Encore Wire Announces Expanded Stock Repurchase Plan
February 17 2022 - 4:05PM
Business Wire
Encore Wire Corporation (NASDAQ Global Select: WIRE) announced
today that the Company’s Board of Directors has authorized the
Company to repurchase up to 2,000,000 shares of its common stock
through March 31, 2023. Previously, the Company’s Board of
Directors had authorized the Company to repurchase up to 1,000,000
shares under its stock repurchase plan.
Daniel L. Jones, Chairman, President and Chief Executive Officer
of Encore Wire Corporation, said, “We are pleased to announce an
expansion of our share repurchase authorization following the most
profitable year in our Company's history. Since inception, Encore
Wire has prioritized strategically re-investing in our business.
Our focus on organic growth, vertical integration and
cost-reduction, while providing industry-leading customer service,
has allowed us to thrive in the current operating environment. Our
bolstered cash balance and strong free cash flow are now allowing
us to enhance value creation and capital return for our
shareholders.”
Encore Wire Corporation is a leading manufacturer of a broad
range of electrical building wire for interior wiring in commercial
and industrial buildings, homes, apartments, and manufactured
housing. The Company focuses on maintaining a high level of
customer service with low-cost production and the addition of new
products that complement its current product line.
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version on businesswire.com: https://www.businesswire.com/news/home/20220217005955/en/
Bret J. Eckert Chief Financial Officer
972-562-9473
Encore Wire (NASDAQ:WIRE)
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