In a saucepan, combine the evaporated milk, corn syrup, sugar and butter. Bring to a boil on high heat.

Cook mixture to soft ball stage (about 240 degrees). I use a candy thermometer to make sure I'm in range. But you can also take a spoon and drop a small amount of the mixture into chilled water. It should form a soft, flexible ball.

Remove pan from heat and stir in vanilla, coconut and pecans. Continue to stir for about 5 minutes until mixture starts to cool and thicken.

Transfer about 1 tablespoon size drops of mixture onto wax or parchment paper and allow to cool.