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Insteel Industries Inc. (NYSE: IIIN) reported net earnings of $6.9 million, or $0.35 per diluted share, for the second quarter of fiscal 2024. Despite a 19.9% decrease in net sales to $127.4 million, the company saw an increase in gross profit to $15.7 million. Operating cash flow was $1.4 million with a net cash balance of $83.9 million and no debt outstanding. The quarter reflected a challenging pricing environment and a decline in shipments, partially offset by higher gross margins. For the first six months of fiscal 2024, net earnings were $8.1 million with a decrease in net sales to $249.1 million. Insteel remains debt-free with a focus on capital expenditures to modernize facilities and support growth initiatives. The company is optimistic about improving business conditions and expects growth in the second half of the fiscal year.
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-7%
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Insteel Industries Inc. (IIIN) schedules second quarter 2024 earnings conference call on April 25, 2024, following the release of financial results. The webcast will be accessible on the company's website.
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-1.42%
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Insteel Industries Inc. (IIIN) declares a quarterly cash dividend of $0.03 per share, payable on March 29, 2024, to shareholders of record as of March 15, 2024.
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1.58%
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Insteel Industries Inc. (IIIN) announced its financial results for the first quarter of fiscal 2024, reporting net sales of $121.7 million, gross profit of $6.3 million, and net income of $1.1 million. The company also paid a special cash dividend totaling $48.6 million, had a net cash balance of $85.6 million, and no debt outstanding. However, net earnings decreased due to a decrease in average selling prices, and the gross margin narrowed to 5.2% from 10.7% in the prior year quarter. Capital expenditures for the first quarter of fiscal 2024 increased to $12.3 million from $8.2 million in the prior year quarter, and the company ended the quarter with $85.6 million of cash and no borrowings outstanding on its $100.0 million revolving credit facility. Insteel's President and CEO, H.O. Woltz III, expressed optimism for the remainder of fiscal 2024, anticipating stronger market fundamentals and increasing contributions from capital investments.
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-5.29%
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Insteel Industries Inc. (NYSE: IIIN) will webcast its first quarter 2024 earnings conference call on January 18, 2024, at 10:00 a.m. ET, following the release of the Company’s first quarter financial results at 6:30 a.m. ET on the same day.
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-3.91%
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Insteel Industries Inc. (NYSE: IIIN) announces regular quarterly cash dividend of $0.03 per share and a special cash dividend of $2.50 per share, the highest in the company's history. The dividends are payable on December 22, 2023, to shareholders of record as of December 8, 2023. President and CEO H.O. Woltz III emphasizes the company's commitment to returning capital to shareholders while maintaining financial flexibility for future opportunities.
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6.74%
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Insteel Industries Inc. announces financial results for Q4 and fiscal year 2023
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-6.46%
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Insteel Industries Inc. to webcast Q4 2023 earnings conference call on October 19, 2023
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-1.15%
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0.39%
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-1.23%
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Insteel Industries, Inc.
NYSE:IIIN
IIIN Rankings
IIIN Stock Data
653.00M
18.51M
5.33%
85.77%
3.63%
Steel Wire Drawing
Manufacturing
United States of America
MOUNT AIRY
About IIIN
insteel industries, inc. is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications. we manufacture and market prestressed concrete strand and welded wire reinforcement, including concrete pipe reinforcement, engineered structural mesh and standard welded wire reinforcement. our products are sold primarily to manufacturers of concrete products that are used in nonresidential construction. approximately 800 employees work at insteel facilities located in arizona, florida, georgia, kentucky, missouri, north carolina, pennsylvania, tennessee and texas. the company's common stock is traded on the nasdaq global select market under the symbol iiin.