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Insteel Industries, Inc. (IIIN) reports developments tied to steel wire reinforcing products for concrete construction applications in the United States. The company manufactures and markets prestressed concrete strand and welded wire reinforcement, including engineered structural mesh, concrete pipe reinforcement and standard welded wire reinforcement for manufacturers of concrete products and concrete contractors.
Recurring updates cover fiscal results, shipment volumes, average selling prices, raw-material cost spreads, unit manufacturing costs and demand from nonresidential, infrastructure and commercial construction markets. Company news also includes regular and special cash dividend announcements, earnings call notices and operating commentary on weather and seasonality.
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.
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.
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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