Encore Wire Corporation (NASDAQ:WIRE) Q1 2023 Earnings Conference Call April 26, 2023 11:00 AM ET

Company Participants

Bret Eckert - Chief Financial Officer

Daniel Jones - President, Chief Executive Officer & Chairman

Conference Call Participants

Julio Romero - Sidoti & Company

Brent Thielman - D.A. Davidson

Ryan Connors - Northcoast Research

Taylor Merritt - Forge First Asset Management

Operator

Good morning. My name is Emma and I will be your conference operator today. At this time, I would like to welcome everyone to the Encore Wire Corporation First Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

Bret Eckert, you may begin your conference.

Bret Eckert

Thanks Emma. Good morning and welcome to the Encore Wire Corporation Quarterly Conference Call. I'm Bret Eckert Executive Vice President and Chief Financial Officer of Encore Wire. With me this morning is Daniel Jones, President CEO and Chairman of the Board. In a minute, we will review Encore's financial results for the first quarter ended March 31, 2023. After the financial review, we will take any questions you may have.

Before we review the financials, let me indicate that throughout this conference call, we may be making certain statements that might be considered to be forward-looking. In order to comply with certain securities legislation and instead of attempting to identify each particular statement as forward-looking, we advise you that all such statements involve certain risks and uncertainties that could cause actual results to differ materially from those discussed today.

I refer each of you to the company's SEC reports and news releases for a more detailed discussion of these risks and uncertainties. Also reconciliations of non-GAAP financial measures discussed during this conference call to the most directly comparable financial measures presented in accordance with Generally Accepted Accounting Principles including EBITDA, which we believe to be useful supplemental information for investors are posted on our website.

I'll now turn the call over to Daniel for some opening remarks. Daniel?

Daniel Jones

Good morning, everyone. Thank you for joining us on the call and for your interest in Encore Wire. We appreciate your continued investment, confidence and support. The strong results for the first quarter ended March 31, 2023 marked our eighth consecutive quarter of elevated margins. Stable demand in the quarter coupled with continued domestic and global uncertainties. And persistent tightness in the availability of copper drove metal prices higher in the first quarter, while other raw materials costs remained fairly flat.