Here's Why Encore Wire Stock Is Up More Than 14% This Week

Encore Wire (NASDAQ: WIRE) saw its shares shoot up more than 14% this week. The company, which manufactures copper and aluminum electric building wire and cable, opened on Monday at $114.62 and rose as high as $131.28 on Thursday, which is its 52-week high. The stock is up more than 114% this year.

The stock came out with strong numbers in its third-quarter report on Tuesday. Through nine months, the company reported net income of $399.8 million, up 669% year over year with EBITDA of $534.1 million, up 551% over the same period in 2020. Revenue through nine months was $1.9 billion, up 113%, and gross profit percentage through Sept. 30 was 33.2% compared to 15.1% the same nine-month period in 2020.

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Source Fool.com