Encore Wire Corporation (NASDAQ:WIRE) Q1 2022 Earnings Conference Call April 29, 2022 11:00 AM ET

Company Participants

Bret Eckert - Chief Financial Officer

Daniel Jones - President, CEO and Chairman of the Board

Conference Call Participants

Brent Thielman - D.A. Davidson

Julio Romero - Sidoti and Company

Operator

Welcome to the Encore Wire Reports First Quarter 2022 Results Conference Call. My name is Cheryl, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we’ll conduct a question-and-answer session [Operator Instructions]. Please note, this conference is being recorded.

I will now turn the call over to Bret Eckert. Sir, you may begin.

Bret Eckert

Thanks, Cheryl. Good morning. And welcome to the Encore Wire Corporation quarterly conference call. I’m Bret Eckert, 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 quarter ended December 31, 2022. 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 GAAP, including EBITDA, which we believe to be useful supplemental information for investors, are posted on our Web site.

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

Daniel Jones

Good morning, everyone. And thank you for joining us on the call, and for your interest in Encore Wire. We appreciate your continued investment confidence and support. The continued strong results in the first quarter ended March 31st, 2022 marked the fourth consecutive quarter of elevated margins and spreads. Stable demand coupled with developing global uncertainties and persistent tightness in the availability of certain raw materials drove copper, aluminum and other key raw material prices higher in the quarter. Because of this trend, we were able to increase average sales price for our products, keeping spreads strong throughout the first quarter of 2022. We still believe our one campus model is a strategic competitive advantage in the market today, giving us unmatched flexibility to quickly pivot and adapt to dynamic external market forces.