 1,939 | |
Dividend declared—$0.02 per share | — | | — | | — | | — | | — | | (394) | | (394) | |
Purchase of treasury stock | — | | — | | — | | (501) | | (58,383) | | — | | (58,383) | |
Balance at March 31, 2022 | 27,128 | | $ | 271 | | $ | 74,847 | | (7,445) | | $ | (213,397) | | $ | 1,582,216 | | $ | 1,443,937 | |
Net income | — | | — | | — | | — | | — | | 210,538 | | 210,538 | |
| | | | | | | |
Stock-based compensation | 5 | | — | | 3,276 | | — | | — | | — | | 3,276 | |
Dividend declared—$0.02 per share | — | | — | | — | | — | | — | | (382) | | (382) | |
Purchase of treasury stock | — | | — | | — | | (607) | | (73,473) | | — | | (73,473) | |
Balance at June 30, 2022 | 27,133 | | $ | 271 | | $ | 78,123 | | (8,052) | | $ | (286,870) | | $ | 1,792,372 | | $ | 1,583,896 | |
Net income | — | | — | | — | | — | | — | | 191,773 | | 191,773 | |
Exercise of stock options | 1 | | — | | 52 | | — | | — | | — | | 52 | |
Stock-based compensation | 6 | | — | | 2,755 | | — | | — | | — | | 2,755 | |
Dividend declared—$0.02 per share | — | | — | | — | | — | | — | | (367) | | (367) | |
Purchase of treasury stock | — | | — | | — | | (786) | | (93,392) | | — | | (93,392) | |
Balance at September 30, 2022 | 27,140 | | $ | 271 | | $ | 80,930 | | (8,838) | | $ | (380,262) | | $ | 1,983,778 | | $ | 1,684,717 | |
See accompanying notes.
Encore Wire Corporation
Statements of Cash Flow
(In thousands) | | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
| (Unaudited) |
| | | |
Operating Activities: | | | |
Net income | $ | 306,276 | | | $ | 563,843 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 23,891 | | | 19,035 | |
Provision for bad debt | 1,345 | | | — | |
Deferred income taxes | 4 | | | 10,339 | |
Stock-based compensation attributable to equity awards | 15,943 | | | 7,971 | |
Other | 2,217 | | | 110 | |
Changes in operating assets and liabilities: | | | |
Accounts receivable | 2,238 | | | (70,543) | |
Inventories | (5,804) | | | (35,371) | |
Other assets | (4,855) | | | (17,020) | |
Trade accounts payable and accrued liabilities | 8,858 | | | (9,796) | |
Current income taxes receivable / payable | (4,724) | | | (2,255) | |
Net cash provided by operating activities | 345,389 | | | 466,313 | |
| | | |
Investing Activities: | | | |
Purchases of property, plant and equipment | (118,564) | | | (105,509) | |
Proceeds from sale of assets | 12 | | | — | |
| | | |
Net cash used in investing activities | (118,552) | | | (105,509) | |
| | | |
Financing Activities: | | | |
| | | |
Purchase of treasury stock | (375,008) | | | (225,248) | |
| | | |
| | | |
Proceeds from issuance of common stock, net | 421 | | | 206 | |
Dividends paid | (1,054) | | | (1,170) | |
Net cash used in financing activities | (375,641) | | | (226,212) | |
| | | |
Net increase (decrease) in cash and cash equivalents | (148,804) | | | 134,592 | |
Cash and cash equivalents at beginning of period | 730,557 | | | 438,990 | |
Cash and cash equivalents at end of period | $ | 581,753 | | | $ | 573,582 | |
See accompanying notes.
ENCORE WIRE CORPORATION
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
September 30, 2023
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The unaudited financial statements of Encore Wire Corporation (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Results of operations for interim periods presented do not necessarily indicate the results that may be expected for the entire year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
In March 2020, the World Health Organization (the "WHO") declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide, and, in May 2023, the WHO determined COVID-19 is now an established and ongoing health issue that no longer constitutes a public health emergency of international concern. The Company has not experienced a material impact on its business or its liquidity on account of COVID-19 and is unable to predict any reemergence of any outbreak or its potential long-term impact on our business.
Revenue Recognition
Our revenue is derived by fulfilling customer orders for the purchase of our products, which include electrical building wire and cable. We recognize revenue at the point in time that control of the ordered products is transferred to the customer, which is typically upon shipment to the customer from our manufacturing facilities and based on agreed upon shipping terms on the related purchase order. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis through standard payment terms.
Revenue is measured as the amount of consideration we expect to receive in exchange for fulfilling product orders. The amount of consideration we expect to receive includes estimates for trade payment discounts and customer rebates, which are estimated using historical experience and other relevant factors, and are recorded within the same period that the revenue is recognized. We review and update these estimates regularly and the impact of any adjustments are recognized in the period the adjustments are identified. The adjustments resulting from updated estimates of trade payment discounts and customer rebates were not material.
Recent Accounting Pronouncements
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the sole source of authoritative U.S. GAAP, along with the Securities and Exchange Commission (“SEC”) and Public Company Accounting Oversight Board (“PCAOB”) issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standard Update (“ASU”) to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. No new standards have been adopted in 2023.
NOTE 2 – INVENTORIES
Inventories consist of the following: | | | | | | | | | | | |
In Thousands | September 30, 2023 | | December 31, 2022 |
| | | |
Raw materials | $ | 52,442 | | | $ | 69,567 | |
Work-in-process | 53,586 | | | 42,611 | |
Finished goods | 151,041 | | | 138,943 | |
Total Inventory at FIFO cost | 257,069 | | | 251,121 | |
Adjust to LIFO cost | (98,078) | | | (97,934) | |
| | | |
Inventory, net | $ | 158,991 | | | $ | 153,187 | |
Inventories are stated at the lower of cost, determined by the last-in, first-out (“LIFO”) method, or market. The Company maintains two inventory pools for LIFO purposes. As permitted by U.S. GAAP, the Company maintains its inventory costs and cost of goods sold on a first-in, first-out (“FIFO”) basis and makes a monthly adjustment to total inventory and cost of goods sold from FIFO to LIFO. The Company applies the lower of cost or market (“LCM”) test by comparing the LIFO cost of its raw materials, work-in-process and finished goods inventories to estimated market values, which are based primarily on the most recent quoted market price of copper and other material prices as of the end of each reporting period. The Company performs a lower of cost or market calculation quarterly. As of September 30, 2023, no LCM adjustment was required. However, decreases in copper and other material prices could necessitate establishing an LCM reserve in future periods. Additionally, future reductions in the quantity of inventory on hand could cause copper or other raw materials that are carried in inventory at costs different from the cost of copper and other raw materials in the period in which the reduction occurs to be included in costs of goods sold for that period at the different price.
In the third quarter of 2023, LIFO adjustments were recorded that decreased cost of goods sold by $5.1 million, compared to LIFO adjustments that decreased cost of goods sold by $24.4 million in the third quarter of 2022. In the nine months ended September 30, 2023, LIFO adjustments were recorded that increased cost of goods sold by $0.1 million, compared to LIFO adjustments that decreased cost of goods sold by $23.0 million in the nine months ended September 30, 2022.
NOTE 3 - PROPERTY, PLANT and EQUIPMENT
Property, plant and equipment consists of the following:
| | | | | | | | | | | |
In Thousands | September 30, 2023 | | December 31, 2022 |
| | | |
Land and land improvements | $ | 89,730 | | | $ | 85,286 | |
Construction-in-progress | 164,158 | | | 125,809 | |
Buildings and improvements | 283,574 | | | 232,758 | |
Machinery and equipment | 459,542 | | | 438,303 | |
Furniture and fixtures | 16,123 | | | 15,178 | |
Property, plant and equipment, gross | 1,013,127 | | | 897,334 | |
Accumulated depreciation | (299,190) | | | (280,733) | |
Property, plant and equipment, net | $ | 713,937 | | | $ | 616,601 | |
In the third quarter of 2023, depreciation expense was $8.1 million, compared to $6.5 million in the third quarter of 2022. Depreciation expense was $23.8 million in the nine months ended September 30, 2023, compared to $19.0 million in the nine months ended September 30, 2022.
NOTE 4 – ACCRUED LIABILITIES
Accrued liabilities consist of the following: | | | | | | | | | | | |
In Thousands | September 30, 2023 | | December 31, 2022 |
| | | |
Sales rebates payable | $ | 34,838 | | | $ | 40,909 | |
SAR Liability | 18,125 | | | 20,282 | |
Property taxes payable | 4,792 | | | 5,287 | |
Accrued salaries | 16,596 | | | 7,616 | |
Other accrued liabilities | 6,151 | | | 7,287 | |
Total accrued liabilities | $ | 80,502 | | | $ | 81,381 | |
NOTE 5 – INCOME TAXES
Income taxes were accrued at an effective rate of 23.0% in the third quarter of 2023 versus 22.4% in the third quarter of 2022, consistent with the Company’s estimated liabilities. In all periods, the differences between the provisions for income taxes and the income taxes computed using the federal income tax statutory rate are due primarily to the incremental taxes accrued for state and local taxes and the Section 162(m) limitation on executive compensation.
NOTE 6 – EARNINGS PER SHARE
Earnings per common and common equivalent share is computed using the weighted average number of shares of common stock and common stock equivalents outstanding during each period. If dilutive, the effect of stock awards, treated as common stock equivalents, is calculated using the treasury stock method.
The following table sets forth the computation of basic and diluted earnings per share: | | | | | | | | | | | | | | | | | | | | | | | |
| Quarter Ended September 30, | | Nine Months Ended September 30, |
In Thousands | 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | |
Numerator: | | | | | | | |
Net income | $ | 82,052 | | | $ | 191,773 | | | $ | 306,276 | | | $ | 563,843 | |
| | | | | | | |
Denominator: | | | | | | | |
Denominator for basic earnings per share – weighted average shares | 16,638 | | | 18,968 | | | 17,271 | | | 19,459 | |
| | | | | | | |
Effect of dilutive securities: | | | | | | | |
Employee stock awards | 369 | | | 275 | | | 326 | | | 274 | |
| | | | | | | |
Denominator for diluted earnings per share – weighted average shares | 17,007 | | | 19,243 | | | 17,597 | | | 19,733 | |
There were no anti-dilutive employee stock awards excluded from the determination of diluted earnings per common and common equivalent shares for the third quarter or nine months ended September 30, 2023 or 2022.
NOTE 7 – DEBT
On February 9, 2021, the Company terminated its previous credit agreement and entered into a new Credit Agreement (the “2021 Credit Agreement”) with two banks, Bank of America, N.A., as administrative agent and letter of credit issuer, and Wells Fargo Bank, National Association, as syndication agent. The 2021 Credit Agreement extends through February 9, 2026 and provides for maximum borrowings of $200.0 million. At our request, and subject to certain conditions, the commitments under
the 2021 Credit Agreement may be increased by a maximum of up to $100.0 million as long as existing or new lenders agree to provide such additional commitments.
The 2021 Credit Agreement contains provisions to replace LIBOR with a replacement rate as described in the 2021 Credit Agreement. On October 20, 2022, the Company entered into the First Amendment to the 2021 Credit Agreement (the "Amended 2021 Credit Agreement") which replaced LIBOR with BSBY as permitted under the 2021 Credit Agreement. Borrowings under the line of credit bear interest, at the Company’s option, at either (1) BSBY plus a margin that varies from 1.000% to 1.875% depending upon the Leverage Ratio (as defined in the 2021 Credit Agreement), or (2) the base rate (which is the highest of the federal funds rate plus 0.5%, the prime rate, or BSBY plus 1.0%) plus 0% to 0.375% (depending upon the Leverage Ratio). A commitment fee ranging from 0.200% to 0.325% (depending upon the Leverage Ratio) is payable on the unused line of credit. As of September 30, 2023, there were no borrowings outstanding under the Amended 2021 Credit Agreement, and letters of credit outstanding in the amount of $0.3 million left $199.7 million of credit available under the Amended 2021 Credit Agreement. Obligations under the Amended 2021 Credit Agreement are the only contractual borrowing obligations or commercial borrowing commitments of the Company. The foregoing description of the Amended 2021 Credit Agreement is not complete and is qualified in its entirety by reference to the full text of the Amended 2021 Credit Agreement (filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, and incorporated herein by reference).
Obligations under the Amended 2021 Credit Agreement are unsecured and contain customary covenants and events of default. The Company was in compliance with the covenants as of and for the period ended September 30, 2023.
NOTE 8 – STOCKHOLDERS’ EQUITY
On November 10, 2006, the Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to an authorized number of shares of its common stock from time to time in open market or private transactions, at the Company's discretion. This authorization originally expired on December 31, 2007, and the Company’s Board of Directors has authorized several increases and annual extensions of this stock repurchase program, most recently in June 2023, authorizing the repurchase of up to 2,000,000 shares of our common stock. As of September 30, 2023, 1,289,917 shares remained authorized for repurchase through March 31, 2024. The Company repurchased 2,185,492 shares of our stock in the nine months ended September 30, 2023 compared to 1,893,769 shares in the nine months ended September 30, 2022.
NOTE 9 - CONTINGENCIES
There are no material pending proceedings to which the Company is a party or to which any of its property is subject. However, the Company is from time to time involved in litigation, certain other claims and arbitration matters arising in the ordinary course of its business.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Encore Wire Corporation is a leading manufacturer of a broad range of copper and aluminum electrical wire and cables, supplying power generation and distribution solutions to meet our customers’ needs today and in the future. The Company focuses on maintaining a low-cost of production while providing exceptional customer service and quickly shipping complete orders coast-to-coast. Our products are proudly made in America at our vertically-integrated, single-site, Texas campus.
As discussed in Note 1, the reemergence of an outbreak of COVID-19, or any of its ongoing variants, and its potential long-term impact on our business remains uncertain. Although the Company has not experienced a material impact on its business or its liquidity on account of COVID-19, we have limited visibility into the extent to which market demand for our products, as well as sector manufacturing and distribution capacity, would be impacted by the reemergence of an outbreak.
The Company’s operating results in any given period are driven by several key factors, including the volume of product produced and shipped, the cost of copper and other raw materials, the competitive pricing environment in the wire industry and the resulting influence on gross margin, and the efficiency with which the Company’s plants operate during the period, among others. Price competition for electrical wire and cable is intense, and the Company sells its products in accordance with prevailing market prices. Copper, a commodity product, is the principal raw material used by the Company in manufacturing its products. The price of copper fluctuates depending on general economic conditions, in relation to supply and demand, and other factors, which causes monthly variations in the cost of the Company’s purchased copper. Additionally, the SEC allows shares of certain physically backed copper exchange-traded funds (“ETFs”) to be listed and publicly traded. Such funds and other copper ETFs like them hold copper cathode as collateral against their shares. The acquisition of copper cathode by copper ETFs may materially decrease or interrupt the availability of copper for immediate delivery in the United States, which could materially increase the Company’s cost of copper. In addition to raising copper prices and potential supply shortages, we believe that ETFs and similar copper-backed derivative products could lead to increased price volatility for copper. The Company cannot predict copper prices or the effect of fluctuations in the cost of copper on the Company’s future operating
results. Wire prices can, and frequently do, change on a daily basis. This competitive pricing market for wire does not always mirror changes in copper prices, making margins highly volatile. The tables below highlight the range of closing prices of copper on a per pound basis on the Comex exchange for the periods shown.
COMEX COPPER CLOSING PRICE 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| July 2023 | | August 2023 | | September 2023 | | Quarter Ended September 30, 2023 | | Nine Months Ended September 30, 2023 |
High | $ | 3.99 | | | $ | 3.89 | | | $ | 3.81 | | | $ | 3.99 | | | $ | 4.27 | |
Low | 3.72 | | | 3.65 | | | 3.63 | | | 3.63 | | | 3.55 | |
Average | 3.84 | | | 3.76 | | | 3.72 | | | 3.77 | | | 3.90 | |
COMEX COPPER CLOSING PRICE 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| July 2022 | | August 2022 | | September 2022 | | Quarter Ended September 30, 2022 | | Nine Months Ended September 30, 2022 |
High | $ | 3.62 | | | $ | 3.71 | | | $ | 3.63 | | | $ | 3.71 | | | $ | 4.93 | |
Low | 3.21 | | | 3.47 | | | 3.31 | | | 3.21 | | | 3.21 | |
Average | 3.40 | | | 3.62 | | | 3.48 | | | 3.50 | | | 4.12 | |
The following discussion and analysis relate to factors that have affected the operating results of the Company for the quarters and nine months ended September 30, 2023 and 2022. Reference should also be made to the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Results of Operations
Quarter Ended September 30, 2023 Compared to Quarter Ended September 30, 2022
Net sales were $637.0 million in the third quarter of 2023 compared to $762.4 million in the third quarter of 2022. Copper unit volume, measured in pounds of copper contained in the wire sold, increased 6.4% in the third quarter of 2023 versus the third quarter of 2022. Aluminum wire represented 12.5% of net sales in the third quarter of 2023 compared to 17.4% of net sales in the third quarter of 2022. The decrease in net sales dollars was driven by an anticipated decrease in the average selling price in the third quarter of 2023 compared to the third quarter of 2022.
Cost of goods sold was $488.7 million, or 76.7% of net sales, in the third quarter of 2023, compared to $462.9 million, or 60.7% of net sales in the third quarter of 2022. Gross profit decreased to $148.2 million, or 23.3% of net sales, in the third quarter of 2023 from $299.4 million, or 39.3% of net sales in the third quarter of 2022.
Gross profit percentage for the third quarter of 2023 was 23.3% compared to 39.3% in the third quarter of 2022. The average selling price of wire per copper pound sold decreased 16.8% in the third quarter of 2023 versus the third quarter of 2022, while the average cost of copper per pound purchased increased 4.6%. This resulted in the continued gradual, albeit slowing, abatement of copper spreads during the quarter, primarily driven by the decrease in the average selling price of copper pounds sold noted above, which resulted in the decreased gross profit margin in the third quarter of 2023 compared to the third quarter of 2022.
Total raw material cost as a percentage of sales increased to 66.2% in the third quarter of 2023, from 52.6% in the third quarter of 2022. Overhead costs increased to 10.5% of net sales in the third quarter of 2023, from 8.1% of net sales in the third quarter of 2022. Overhead costs contain some fixed and semi-fixed components which do not fluctuate as much as sales dollars fluctuate.
Selling expenses, consisting of commissions and freight, for the third quarter of 2023 were $28.6 million, or 4.5% of net sales, compared to $34.8 million, or 4.6% of net sales in the third quarter of 2022. Commissions paid to independent manufacturers’ representatives are paid as a relatively stable percentage of sales dollars and exhibited little change as a percentage of sales. Freight costs as a percentage of net sales were 2.0% of net sales in the third quarter of 2023, consistent with such percentage in the third quarter of 2022. General and administrative (“G&A”) expenses for the third quarter of 2023 were $21.6 million, or 3.4% of net sales, compared to $20.5 million, or 2.7% of net sales, in the third quarter of 2022.
Net interest and other income was $8.6 million in the third quarter of 2023 compared to $3.1 million in the third quarter of 2022. The increase in net interest and other income was primarily driven by an increase in interest income.
Nine Months Ended September 30, 2023 Compared to Nine Months Ended September 30, 2022
Net sales for the first nine months of 2023 were $1.934 billion compared to net sales of $2.324 billion for the first nine months of 2022. Copper unit volume, measured in pounds of copper contained in the wire sold, increased 2.7% in the first nine months of 2023 versus the first nine months of 2022. Aluminum wire represented 13.8% of net sales in the first nine months of 2023 compared to 14.7% in the first nine months of 2022. The decrease in net sales dollars was driven by an anticipated decrease in the average selling price in the first nine months of 2023 compared to the first nine months of 2022.
Cost of goods sold was $1.414 billion, or 73.1% of net sales, in the first nine months of 2023, compared to $1.460 billion, or 62.8% of net sales in the first nine months of 2022. Gross profit decreased to $519.5 million, or 26.9% of net sales, in the first nine months of 2023 from $864.0 million, or 37.2% of net sales in the first nine months of 2022.
Gross profit percentage for the nine months ended September 30, 2023 was 26.9% compared to 37.2% during the first nine months of 2022. The average selling price of wire per copper pound sold decreased 18.1% in the first nine months of 2023 versus the first nine months of 2022, while the average cost of copper per pound purchased decreased 5.3%. This resulted in the gradual abatement of copper spreads during the first nine months of 2023 versus the first nine months of 2022.
During the first nine months of 2023, LIFO adjustments increasing cost of goods sold by $0.1 million were recorded. During the same period in 2022, LIFO adjustments were recorded decreasing cost of goods sold by $23.0 million. Based on current copper prices, no LCM adjustment was recorded. Future reductions in the price of copper could require the Company to record an LCM adjustment against the related inventory balance, which would result in a negative impact on net income.
Selling expenses for the first nine months of 2023 decreased to $86.5 million, or 4.5% of net sales, from $101.7 million, or 4.4% of net sales in the same period of 2022. Commissions paid to independent manufacturers’ representatives are paid as a relatively stable percentage of sales dollars and exhibited little change as a percentage of sales. Freight costs for the first nine months of 2023 were 2.0% of net sales, compared to 1.9% for the same period in 2022. G&A expenses were $62.5 million, or 3.2% of net sales in the first nine months of 2023 compared to $40.2 million, or 1.7% of net sales in the first nine months of 2022. The increase in G&A in the first nine months of 2023 was primarily due to an increase in Stock Appreciation Rights ("SARs") expense charges driven by the increase in our stock price at September 30, 2023 versus December 31, 2022. We recorded $16.9 million in SARs expense in the first nine months of 2023 compared to a breakeven SARs benefit in the first nine months of 2022, resulting in a $16.9 million increase in SARs expense. No SARs were granted subsequent to January of 2020. The increased SARs expense was partially offset by a decrease in selling expenses period-over-period.
Net interest and other income was $25.8 million in the first nine months of 2023 compared to $3.9 million in the first nine months of 2022. The increase in net interest and other income was primarily driven by an increase in interest income.
Liquidity and Capital Resources
The Company maintains a substantial inventory of finished products to satisfy customers’ delivery requirements promptly. As is customary in the building wire industry, the Company provides payment terms to most of its customers that exceed terms that it receives from its suppliers. Copper suppliers generally give very short payment terms (less than 15 days) while the Company and the building wire industry give customers much longer terms. In general, the Company’s standard payment terms result in the collection of a significant majority of net sales within approximately 75 days of the date of invoice. As a result of this timing difference, building wire companies must have sufficient cash and access to capital resources to finance their working capital needs, thereby creating a barrier to entry for companies who do not have sufficient liquidity and capital resources. The two largest components of working capital, receivables and inventory, and to a lesser extent, capital expenditures, are the primary drivers of the Company’s liquidity needs. Generally, these needs will cause the Company’s cash balance to rise and fall inversely to the receivables and inventory balances. The Company’s receivables and inventories will rise and fall in concert with several factors, most notably the price of copper and other raw materials and the level of unit sales. Capital expenditures have historically been necessary to expand and update the production capacity of the Company’s manufacturing operations. The Company has historically satisfied its liquidity and capital expenditure needs with cash generated from operations and borrowings under its various debt arrangements. The Company historically uses its revolving credit facility to manage day to day operating cash needs as required by daily fluctuations in working capital and has the facility in place should such a need arise in the future.
For more information on the Company’s revolving credit facility, see Note 7 to the Company’s financial statements included in Item 1 to this report, which is incorporated herein by reference.
Cash provided by operating activities was $345.4 million in the first nine months of 2023 compared to cash provided of $466.3 million in the first nine months of 2022. The following changes in components of cash flow from operations were notable. The Company had net income of $306.3 million in the first nine months of 2023 compared to net income of $563.8 million in the first nine months of 2022. Accounts receivable decreased $2.2 million in the first nine months of 2023 compared to increasing
$70.5 million in the first nine months of 2022. Accounts receivable generally fluctuates in proportion to dollar sales and, to a lesser extent, are affected by the timing of when sales occur during a given quarter. With an average of 60 to 75 days of sales outstanding, quarters in which sales are more back-end loaded will have higher accounts receivable balances outstanding at quarter-end. Inventory net increased $5.8 million in the first nine months of 2023 compared to increasing $35.4 million in the first nine months of 2022. Trade accounts payable and accrued liabilities favorably impacted cash by $8.9 million in the first nine months of 2023 versus negatively impacting cash by $9.8 million in the first nine months of 2022. In the first nine months of 2023, changes in current and deferred taxes negatively impacted cash by $4.7 million versus $8.1 million of favorable impact in the first nine months of 2022. These changes in cash flow were the primary drivers of the $120.9 million decrease in cash flows provided by operating activities in the first nine months of 2023 compared to the first nine months of 2022.
Cash used in investing activities increased to $118.6 million in the first nine months of 2023 from $105.5 million in the first nine months of 2022.
Cash used in financing activities in the first nine months of 2023 consisted of $375.0 million paid to purchase our stock, $1.1 million of cash dividends paid, and $0.4 million of proceeds from exercised stock options. These activities in cash flow used $375.6 million of cash in financing activities for the first nine months of 2023 compared to $226.2 million used in the first nine months of 2022. For the nine months ended September 30, 2023 and 2022, the Company did not access its revolving line of credit.
The Company’s cash balance was $581.8 million at September 30, 2023 compared to $573.6 million at September 30, 2022.
During the remainder of 2023, the Company expects its capital expenditures will consist primarily of expenditures related to the purchases of manufacturing equipment throughout its facilities to update equipment and the previously announced expansion plans which remain on schedule. The incremental investments previously announced continue in earnest, focused on broadening our position as a low-cost manufacturer in the sector and increasing manufacturing capacity to drive growth. In 2022 we began construction on a new, state of the art, cross-link polyethylene (XLPE) compounding facility to deepen vertical integration related to wire and cable insulation. XLPE insulation today is used in many applications including Data Centers, Oil and Gas, Transit, Waste-Water Treatment facilities, Utilities and Wind and Solar applications. The new facility is substantially complete. Capital spending in the remainder of 2023 through 2025 will further expand vertical integration in our manufacturing processes to reduce costs as well as modernize select wire manufacturing facilities to increase capacity and efficiency and improve our position as a sustainable and environmentally responsible company. Total capital expenditures were $148.4 million in 2022. We expect total capital expenditures to range from $160 - $170 million in the full year of 2023, $150 - $170 million in 2024, and $80 - $100 million in 2025. We expect to continue to fund these investments with existing cash reserves and operating cash flows.
Critical Accounting Estimates and Policies
Management’s discussion and analysis of its financial condition and results of operations are based upon the Company’s financial statements, which have been prepared in accordance with U.S. GAAP. The Company’s unaudited financial statements are impacted by the accounting policies used and the estimates and assumptions made by management in their preparation. See Note 1 to the notes to the financial statements for information on the Company’s significant accounting policies.
As of September 30, 2023, there have been no significant changes to the Company’s critical accounting policies and related estimates previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Information Regarding Forward-Looking Statements
This quarterly report on Form 10-Q contains various “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as: “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”, “future”, “likely”, “may”, “should”, “will” and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Therefore, you should not rely on any of these forward-looking statements. Examples of such uncertainties and risks include, but are not limited to, statements about the pricing environment of copper, aluminum and other raw materials, the duration, magnitude and impact of the ongoing COVID-19 global pandemic, along with any ongoing variants, our order fill rates, profitability and stockholder value, payment of future dividends, future purchases of stock, the impact of competitive pricing and other risks detailed from time to time in the Company’s reports filed with the SEC. Actual results may vary materially from those anticipated. Any forward-looking statement made by us in this report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. For more information regarding “forward-looking statements,” see “Information Regarding Forward-Looking Statements” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which is hereby incorporated by reference.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
There have been no material changes from the information provided in Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Item 4. Controls and Procedures.
The Company maintains controls and procedures designed to ensure that information required to be disclosed by it in the reports it files with or submits to the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and to ensure that information required to be disclosed by the Company in such reports is accumulated and communicated to the Company’s management, including the Chief Executive and Chief Financial Officers, as appropriate, to allow timely decisions regarding required disclosure. Based on an evaluation of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report conducted by the Company’s management, with the participation of the Chief Executive and Chief Financial Officers, the Chief Executive and Chief Financial Officers concluded that the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports it files with or submits to the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and to ensure that information required to be disclosed by the Company in such reports is accumulated and communicated to the Company’s management, including the Chief Executive and Chief Financial Officers, as appropriate, to allow timely decisions regarding required disclosure.
There have been no changes in the Company’s internal control over financial reporting or in other factors that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting during the period covered by this report.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
For information on the Company’s legal proceedings, see Note 9 to the Company’s financial statements included in Item 1 to this report and incorporated herein by reference.
Item 1A. Risk Factors.
There have been no material changes to the Company’s risk factors as disclosed in Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Note 8 to the Company’s financial statements included in Item 1 to this report is hereby incorporated herein by reference.
The following table provides information relating to our purchases of shares of our common stock during the three months ended September 30, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | | (b) | | (c) | | (d) |
Period | | Total Number of Shares Purchased | | Average Price Paid Per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) |
July 2023 | | — | | | $ | — | | | — | | | 2,000,000 | |
August 2023 | | 116,269 | | | 163.86 | | | 116,269 | | | 1,883,731 | |
September 2023 | | 593,814 | | | 172.08 | | | 593,814 | | | 1,289,917 | |
| | 710,083 | | | $ | 170.73 | | | 710,083 | | | |
(1) On November 10, 2006, the Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to an authorized number of shares of its common stock from time to time in open market or private transactions, at the Company's discretion. This authorization originally expired on December 31, 2007, and the Company’s Board of Directors has authorized several increases and annual extensions of this stock repurchase program, most recently in June 2023, authorizing the repurchase of up to 2,000,000 shares of our common stock. As of September 30, 2023, 1,289,917 shares remained authorized for repurchase through March 31, 2024. The Company repurchased 2,185,492 shares of its stock in the nine months ended September 30, 2023 compared to 1,893,769 shares in the nine months ended September 30, 2022.
Item 5. Other Information.
Rule 10b5-1 Trading Plans
During the quarter and nine months ended September 30, 2023, none of our executive officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."
Item 6. Exhibits. | | | | | |
Exhibit Number | Description |
3.1 | |
3.2 | |
4.1 | Form of certificate for Common Stock (filed as Exhibit 1 to the Company’s registration statement on Form 8-A, filed with the SEC on June 4, 1992, and incorporated herein by reference). |
31.1 | |
31.2 | |
32.1 | |
32.2 | |
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
101.SCH | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | |
| ENCORE WIRE CORPORATION |
| (Registrant) |
| |
Dated: October 26, 2023 | /s/ DANIEL L. JONES |
| Daniel L. Jones Chairman, President and Chief Executive Officer |
| |
Dated: October 26, 2023 | /s/ BRET J. ECKERT |
| Bret J. Eckert Executive Vice President and Chief Financial Officer |
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
I, Daniel L. Jones, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Encore Wire Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: October 26, 2023
| | | | | |
| /s/ DANIEL L. JONES |
| Daniel L. Jones Chairman, President and Chief Executive Officer |
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
I, Bret J. Eckert, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Encore Wire Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: October 26, 2023
| | | | | |
| /s/ BRET J. ECKERT |
| Bret J. Eckert Executive Vice President and Chief Financial Officer |
Exhibit 32.1
CERTIFICATION FURNISHED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(18 U.S.C. SECTION 1350)
In connection with the Quarterly Report of Encore Wire Corporation (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Daniel L. Jones, Chairman, President and Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: October 26, 2023
| | | | | |
| /s/ DANIEL L. JONES |
| Daniel L. Jones Chairman, President and Chief Executive Officer |
Exhibit 32.2
CERTIFICATION FURNISHED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(18 U.S.C. SECTION 1350)
In connection with the Quarterly Report of Encore Wire Corporation (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Bret J. Eckert, Executive Vice President and Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: October 26, 2023
| | | | | |
| /s/ BRET J. ECKERT |
| Bret J. Eckert Executive Vice President and Chief Financial Officer |
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Oct. 25, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Transition Report |
false
|
|
Entity File Number |
000-20278
|
|
Entity Registrant Name |
ENCORE WIRE CORP
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
75-2274963
|
|
Entity Address, Address Line One |
1329 Millwood Road
|
|
Entity Address, City or Town |
McKinney
|
|
Entity Address, State or Province |
TX
|
|
Entity Address, Postal Zip Code |
75069
|
|
City Area Code |
972
|
|
Local Phone Number |
562-9473
|
|
Title of 12(b) Security |
Common Stock, par value $.01 per share
|
|
Trading Symbol |
WIRE
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Large Accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
15,776,307
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0000850460
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v3.23.3
Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 581,753
|
$ 730,557
|
Accounts receivable, net of allowance of $2,455 and $3,800 |
495,179
|
498,762
|
Inventories, net |
158,991
|
153,187
|
Income tax receivable |
19,867
|
15,143
|
Prepaid expenses and other |
8,766
|
3,992
|
Total current assets |
1,264,556
|
1,401,641
|
Property, plant and equipment, net |
713,937
|
616,601
|
Other assets |
496
|
490
|
Total assets |
1,978,989
|
2,018,732
|
Current liabilities: |
|
|
Trade accounts payable |
80,914
|
62,780
|
Accrued liabilities |
80,502
|
81,381
|
Total current liabilities |
161,416
|
144,161
|
Long-term liabilities: |
|
|
Deferred income taxes and other |
55,881
|
55,905
|
Total long-term liabilities |
55,881
|
55,905
|
Total liabilities |
217,297
|
200,066
|
Commitments and contingencies |
|
|
Stockholders’ equity: |
|
|
Preferred stock value |
0
|
0
|
Common stock value |
273
|
271
|
Additional paid-in capital |
99,984
|
83,622
|
Treasury stock, at cost – 11,185,224 and 8,999,732 shares |
(781,244)
|
(402,639)
|
Retained earnings |
2,442,679
|
2,137,412
|
Total stockholders’ equity |
1,761,692
|
1,818,666
|
Total liabilities and stockholders’ equity |
$ 1,978,989
|
$ 2,018,732
|
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v3.23.3
Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Allowance for accounts receivable |
$ 2,455
|
$ 3,800
|
Preferred stock, par value (in usd per share) |
$ 0.01
|
$ 0.01
|
Preferred stock, shares authorized (in shares) |
2,000,000
|
2,000,000
|
Preferred stock, shares issued (in shares) |
0
|
0
|
Common stock, par value (in usd per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized (in shares) |
40,000,000
|
40,000,000
|
Common stock, shares issued (in shares) |
27,257,531
|
27,139,611
|
Treasury stock (in shares) |
11,185,224
|
8,999,732
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.23.3
Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net sales |
$ 636,991
|
$ 762,363
|
$ 1,933,944
|
$ 2,323,670
|
Cost of goods sold |
488,749
|
462,916
|
1,414,469
|
1,459,704
|
Gross profit |
148,242
|
299,447
|
519,475
|
863,966
|
Selling, general, and administrative expenses |
50,279
|
55,291
|
147,654
|
141,908
|
Operating income |
97,963
|
244,156
|
371,821
|
722,058
|
Net interest and other income |
8,601
|
3,087
|
25,842
|
3,850
|
Income before income taxes |
106,564
|
247,243
|
397,663
|
725,908
|
Provision for income taxes |
24,512
|
55,470
|
91,387
|
162,065
|
Net income |
$ 82,052
|
$ 191,773
|
$ 306,276
|
$ 563,843
|
Earnings per common and common equivalent share - basic (in usd per share) |
$ 4.93
|
$ 10.11
|
$ 17.73
|
$ 28.98
|
Earnings per common and common equivalent share - diluted (in usd per share) |
$ 4.82
|
$ 9.97
|
$ 17.40
|
$ 28.57
|
Weighted average common and common equivalent shares outstanding - basic (in shares) |
16,638
|
18,968
|
17,271
|
19,459
|
Weighted average common and common equivalent shares outstanding - diluted (in shares) |
17,007
|
19,243
|
17,597
|
19,733
|
Cash dividends declared per share (in usd per share) |
$ 0.02
|
$ 0.02
|
$ 0.06
|
$ 0.06
|
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- DefinitionAggregate dividends declared during the period for each share of common stock outstanding.
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v3.23.3
Statements of Stockholders' Equity - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Retained Earnings |
Beginning balance (in shares) at Dec. 31, 2021 |
|
27,083,000
|
|
|
|
Beginning balance at Dec. 31, 2021 |
$ 1,339,089
|
$ 271
|
$ 72,753
|
$ (155,014)
|
$ 1,421,079
|
Beginning balance, treasury shares (in shares) at Dec. 31, 2021 |
|
|
|
(6,944,000)
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
161,531
|
|
|
|
161,531
|
Exercise of stock options (in shares) |
|
3,000
|
|
|
|
Exercise of stock options |
155
|
|
155
|
|
|
Stock-based compensation (in shares) |
|
42,000
|
|
|
|
Stock-based compensation |
1,939
|
|
1,939
|
|
|
Dividend declared |
(394)
|
|
|
|
(394)
|
Purchase of treasury stock (in shares) |
|
|
|
(501,000)
|
|
Purchase of treasury stock |
(58,383)
|
|
|
$ (58,383)
|
|
Ending balance (in shares) at Mar. 31, 2022 |
|
27,128,000
|
|
|
|
Ending balance at Mar. 31, 2022 |
1,443,937
|
$ 271
|
74,847
|
$ (213,397)
|
1,582,216
|
Ending balance, treasury shares (in shares) at Mar. 31, 2022 |
|
|
|
(7,445,000)
|
|
Beginning balance (in shares) at Dec. 31, 2021 |
|
27,083,000
|
|
|
|
Beginning balance at Dec. 31, 2021 |
1,339,089
|
$ 271
|
72,753
|
$ (155,014)
|
1,421,079
|
Beginning balance, treasury shares (in shares) at Dec. 31, 2021 |
|
|
|
(6,944,000)
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
$ 563,843
|
|
|
|
|
Purchase of treasury stock (in shares) |
(1,893,769)
|
|
|
|
|
Ending balance (in shares) at Sep. 30, 2022 |
|
27,140,000
|
|
|
|
Ending balance at Sep. 30, 2022 |
$ 1,684,717
|
$ 271
|
80,930
|
$ (380,262)
|
1,983,778
|
Ending balance, treasury shares (in shares) at Sep. 30, 2022 |
|
|
|
(8,838,000)
|
|
Beginning balance (in shares) at Mar. 31, 2022 |
|
27,128,000
|
|
|
|
Beginning balance at Mar. 31, 2022 |
1,443,937
|
$ 271
|
74,847
|
$ (213,397)
|
1,582,216
|
Beginning balance, treasury shares (in shares) at Mar. 31, 2022 |
|
|
|
(7,445,000)
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
210,538
|
|
|
|
210,538
|
Stock-based compensation (in shares) |
|
5,000
|
|
|
|
Stock-based compensation |
3,276
|
|
3,276
|
|
|
Dividend declared |
(382)
|
|
|
|
(382)
|
Purchase of treasury stock (in shares) |
|
|
|
(607,000)
|
|
Purchase of treasury stock |
(73,473)
|
|
|
$ (73,473)
|
|
Ending balance (in shares) at Jun. 30, 2022 |
|
27,133,000
|
|
|
|
Ending balance at Jun. 30, 2022 |
1,583,896
|
$ 271
|
78,123
|
$ (286,870)
|
1,792,372
|
Ending balance, treasury shares (in shares) at Jun. 30, 2022 |
|
|
|
(8,052,000)
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
191,773
|
|
|
|
191,773
|
Exercise of stock options (in shares) |
|
1,000
|
|
|
|
Exercise of stock options |
52
|
|
52
|
|
|
Stock-based compensation (in shares) |
|
6,000
|
|
|
|
Stock-based compensation |
2,755
|
|
2,755
|
|
|
Dividend declared |
(367)
|
|
|
|
(367)
|
Purchase of treasury stock (in shares) |
|
|
|
(786,000)
|
|
Purchase of treasury stock |
(93,392)
|
|
|
$ (93,392)
|
|
Ending balance (in shares) at Sep. 30, 2022 |
|
27,140,000
|
|
|
|
Ending balance at Sep. 30, 2022 |
1,684,717
|
$ 271
|
80,930
|
$ (380,262)
|
1,983,778
|
Ending balance, treasury shares (in shares) at Sep. 30, 2022 |
|
|
|
(8,838,000)
|
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
27,139,000
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 1,818,666
|
$ 271
|
83,622
|
$ (402,639)
|
2,137,412
|
Beginning balance, treasury shares (in shares) at Dec. 31, 2022 |
(8,999,732)
|
|
|
(9,000,000)
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
$ 119,483
|
|
|
|
119,483
|
Exercise of stock options (in shares) |
|
10,000
|
|
|
|
Exercise of stock options |
316
|
|
316
|
|
|
Stock-based compensation (in shares) |
|
93,000
|
|
|
|
Stock-based compensation |
4,041
|
$ 1
|
4,040
|
|
|
Dividend declared |
(350)
|
|
|
|
(350)
|
Purchase of treasury stock (in shares) |
|
|
|
(702,000)
|
|
Purchase of treasury stock |
(128,252)
|
|
|
$ (128,252)
|
|
Ending balance (in shares) at Mar. 31, 2023 |
|
27,242,000
|
|
|
|
Ending balance at Mar. 31, 2023 |
1,813,904
|
$ 272
|
87,978
|
$ (530,891)
|
2,256,545
|
Ending balance, treasury shares (in shares) at Mar. 31, 2023 |
|
|
|
(9,702,000)
|
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
27,139,000
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 1,818,666
|
$ 271
|
83,622
|
$ (402,639)
|
2,137,412
|
Beginning balance, treasury shares (in shares) at Dec. 31, 2022 |
(8,999,732)
|
|
|
(9,000,000)
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
$ 306,276
|
|
|
|
|
Purchase of treasury stock (in shares) |
(2,185,492)
|
|
|
|
|
Ending balance (in shares) at Sep. 30, 2023 |
|
27,258,000
|
|
|
|
Ending balance at Sep. 30, 2023 |
$ 1,761,692
|
$ 273
|
99,984
|
$ (781,244)
|
2,442,679
|
Ending balance, treasury shares (in shares) at Sep. 30, 2023 |
(11,185,224)
|
|
|
(11,185,000)
|
|
Beginning balance (in shares) at Mar. 31, 2023 |
|
27,242,000
|
|
|
|
Beginning balance at Mar. 31, 2023 |
$ 1,813,904
|
$ 272
|
87,978
|
$ (530,891)
|
2,256,545
|
Beginning balance, treasury shares (in shares) at Mar. 31, 2023 |
|
|
|
(9,702,000)
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
104,741
|
|
|
|
104,741
|
Exercise of stock options (in shares) |
|
2,000
|
|
|
|
Exercise of stock options |
103
|
|
103
|
|
|
Stock-based compensation (in shares) |
|
9,000
|
|
|
|
Stock-based compensation |
6,387
|
|
6,387
|
|
|
Dividend declared |
(336)
|
|
|
|
(336)
|
Purchase of treasury stock (in shares) |
|
|
|
(773,000)
|
|
Purchase of treasury stock |
(127,907)
|
|
|
$ (127,907)
|
|
Ending balance (in shares) at Jun. 30, 2023 |
|
27,253,000
|
|
|
|
Ending balance at Jun. 30, 2023 |
1,796,892
|
$ 272
|
94,468
|
$ (658,798)
|
2,360,950
|
Ending balance, treasury shares (in shares) at Jun. 30, 2023 |
|
|
|
(10,475,000)
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
82,052
|
|
|
|
82,052
|
Stock-based compensation (in shares) |
|
5,000
|
|
|
|
Stock-based compensation |
5,517
|
$ 1
|
5,516
|
|
|
Dividend declared |
(323)
|
|
|
|
(323)
|
Purchase of treasury stock (in shares) |
|
|
|
(710,000)
|
|
Purchase of treasury stock |
(122,446)
|
|
|
$ (122,446)
|
|
Ending balance (in shares) at Sep. 30, 2023 |
|
27,258,000
|
|
|
|
Ending balance at Sep. 30, 2023 |
$ 1,761,692
|
$ 273
|
$ 99,984
|
$ (781,244)
|
$ 2,442,679
|
Ending balance, treasury shares (in shares) at Sep. 30, 2023 |
(11,185,224)
|
|
|
(11,185,000)
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for option under share-based payment arrangement.
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v3.23.3
Statements of Cash Flow - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Operating Activities: |
|
|
Net income |
$ 306,276
|
$ 563,843
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
23,891
|
19,035
|
Provision for bad debt |
1,345
|
0
|
Deferred income taxes |
4
|
10,339
|
Stock-based compensation attributable to equity awards |
15,943
|
7,971
|
Other |
2,217
|
110
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
2,238
|
(70,543)
|
Inventories |
(5,804)
|
(35,371)
|
Other assets |
(4,855)
|
(17,020)
|
Trade accounts payable and accrued liabilities |
8,858
|
(9,796)
|
Current income taxes receivable / payable |
(4,724)
|
(2,255)
|
Net cash provided by operating activities |
345,389
|
466,313
|
Investing Activities: |
|
|
Purchases of property, plant and equipment |
(118,564)
|
(105,509)
|
Proceeds from sale of assets |
12
|
0
|
Net cash used in investing activities |
(118,552)
|
(105,509)
|
Financing Activities: |
|
|
Purchase of treasury stock |
(375,008)
|
(225,248)
|
Proceeds from issuance of common stock, net |
421
|
206
|
Dividends paid |
(1,054)
|
(1,170)
|
Net cash used in financing activities |
(375,641)
|
(226,212)
|
Net increase (decrease) in cash and cash equivalents |
(148,804)
|
134,592
|
Cash and cash equivalents at beginning of period |
730,557
|
438,990
|
Cash and cash equivalents at end of period |
$ 581,753
|
$ 573,582
|
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v3.23.3
Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Significant Accounting Policies |
SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited financial statements of Encore Wire Corporation (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Results of operations for interim periods presented do not necessarily indicate the results that may be expected for the entire year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In March 2020, the World Health Organization (the "WHO") declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide, and, in May 2023, the WHO determined COVID-19 is now an established and ongoing health issue that no longer constitutes a public health emergency of international concern. The Company has not experienced a material impact on its business or its liquidity on account of COVID-19 and is unable to predict any reemergence of any outbreak or its potential long-term impact on our business. Revenue Recognition Our revenue is derived by fulfilling customer orders for the purchase of our products, which include electrical building wire and cable. We recognize revenue at the point in time that control of the ordered products is transferred to the customer, which is typically upon shipment to the customer from our manufacturing facilities and based on agreed upon shipping terms on the related purchase order. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis through standard payment terms. Revenue is measured as the amount of consideration we expect to receive in exchange for fulfilling product orders. The amount of consideration we expect to receive includes estimates for trade payment discounts and customer rebates, which are estimated using historical experience and other relevant factors, and are recorded within the same period that the revenue is recognized. We review and update these estimates regularly and the impact of any adjustments are recognized in the period the adjustments are identified. The adjustments resulting from updated estimates of trade payment discounts and customer rebates were not material. Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the sole source of authoritative U.S. GAAP, along with the Securities and Exchange Commission (“SEC”) and Public Company Accounting Oversight Board (“PCAOB”) issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standard Update (“ASU”) to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. No new standards have been adopted in 2023.
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v3.23.3
Inventories
|
9 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Inventories |
INVENTORIES Inventories consist of the following: | | | | | | | | | | | | In Thousands | September 30, 2023 | | December 31, 2022 | | | | | Raw materials | $ | 52,442 | | | $ | 69,567 | | Work-in-process | 53,586 | | | 42,611 | | Finished goods | 151,041 | | | 138,943 | | Total Inventory at FIFO cost | 257,069 | | | 251,121 | | Adjust to LIFO cost | (98,078) | | | (97,934) | | | | | | Inventory, net | $ | 158,991 | | | $ | 153,187 | |
Inventories are stated at the lower of cost, determined by the last-in, first-out (“LIFO”) method, or market. The Company maintains two inventory pools for LIFO purposes. As permitted by U.S. GAAP, the Company maintains its inventory costs and cost of goods sold on a first-in, first-out (“FIFO”) basis and makes a monthly adjustment to total inventory and cost of goods sold from FIFO to LIFO. The Company applies the lower of cost or market (“LCM”) test by comparing the LIFO cost of its raw materials, work-in-process and finished goods inventories to estimated market values, which are based primarily on the most recent quoted market price of copper and other material prices as of the end of each reporting period. The Company performs a lower of cost or market calculation quarterly. As of September 30, 2023, no LCM adjustment was required. However, decreases in copper and other material prices could necessitate establishing an LCM reserve in future periods. Additionally, future reductions in the quantity of inventory on hand could cause copper or other raw materials that are carried in inventory at costs different from the cost of copper and other raw materials in the period in which the reduction occurs to be included in costs of goods sold for that period at the different price. In the third quarter of 2023, LIFO adjustments were recorded that decreased cost of goods sold by $5.1 million, compared to LIFO adjustments that decreased cost of goods sold by $24.4 million in the third quarter of 2022. In the nine months ended September 30, 2023, LIFO adjustments were recorded that increased cost of goods sold by $0.1 million, compared to LIFO adjustments that decreased cost of goods sold by $23.0 million in the nine months ended September 30, 2022.
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v3.23.3
Property, Plant, and Equipment
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment |
PROPERTY, PLANT and EQUIPMENT Property, plant and equipment consists of the following: | | | | | | | | | | | | In Thousands | September 30, 2023 | | December 31, 2022 | | | | | Land and land improvements | $ | 89,730 | | | $ | 85,286 | | Construction-in-progress | 164,158 | | | 125,809 | | Buildings and improvements | 283,574 | | | 232,758 | | Machinery and equipment | 459,542 | | | 438,303 | | Furniture and fixtures | 16,123 | | | 15,178 | | Property, plant and equipment, gross | 1,013,127 | | | 897,334 | | Accumulated depreciation | (299,190) | | | (280,733) | | Property, plant and equipment, net | $ | 713,937 | | | $ | 616,601 | |
In the third quarter of 2023, depreciation expense was $8.1 million, compared to $6.5 million in the third quarter of 2022. Depreciation expense was $23.8 million in the nine months ended September 30, 2023, compared to $19.0 million in the nine months ended September 30, 2022.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.3
Accrued Liabilities
|
9 Months Ended |
Sep. 30, 2023 |
Accrued Liabilities, Current [Abstract] |
|
Accrued Liabilities |
ACCRUED LIABILITIES Accrued liabilities consist of the following: | | | | | | | | | | | | In Thousands | September 30, 2023 | | December 31, 2022 | | | | | Sales rebates payable | $ | 34,838 | | | $ | 40,909 | | SAR Liability | 18,125 | | | 20,282 | | Property taxes payable | 4,792 | | | 5,287 | | Accrued salaries | 16,596 | | | 7,616 | | Other accrued liabilities | 6,151 | | | 7,287 | | Total accrued liabilities | $ | 80,502 | | | $ | 81,381 | |
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v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
INCOME TAXES Income taxes were accrued at an effective rate of 23.0% in the third quarter of 2023 versus 22.4% in the third quarter of 2022, consistent with the Company’s estimated liabilities. In all periods, the differences between the provisions for income taxes and the income taxes computed using the federal income tax statutory rate are due primarily to the incremental taxes accrued for state and local taxes and the Section 162(m) limitation on executive compensation.
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v3.23.3
Earnings Per Share
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Earnings Per Share |
EARNINGS PER SHARE Earnings per common and common equivalent share is computed using the weighted average number of shares of common stock and common stock equivalents outstanding during each period. If dilutive, the effect of stock awards, treated as common stock equivalents, is calculated using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | Quarter Ended September 30, | | Nine Months Ended September 30, | In Thousands | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | | Numerator: | | | | | | | | Net income | $ | 82,052 | | | $ | 191,773 | | | $ | 306,276 | | | $ | 563,843 | | | | | | | | | | Denominator: | | | | | | | | Denominator for basic earnings per share – weighted average shares | 16,638 | | | 18,968 | | | 17,271 | | | 19,459 | | | | | | | | | | Effect of dilutive securities: | | | | | | | | Employee stock awards | 369 | | | 275 | | | 326 | | | 274 | | | | | | | | | | Denominator for diluted earnings per share – weighted average shares | 17,007 | | | 19,243 | | | 17,597 | | | 19,733 | |
There were no anti-dilutive employee stock awards excluded from the determination of diluted earnings per common and common equivalent shares for the third quarter or nine months ended September 30, 2023 or 2022.
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v3.23.3
Debt
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Debt |
DEBT On February 9, 2021, the Company terminated its previous credit agreement and entered into a new Credit Agreement (the “2021 Credit Agreement”) with two banks, Bank of America, N.A., as administrative agent and letter of credit issuer, and Wells Fargo Bank, National Association, as syndication agent. The 2021 Credit Agreement extends through February 9, 2026 and provides for maximum borrowings of $200.0 million. At our request, and subject to certain conditions, the commitments under the 2021 Credit Agreement may be increased by a maximum of up to $100.0 million as long as existing or new lenders agree to provide such additional commitments. The 2021 Credit Agreement contains provisions to replace LIBOR with a replacement rate as described in the 2021 Credit Agreement. On October 20, 2022, the Company entered into the First Amendment to the 2021 Credit Agreement (the "Amended 2021 Credit Agreement") which replaced LIBOR with BSBY as permitted under the 2021 Credit Agreement. Borrowings under the line of credit bear interest, at the Company’s option, at either (1) BSBY plus a margin that varies from 1.000% to 1.875% depending upon the Leverage Ratio (as defined in the 2021 Credit Agreement), or (2) the base rate (which is the highest of the federal funds rate plus 0.5%, the prime rate, or BSBY plus 1.0%) plus 0% to 0.375% (depending upon the Leverage Ratio). A commitment fee ranging from 0.200% to 0.325% (depending upon the Leverage Ratio) is payable on the unused line of credit. As of September 30, 2023, there were no borrowings outstanding under the Amended 2021 Credit Agreement, and letters of credit outstanding in the amount of $0.3 million left $199.7 million of credit available under the Amended 2021 Credit Agreement. Obligations under the Amended 2021 Credit Agreement are the only contractual borrowing obligations or commercial borrowing commitments of the Company. The foregoing description of the Amended 2021 Credit Agreement is not complete and is qualified in its entirety by reference to the full text of the Amended 2021 Credit Agreement (filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, and incorporated herein by reference). Obligations under the Amended 2021 Credit Agreement are unsecured and contain customary covenants and events of default. The Company was in compliance with the covenants as of and for the period ended September 30, 2023.
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v3.23.3
Stockholders' Equity
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Stockholders' Equity |
STOCKHOLDERS’ EQUITY On November 10, 2006, the Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to an authorized number of shares of its common stock from time to time in open market or private transactions, at the Company's discretion. This authorization originally expired on December 31, 2007, and the Company’s Board of Directors has authorized several increases and annual extensions of this stock repurchase program, most recently in June 2023, authorizing the repurchase of up to 2,000,000 shares of our common stock. As of September 30, 2023, 1,289,917 shares remained authorized for repurchase through March 31, 2024. The Company repurchased 2,185,492 shares of our stock in the nine months ended September 30, 2023 compared to 1,893,769 shares in the nine months ended September 30, 2022.
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v3.23.3
Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Contingencies |
CONTINGENCIESThere are no material pending proceedings to which the Company is a party or to which any of its property is subject. However, the Company is from time to time involved in litigation, certain other claims and arbitration matters arising in the ordinary course of its business.
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v3.23.3
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to Parent |
$ 82,052
|
$ 104,741
|
$ 119,483
|
$ 191,773
|
$ 210,538
|
$ 161,531
|
$ 306,276
|
$ 563,843
|
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v3.23.3
Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Basis of Presentation The unaudited financial statements of Encore Wire Corporation (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Results of operations for interim periods presented do not necessarily indicate the results that may be expected for the entire year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
|
Revenue Recognition |
Revenue Recognition Our revenue is derived by fulfilling customer orders for the purchase of our products, which include electrical building wire and cable. We recognize revenue at the point in time that control of the ordered products is transferred to the customer, which is typically upon shipment to the customer from our manufacturing facilities and based on agreed upon shipping terms on the related purchase order. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis through standard payment terms. Revenue is measured as the amount of consideration we expect to receive in exchange for fulfilling product orders. The amount of consideration we expect to receive includes estimates for trade payment discounts and customer rebates, which are estimated using historical experience and other relevant factors, and are recorded within the same period that the revenue is recognized. We review and update these estimates regularly and the impact of any adjustments are recognized in the period the adjustments are identified.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the sole source of authoritative U.S. GAAP, along with the Securities and Exchange Commission (“SEC”) and Public Company Accounting Oversight Board (“PCAOB”) issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standard Update (“ASU”) to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. No new standards have been adopted in 2023.
|
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v3.23.3
Inventories (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory |
Inventories consist of the following: | | | | | | | | | | | | In Thousands | September 30, 2023 | | December 31, 2022 | | | | | Raw materials | $ | 52,442 | | | $ | 69,567 | | Work-in-process | 53,586 | | | 42,611 | | Finished goods | 151,041 | | | 138,943 | | Total Inventory at FIFO cost | 257,069 | | | 251,121 | | Adjust to LIFO cost | (98,078) | | | (97,934) | | | | | | Inventory, net | $ | 158,991 | | | $ | 153,187 | |
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v3.23.3
Property, Plant and Equipment (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Plant and Equipment |
Property, plant and equipment consists of the following: | | | | | | | | | | | | In Thousands | September 30, 2023 | | December 31, 2022 | | | | | Land and land improvements | $ | 89,730 | | | $ | 85,286 | | Construction-in-progress | 164,158 | | | 125,809 | | Buildings and improvements | 283,574 | | | 232,758 | | Machinery and equipment | 459,542 | | | 438,303 | | Furniture and fixtures | 16,123 | | | 15,178 | | Property, plant and equipment, gross | 1,013,127 | | | 897,334 | | Accumulated depreciation | (299,190) | | | (280,733) | | Property, plant and equipment, net | $ | 713,937 | | | $ | 616,601 | |
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v3.23.3
Accrued Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accrued Liabilities, Current [Abstract] |
|
Schedule of Accrued Liabilities |
Accrued liabilities consist of the following: | | | | | | | | | | | | In Thousands | September 30, 2023 | | December 31, 2022 | | | | | Sales rebates payable | $ | 34,838 | | | $ | 40,909 | | SAR Liability | 18,125 | | | 20,282 | | Property taxes payable | 4,792 | | | 5,287 | | Accrued salaries | 16,596 | | | 7,616 | | Other accrued liabilities | 6,151 | | | 7,287 | | Total accrued liabilities | $ | 80,502 | | | $ | 81,381 | |
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v3.23.3
Earnings Per Share (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Computation of Basic and Diluted Net Earnings Per Share |
The following table sets forth the computation of basic and diluted earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | Quarter Ended September 30, | | Nine Months Ended September 30, | In Thousands | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | | Numerator: | | | | | | | | Net income | $ | 82,052 | | | $ | 191,773 | | | $ | 306,276 | | | $ | 563,843 | | | | | | | | | | Denominator: | | | | | | | | Denominator for basic earnings per share – weighted average shares | 16,638 | | | 18,968 | | | 17,271 | | | 19,459 | | | | | | | | | | Effect of dilutive securities: | | | | | | | | Employee stock awards | 369 | | | 275 | | | 326 | | | 274 | | | | | | | | | | Denominator for diluted earnings per share – weighted average shares | 17,007 | | | 19,243 | | | 17,597 | | | 19,733 | |
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v3.23.3
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Inventory Disclosure [Abstract] |
|
|
Raw materials |
$ 52,442
|
$ 69,567
|
Work-in-process |
53,586
|
42,611
|
Finished goods |
151,041
|
138,943
|
Total Inventory at FIFO cost |
257,069
|
251,121
|
Adjust to LIFO cost |
(98,078)
|
(97,934)
|
Inventory, net |
$ 158,991
|
$ 153,187
|
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v3.23.3
Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
$ 1,013,127
|
$ 897,334
|
Accumulated depreciation |
(299,190)
|
(280,733)
|
Property, plant and equipment, net |
713,937
|
616,601
|
Land and land improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
89,730
|
85,286
|
Construction-in-progress |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
164,158
|
125,809
|
Buildings and improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
283,574
|
232,758
|
Machinery and equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
459,542
|
438,303
|
Furniture and fixtures |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
$ 16,123
|
$ 15,178
|
X |
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v3.23.3
Accrued Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] |
|
|
Sales rebates payable |
$ 34,838
|
$ 40,909
|
SAR Liability |
18,125
|
20,282
|
Property taxes payable |
4,792
|
5,287
|
Accrued salaries |
16,596
|
7,616
|
Other accrued liabilities |
6,151
|
7,287
|
Total accrued liabilities |
$ 80,502
|
$ 81,381
|
X |
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v3.23.3
v3.23.3
Earnings Per Share - Computation of Basic and Diluted Net Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Numerator: |
|
|
|
|
|
|
|
|
Net income |
$ 82,052
|
$ 104,741
|
$ 119,483
|
$ 191,773
|
$ 210,538
|
$ 161,531
|
$ 306,276
|
$ 563,843
|
Denominator: |
|
|
|
|
|
|
|
|
Denominator for basic earnings per share – weighted average shares (in shares) |
16,638
|
|
|
18,968
|
|
|
17,271
|
19,459
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
Denominator for diluted earnings per share – weighted average shares (in shares) |
17,007
|
|
|
19,243
|
|
|
17,597
|
19,733
|
Employee stock awards |
|
|
|
|
|
|
|
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
Employee stock awards (in shares) |
369
|
|
|
275
|
|
|
326
|
274
|
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v3.23.3
Debt (Details) - Credit Agreement
|
Oct. 20, 2022 |
Feb. 09, 2021
USD ($)
bank
|
Sep. 30, 2023
USD ($)
|
Line of Credit Facility [Line Items] |
|
|
|
Number of banks to which company is party to a credit agreement | bank |
|
2
|
|
Calculated maximum borrowings |
|
$ 200,000,000
|
|
Available increase in borrowings under credit agreement |
|
$ 100,000,000
|
|
Outstanding borrowings |
|
|
$ 0
|
Letters of credit outstanding |
|
|
300,000
|
Remaining borrowing capacity |
|
|
$ 199,700,000
|
Minimum |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Percentage of commitment fee |
0.20%
|
|
|
Maximum |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Percentage of commitment fee |
0.325%
|
|
|
Credit Agreement Interest Rate Option One | Minimum | Bloomberg Short-Term Bank Yield Index (BSBY) |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument basis spread on variable rate (as a percent) |
1.00%
|
|
|
Credit Agreement Interest Rate Option One | Maximum | Bloomberg Short-Term Bank Yield Index (BSBY) |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument basis spread on variable rate (as a percent) |
1.875%
|
|
|
Credit Agreement Interest Rate Option Two | Bloomberg Short-Term Bank Yield Index (BSBY) |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument basis spread on variable rate (as a percent) |
1.00%
|
|
|
Credit Agreement Interest Rate Option Two | Minimum | Base Rate |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument basis spread on variable rate (as a percent) |
0.00%
|
|
|
Credit Agreement Interest Rate Option Two | Maximum | Federal Funds Rate |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument basis spread on variable rate (as a percent) |
0.50%
|
|
|
Credit Agreement Interest Rate Option Two | Maximum | Base Rate |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument basis spread on variable rate (as a percent) |
0.375%
|
|
|
X |
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v3.23.3
Stockholders' Equity (Details) - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Equity [Abstract] |
|
|
|
Number of shares authorized to be repurchased (in shares) |
|
|
2,000,000
|
Repurchase of common stock authorized remaining (in shares) |
1,289,917
|
|
|
Purchase of treasury stock (in shares) |
2,185,492
|
1,893,769
|
|
X |
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- DefinitionThe remaining number of shares authorized to be repurchased by an entity's Board of Directors under a stock repurchase plan.
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