Why Shares of Encore Wire Are Skyrocketing Today
Reporting second-quarter 2021 earnings after the market closed yesterday, Encore Wire (NASDAQ: WIRE) smashed analysts' revenue and earnings estimates, supercharging investors' excitement. The feeling didn't wane overnight as the stock is soaring today in response to the earnings presentation. As of 10:48 a.m. EDT, shares were up 11.6% after having risen as much as 23.3% earlier in the morning.
Whereas Wall Street was expecting Encore Wire to book revenue of $456.5 million and EPS of $1.38, the company reported $744.4 million on the top line and EPS of $8.82.
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Source Fool.com
