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Insteel Industries, Inc. - IIIN STOCK NEWS

Welcome to our dedicated page for Insteel Industries news (Ticker: IIIN), a resource for investors and traders seeking the latest updates and insights on Insteel Industries stock.

Insteel Industries, Inc. (NASDAQ: IIIN) stands as the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications. With a dedicated workforce of around 800 employees, Insteel operates facilities in Arizona, Florida, Georgia, Kentucky, Missouri, North Carolina, Pennsylvania, Tennessee, and Texas.

The company specializes in the production and marketing of prestressed concrete (PC) strand and welded wire reinforcement (WWR), which includes concrete pipe reinforcement, engineered structural mesh (ESM), and standard welded wire reinforcement. These products are primarily sold to manufacturers of concrete products used in nonresidential construction, making Insteel a critical supplier in infrastructure development and commercial building sectors.

Insteel Industries has a robust financial standing, largely deriving its revenue from the United States market. The company's stock is publicly traded on the NASDAQ Global Select Market under the symbol IIIN, reflecting its strong market presence and investor confidence.

Recent achievements include advancements in their manufacturing processes and strategic partnerships aimed at enhancing product quality and expanding market reach. Insteel continues to innovate within the steel wire reinforcement industry, maintaining its leadership position through a commitment to quality and customer satisfaction.

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Insteel Industries (NYSE: IIIN) reported its Q3 2024 financial results. Net earnings decreased to $6.6 million ($0.34 per share) from $10.6 million ($0.54 per share) year-over-year. Net sales fell 12.0% to $145.8 million, driven by a 16.3% decrease in average selling prices, partially offset by a 5.1% increase in shipments. Gross profit declined to $15.4 million (10.6% margin) from $20.4 million (12.3% margin) due to narrower spreads between selling prices and raw material costs.

The company ended the quarter with a strong financial position, having $97.7 million in cash and no debt. Despite challenges, management expressed optimism about the business outlook for fiscal 2025, citing potential benefits from easing inflation, lower interest rates, and infrastructure spending.

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Insteel Industries (NYSE: IIIN) has announced that it will host a webcast for its third quarter 2024 earnings conference call on July 18, 2024, at 10:00 a.m. ET. The company's third-quarter financial results will be released at 6:30 a.m. ET the same day. The webcast will be accessible through Insteel's investor relations website and will be archived for future replay.

Insteel Industries is the largest U.S. manufacturer of steel wire reinforcing products for concrete construction applications, including prestressed concrete strand and welded wire reinforcement. The company operates ten manufacturing facilities across the United States.

For more information, contact Scot Jafroodi, Vice President, Chief Financial Officer, and Treasurer, at (336) 786-2141.

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Insteel Industries (NYSE: IIIN) announced that its board of directors has declared a regular quarterly cash dividend of $0.03 per share. This dividend will be payable on June 28, 2024, to shareholders recorded as of June 14, 2024.

Insteel is the largest U.S. manufacturer of steel wire reinforcing products for concrete construction, offering a range of products including prestressed concrete strand and welded wire reinforcement. The company operates ten manufacturing facilities across the United States and primarily serves nonresidential construction markets.

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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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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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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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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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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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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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Insteel Industries Inc. announces financial results for Q4 and fiscal year 2023
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FAQ

What does Insteel Industries, Inc. manufacture?

Insteel Industries, Inc. manufactures steel wire reinforcing products for concrete construction applications, including PC strand, concrete pipe reinforcement, ESM, and standard welded wire reinforcement.

Where are Insteel Industries' facilities located?

Insteel Industries' facilities are located in Arizona, Florida, Georgia, Kentucky, Missouri, North Carolina, Pennsylvania, Tennessee, and Texas.

What industries does Insteel Industries serve?

Insteel Industries primarily serves manufacturers of concrete products used in nonresidential construction, including infrastructure and commercial buildings.

How many employees does Insteel Industries have?

Insteel Industries has approximately 800 employees.

What is the stock symbol for Insteel Industries, Inc.?

The stock symbol for Insteel Industries, Inc. is IIIN, traded on the NASDAQ Global Select Market.

What type of reinforcement products does Insteel manufacture?

Insteel manufactures prestressed concrete strand, welded wire reinforcement, concrete pipe reinforcement, engineered structural mesh, and standard welded wire reinforcement.

How does Insteel Industries contribute to construction projects?

Insteel's steel wire reinforcing products are essential for enhancing the strength and durability of concrete structures in nonresidential construction projects.

Does Insteel Industries operate internationally?

Insteel Industries primarily generates its revenue from the United States market.

What recent achievements has Insteel Industries made?

Recent achievements of Insteel Industries include advancements in their manufacturing processes and strategic partnerships to enhance product quality and market reach.

Why should investors consider Insteel Industries, Inc. stock?

Investors may consider Insteel Industries, Inc. stock due to its leadership in the steel wire reinforcing products industry, robust financial health, and consistent innovation in product quality.

Insteel Industries, Inc.

NYSE:IIIN

IIIN Rankings

IIIN Stock Data

630.21M
19.48M
5.32%
87.54%
4.29%
Steel Wire Drawing
Manufacturing
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United States of America
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