Shareholders might have noticed that Encore Wire Corporation (NASDAQ:WIRE) filed its annual result this time last week. The early response was not positive, with shares down 7.0% to US$227 in the past week. Results were roughly in line with estimates, with revenues of US$2.6b and statutory earnings per share of US$21.62. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. Readers will be glad to know we've aggregated the latest statutory forecasts to see whether the analysts have changed their mind on Encore Wire after the latest results.

See our latest analysis for Encore Wire

Following the recent earnings report, the consensus from three analysts covering Encore Wire is for revenues of US$2.48b in 2024. This implies a perceptible 3.3% decline in revenue compared to the last 12 months. Statutory earnings per share are forecast to crater 29% to US$16.83 in the same period. In the lead-up to this report, the analysts had been modelling revenues of US$2.52b and earnings per share (EPS) of US$17.01 in 2024. So it's pretty clear that, although the analysts have updated their estimates, there's been no major change in expectations for the business following the latest results.

With the analysts reconfirming their revenue and earnings forecasts, it's surprising to see that the price target rose 20% to US$287. It looks as though they previously had some doubts over whether the business would live up to their expectations. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. Currently, the most bullish analyst values Encore Wire at US$302 per share, while the most bearish prices it at US$265. The narrow spread of estimates could suggest that the business' future is relatively easy to value, or thatthe analysts have a strong view on its prospects.

One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. We would highlight that revenue is expected to reverse, with a forecast 3.3% annualised decline to the end of 2024. That is a notable change from historical growth of 21% over the last five years. By contrast, our data suggests that other companies (with analyst coverage) in the same industry are forecast to see their revenue grow 7.9% annually for the foreseeable future. So although its revenues are forecast to shrink, this cloud does not come with a silver lining - Encore Wire is expected to lag the wider industry.