Encore Wire beats top-line and bottom-line estimates; initiates FY24 and beyond capex outl

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Encore Wire press release (NASDAQ:WIRE): Q1 GAAP EPS of $3.92 beats by $0.21.
Revenue of $632.7M (-4.2% Y/Y) beats by $42.85M.
Copper volume shipped in the first quarter of 2024 increased 19.7% over the first quarter of 2023.
Cash on hand of $614.1 million as of March 31, 2024; $560.6 million as of December 31, 2023.
Capital expenditures of $34.2 million in the first quarter of 2024.
“We expect total capital expenditures to range from $130 – $150 million in 2024, $130 – $150 million in 2025, and $100 – $120 million in 2026. We expect to continue to fund these investments with existing cash reserves and operating cash flows,” the company said.