Encore Wire Corporation (WIRE - Free Report) is scheduled to release second-quarter 2023 results on Jul 25, after market close.
The company has an impressive earnings surprise history, having outperformed the Zacks Consensus Estimate in each of the preceding four quarters, the average beat being 93%.
Let’s see how things have shaped up for Encore Wire this earnings season.
Factors to Note
Softness in copper wire unit volumes and a decrease in the price of wire per copper pound shipped are expected to have weighed on Encore Wire’s second-quarter performance.
However, steady demand and an increase in aluminum spreads and aluminum wire unit volumes are expected to have buoyed WIRE’s second-quarter performance.
The deceleration in raw material prices is expected to have supported the bottom-line performance. Improved supply chains are also expected to have aided performance.
Earnings Whispers
The proven Zacks model does not conclusively predict an earnings beat for Encore Wire this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for Encore Wire is 0.00% as both the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at $6.55.
Zacks Rank: Encore Wire currently carries a Zacks Rank #3.
Highlights of Q1 Earnings
In first-quarter 2023, Encore Wire reported earnings of $6.50 per share, which surpassed the Zacks Consensus Estimate of $5.44. The bottom line declined 18.3% year over year. Total revenues of $660 million decreased 8.7% year over year.
Stocks to Consider
Here are some companies within the broader Industrial Products sector that you may want to consider, as according to our model, these have the right combination of elements to beat on earnings this reporting cycle.
Emerson Electric Co. (EMR - Free Report) has an Earnings ESP of +2.35% and a Zacks Rank #2. The company is scheduled to release third-quarter fiscal 2023 (ended Jun 30, 2023) results on Aug 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Emerson pulled off a trailing four-quarter earnings surprise of 4.5%, on average. The stock has gained 5.5% in the past three months.
Allegion plc (ALLE - Free Report) has an Earnings ESP of +3.94% and a Zacks Rank #3. The company is slated to release second-quarter 2023 results on Jul 26.
Allegion delivered a trailing four-quarter earnings surprise of 12.5%, on average. The stock has rallied 17.7% in the past three months.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Encore Wire Corporation (WIRE - Free Report) is scheduled to release second-quarter 2023 results on Jul 25, after market close.
The company has an impressive earnings surprise history, having outperformed the Zacks Consensus Estimate in each of the preceding four quarters, the average beat being 93%.
Let’s see how things have shaped up for Encore Wire this earnings season.
Factors to Note
Softness in copper wire unit volumes and a decrease in the price of wire per copper pound shipped are expected to have weighed on Encore Wire’s second-quarter performance.
However, steady demand and an increase in aluminum spreads and aluminum wire unit volumes are expected to have buoyed WIRE’s second-quarter performance.
The deceleration in raw material prices is expected to have supported the bottom-line performance. Improved supply chains are also expected to have aided performance.
Earnings Whispers
The proven Zacks model does not conclusively predict an earnings beat for Encore Wire this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for Encore Wire is 0.00% as both the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at $6.55.
Zacks Rank: Encore Wire currently carries a Zacks Rank #3.
Highlights of Q1 Earnings
In first-quarter 2023, Encore Wire reported earnings of $6.50 per share, which surpassed the Zacks Consensus Estimate of $5.44. The bottom line declined 18.3% year over year. Total revenues of $660 million decreased 8.7% year over year.
Stocks to Consider
Here are some companies within the broader Industrial Products sector that you may want to consider, as according to our model, these have the right combination of elements to beat on earnings this reporting cycle.
Emerson Electric Co. (EMR - Free Report) has an Earnings ESP of +2.35% and a Zacks Rank #2. The company is scheduled to release third-quarter fiscal 2023 (ended Jun 30, 2023) results on Aug 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Emerson pulled off a trailing four-quarter earnings surprise of 4.5%, on average. The stock has gained 5.5% in the past three months.
Allegion plc (ALLE - Free Report) has an Earnings ESP of +3.94% and a Zacks Rank #3. The company is slated to release second-quarter 2023 results on Jul 26.
Allegion delivered a trailing four-quarter earnings surprise of 12.5%, on average. The stock has rallied 17.7% in the past three months.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Top 5 ChatGPT Stocks Revealed
Zacks Senior Stock Strategist, Kevin Cook names 5 hand-picked stocks with sky-high growth potential in a brilliant sector of Artificial Intelligence. By 2030, the AI industry is predicted to have an internet and iPhone-scale economic impact of $15.7 Trillion.
Today you can invest in the wave of the future, an automation that answers follow-up questions … admits mistakes … challenges incorrect premises … rejects inappropriate requests. As one of the selected companies puts it, “Automation frees people from the mundane so they can accomplish the miraculous.”
Download Free ChatGPT Stock Report Right Now >>
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