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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 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.
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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.
Insteel Industries Inc. (NYSE: IIIN) has declared a quarterly cash dividend of $0.03 per share, payable on March 31, 2023, to shareholders of record as of March 17, 2023. As the largest manufacturer of steel wire reinforcing products in the U.S., Insteel serves primarily the nonresidential construction sector through its products including prestressed concrete strand and welded wire reinforcement. The company operates ten manufacturing facilities across the United States, ensuring a robust supply chain for its concrete products.
Insteel Industries Inc. (NYSE: IIIN) reported a decline in net earnings for Q1 fiscal 2023, totaling $11.1 million ($0.57 per share), down from $23.1 million ($1.18 per share) year-over-year. The decrease was influenced by a 6.5% drop in net sales to $166.9 million and 10.0% lower shipments due to customer destocking amid ongoing construction market weaknesses. Gross margin narrowed significantly to 10.7% from 23.7% last year, attributed to increased costs and lower production volumes. Despite these challenges, operating cash flow improved to $33.0 million. The company anticipates continued impacts from higher-cost inventories and seasonal construction slowdowns but remains optimistic about infrastructure projects boosting demand in the latter half of the fiscal year.
Insteel Industries Inc. (NYSE: IIIN) will host its first quarter 2023 earnings conference call on January 19, 2023, at 10:00 a.m. ET. The call follows the release of financial results at 6:30 a.m. ET the same day. Investors can access the live webcast on the company's website, where it will also be archived for later replay. Insteel is the largest U.S. manufacturer of steel wire reinforcing products for concrete construction, targeting nonresidential applications.
Insteel Industries Inc. (NYSE: IIIN) announced the resignation of Mark A. Carano as Senior Vice President, Chief Financial Officer, and Treasurer, effective December 30, 2022. His departure was not due to disagreements regarding the company's operations. Scot R. Jafroodi, previously Vice President and Corporate Controller, will assume the CFO role effective January 2, 2023. Insteel is the largest manufacturer of steel wire reinforcing products for concrete construction in the U.S., operating ten manufacturing facilities across the country.
Insteel Industries (NYSE: IIIN) has declared a quarterly cash dividend of $0.03 per share and a special cash dividend of $2.00 per share, payable on December 23, 2022, to shareholders of record as of December 9, 2022. This marks the sixth special dividend of at least $1 per share since 2016. The company expresses confidence in its financial position, emphasizing its ability to support capital investment and pursue acquisition opportunities in the coming fiscal year.
Insteel Industries (NYSE: IIIN) reported its fourth quarter and fiscal year results for 2022. In Q4, net earnings were $24.3 million ($1.24 per share), down from $25.2 million ($1.28 per share) year-over-year. Net sales surged 21.4% to $208 million, aided by a 26.1% rise in average selling prices. However, shipment volumes fell by 3.7% due to weakened residential construction and inventory management issues. For the fiscal year, net earnings hit a record $125 million ($6.37 per share), up from $66.6 million ($3.41 per share) in 2021, driven by a 40% revenue increase to $826.8 million.