Insteel Inds Stock Price, News & Analysis

Insteel Industries (NYSE: IIIN), the largest U.S. manufacturer of steel wire reinforcing products for concrete construction, has announced a quarterly cash dividend of $0.03 per share of common stock. The dividend is payable on September 29, 2023, to shareholders of record as of September 15, 2023.

Insteel specializes in manufacturing prestressed concrete strand and welded wire reinforcement, including engineered structural mesh, concrete pipe reinforcement, and standard welded wire reinforcement. The company's products are primarily sold to manufacturers of concrete products used in nonresidential construction. Headquartered in Mount Airy, North Carolina, Insteel operates ten manufacturing facilities across the United States.

Insteel Industries Inc. (NYSE: IIIN) has announced its upcoming third quarter 2023 earnings conference call, scheduled for Thursday, July 20, 2023, at 10:00 a.m. ET. The company will release its financial results earlier that day at 6:30 a.m. ET. Investors and interested parties can access the webcast live on the company's website at https://investor.insteel.com, where it will also be archived for future replay.

Insteel Industries is the largest manufacturer of steel wire reinforcing products for concrete construction applications in the United States. The company specializes in prestressed concrete strand and welded wire reinforcement, including engineered structural mesh, concrete pipe reinforcement, and standard welded wire reinforcement. Insteel's products are primarily sold to concrete product manufacturers and contractors for nonresidential construction applications. The company is headquartered in Mount Airy, North Carolina, and operates ten manufacturing facilities across the United States.

Insteel Industries (NYSE: IIIN) reported its Q2 2023 financial results, revealing a significant decline in net earnings to $5.1 million or $0.26 per share, down from $39.0 million or $1.99 per diluted share year-over-year. Net sales dropped 25.4% to $159.1 million, attributed to customer destocking and weather-related shipment challenges. Average selling prices fell 14.5%, with shipments down 12.8%. Gross profit decreased to $13.3 million from $57.1 million, and gross margin narrowed to 8.3%. Despite these declines, operating cash flow improved to $46.6 million. The company remains optimistic for the second half of 2023, citing strong private nonresidential construction activity and expectations of recovery in the housing market.

Insteel Industries Inc. (NYSE: IIIN) will host its second quarter 2023 earnings conference call on April 20, 2023, at 10:00 a.m. ET. The financial results will be released earlier that day at 6:30 a.m. ET. The call will be available via live webcast on the Company's investor website and archived for future access. Insteel is the largest manufacturer of steel wire products for concrete, focusing on nonresidential construction. With ten production facilities in the U.S., the company specializes in products like prestressed concrete strand and welded wire reinforcement.