Encore Wire(US:WIRE)2021-04-28 21:25Financial Performance - Net sales for the first quarter of 2021 were $444.1 million, a 46.8% increase from $302.8 million in the first quarter of 2020[43] - Gross profit increased to $84.5 million, or 19.0% of net sales, in Q1 2021, compared to $45.8 million, or 15.1% of net sales, in Q1 2020[44] Cost and Pricing - The average selling price of copper wire increased by 46.8%, while the unit volume shipped increased by 1.1% in the first quarter of 2021 compared to the same period in 2020[43] - Cost of goods sold was $359.6 million, representing 81.0% of net sales in Q1 2021, down from 84.9% in Q1 2020[44] - The average cost per pound of raw copper purchased increased by 47.3% in Q1 2021 compared to Q1 2020[43] Cash Flow and Working Capital - Accounts receivable increased by $72.9 million in Q1 2021, negatively impacting cash flow by $71.2 million compared to Q1 2020[50] - Cash used in operating activities was $0.8 million in Q1 2021, a decrease from cash provided of $9.0 million in Q1 2020[49] Investment and Capital Expenditures - Cash used in investing activities increased to $26.5 million in Q1 2021 from $12.1 million in Q1 2020 due to higher capital expenditures[51] - The company expects capital expenditures to range from $100 million to $120 million in 2021, with ongoing expansion plans[54] Cash Position - The company's cash balance was $155.0 million as of March 31, 2021, down from $206.8 million on the same date in 2020[53]